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How To Balance Tasks As A Working Business Owner
As a small business owner, you’re not afraid to get your hands dirty when it comes to day-to-day operations. You need to split the time you spend working in your business vs. on your business in order to grow. Photo courtesy of Shutterstock.
As a small business owner, you’re used to doing it all. You built your business from the ground up. And, every day your business continues because of the things you do and the choices you make.
It’s crucial to work on your business. But, many entrepreneurs don’t spend much time on long-term goals and strategic planning. In fact, the average small business owner spends 68.1% of the time working in the company, taking care of daily tasks. Only 31.9% of the time is spent working on growing their business.
If you’re like many entrepreneurs, you take pride in the work you put into your business. But eventually, you need to step out of the day-to-day grind and steer your business in the direction you want it to go. As a business owner for over thirty years, I can offer you some tips on how to handle working “on” versus working “in” your business.
Learning to delegate
When I had to focus “on” my business instead of “in” my business, I found the time I needed by delegating tasks. To give the future of your company attention, you need to learn how to pass certain tasks onto others.
I know firsthand that it can be hard to delegate. One of my first companies, Top Echelon Network, is a recruiting network for executive recruiters. In its early years, I thought I was the only person who could code resumes correctly. But, the business was ready to grow. I needed time to make sales calls and plan new service options.
I had an enthusiastic employee who completed work faster than I could hand it out. I took a chance and was humbled when she easily took on the time-consuming task. Eventually, she coded and classified resumes better and faster than I ever did!
Bottom line: The task was done quickly and accurately, and I had more time to build the business.
As difficult as it is, delegating tasks lets you pin down issues and find opportunities. The truth is that one person doesn’t have all the skills and time necessary to keep the engine of a business running. You need to find people with the right skills, knowledge, and ambition to help you.
Hiring talent
To delegate tasks, you need to hire employees. When it comes to growing a business, quality often trumps quantity. Hiring the right people can make all the difference in taking your company to the next level.
For my business, Patriot Software, I hire the brightest people I can for every area of the company. Whether it’s a software developer, customer service, or marketing position, every candidate goes through a comprehensive screening process. After each employee is hired, I make sure they are trained and integrated into the company.
For my business, Patriot Software, I hire the brightest people I can for every area of the company. Whether it’s a software developer, customer service, or marketing position, every candidate goes through a comprehensive screening process. After each employee is hired, I make sure they are trained and integrated into the company.
A strong onboarding system gives me more time to work on the business in the long run. I trust my employees to accomplish tasks at my company’s standards.
When you give your employees the power to make decisions, you do not have to micro-manage. I’m not a textbook-trained manager. And, I’m definitely not a micro-manager. I give my employees the tools they need to complete the job, and I let them do it.
That’s not to say I’m an absent employer. I have an open door policy. If an employee has a question, I’m there to answer it. But, for the most part, I let my employees handle the tasks that keep the gears of the business moving. When it comes to your small business, try to be a leader instead of another employee. If you don’t hire talent, you have to constantly spend your time overseeing employees instead of growing your business.
Establish processes
As a working business owner, you need to be in control of operations. But, you also must give yourself time to work on your business, rather than always working in it.
By setting up effective processes, your employees can complete tasks for you. Give your employees clear direction on your business’s methods and expectations. Tell them why the tasks they perform are important and what you expect to see when they are complete.
Establishing a process is not enough. Make sure employees are trained on the processes and prepared to handle tasks. Provide the resources that your employees need to get the job done right.
Check the progress of your employees regularly. You will know if your processes are working, and your employees will see how well they are performing.
An employee review system makes it easy to see who can make improvements and who is ready to advance. Employers should do performance reviews every six months.
Encourage growth
No matter how good you are at what you do, you’re not going to excel at everything. Your employees can be one of your best assets. Encouraging learning in the workplace adds skills and knowledge to your business. The more tasks employees do well, the more your business can offer customers.
Make learning opportunities available to employees. Hold training sessions or send employees to outside classes. Offer incentives to employees, like promotions and higher wages.
Make learning opportunities available to employees. Hold training sessions or send employees to outside classes. Offer incentives to employees, like promotions and higher wages.
Evaluate Strengths and Weaknesses of Your Company
When it comes to working on versus working in your business, use your time to look at every aspect of your company. By examining issues and opportunities, you can make decisions that help your business grow.
Troubleshoot problems
Look for weak areas as you work on your business. Whether it’s an inefficient production method or a cost that you don’t need, pinpointing smaller issues will make your business run better as a whole.
As you troubleshoot problems, remember that you do not have to solve them all on your own. Often, your employees can fix issues. Encourage employees to keep an eye out for problems and come up with solutions.
Other times, you might need to call an expert with specialized skills or knowledge. For example, you might notice you are having cash flow management issues, but you’re not sure how to fix them. Ask an accountant to review your books and come up with a solution.
Look ahead
As a small business owner, you’re the person in charge: the “big cheese.” Your employees and your business will go in the direction you point them. So, it’s your job to cast a vision for your company.
Your entrepreneurial spirit can make you want to leap before you look. Trust me, in my earlier years as a business owner, I was known to do the same. But to push your business forward, you need a plan.
See the big picture of your business. Think about where you want it to go and what you want to accomplish. Then, make a solid plan to get there. Strategize concrete goals in your small business plan. Set up a system for tracking progress and reaching small business milestones.
Having a clear vision of your company’s future is crucial for the working business owner. You’re in the driver’s seat. Would you rather be steering the way on smooth pavement or down a mountain in a snow storm? The more you prepare plans, the more likely you will see your vision through.
Be a leader and host
To grow your business, you need to be a good leader and a good host. Your business will expand because of the people you come into contact with. The customers, lenders, employees, and vendors you meet all affect your business.
As a strong leader, your employees will have faith in you and feel comfortable coming to you with issues. And, lenders will have faith in your ability to lead the business into new stages.
As a working business owner, you must also be an inviting host. Help customers and make them feel appreciated when they buy from your business. Be kind and professional when dealing with your vendors. The more people want to work with you, the healthier your business will be.
Fostering good relationships turns big rewards for a small business. For example, vendors might give you better purchasing terms. Lenders might give you lower interest rates. And, customers might recommend your business to others, bringing in more sales. All these scenarios are possible by building trust with the people connected to your business.
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