Take a step back and examine your business
You are a busy person right? Most people are. Few people would stand up and say they have nothing to do. The big question is though, all this work you are doing, is it helping you? Is it developing your business or is it just simple tasks that need to be done?
Are you spending all day replying to emails, processing orders, ordering office supplies, packing boxes? If you are, then it sounds like your business is doing quite well. You are obviously getting a decent amount of business. Enough to keep you busy at least.
So the business is busy – what is the problem?
Well whilst things are going well, your business can not grow like this. You are focusing on the short term. As an entrepreneur you need to be able to take yourself out of the business and look at the bigger picture. You need to focus on the long term growth of the business.
A good way of realizing this is to write down a detailed account of your daily activities for a week, or maybe even a month. Then work out just how much time you are dedicating to growing the business. This type of activity can include streamlining processes, new business development and company strategy. I think you will find you are actually neglecting this type of activity and getting swamped by the day to day. If you step back and think about this, you could employ someone to do this allowing you to focus on growing the picture.
This is a very common problem whereby entrepreneurs struggle to give up control in their business. It is normal to fear giving up control, and to start with no one will be able to do the job as well as you. You need to train people to do these tasks and in time, if you hire the right person they will grow into the role and before you know it, will become indispensable. Once you do not have to worry about the day to day you will free up time to focus on the business as a whole.
The first thing you should look for are inefficient processes. What are you doing which could be done much more easily and save time and money? Almost every business has processes which need to be streamlined but no one has had the time to look into it. We tend to fall into routines, and many people like routine in their life. Wheninefficient processes become routine, they can go unnoticed. Break free of routines. It will be hard to start with, but you will be glad you did later.
The next step is to revise your strategy and tactics. You need a clear growth plan outlining what your goals are and how you will achieve them. What is currently limiting your growth? Knowing this will allow you to adjust accordingly.
This information is really little more than common sense to those who understand it. The truth is that most entrepreneurs fail, and the reason is that they get too caught up on the day to day working in their business, as opposed to working on their business. There is a big difference.
How long do you spend working on your business a week? Do you struggle to give up control?
I have been stuck trying to get a start up off the ground for 5 years. Sometimes you need to realize when its time to move on to the next thing. Great post Tom. I wish I followed your advice two years ago.
Very good post Tom. It is very difficult to do this alone. If you do not have an Advisory Board get one. I am not just preaching it, because I am an Alternative Board Facilitator and Coach. Advisory Boards and coaching are great ways of helping get a bigger picture of your business. Everyone needs input from people that do not have agendas like employees, friends, family members, or partners. Why else would evey major company have a Board of Directors. Other board members have either gone through the same experiences, looking for guidance on the same experience, and can also offer different business perspectives. They can provide added benefits beyond the CPA and lawyers, that are also excellent resources for growing your business.
Jeff – It is just one of those things. We live and learn. At least you realised within five years and not more.
Allan – An advisory board is great. All businesses need to seek outside advice, hence the incredible importance of networking. A lot of people just seem to prefer to learn the hard way.
Thanks for your comments Tom. One other point. Never mistaken networking for having an Advisory Board. Networking is important. However, as Peter Drucker said Leadership is learning how to invite dissent. Your people aren’t giving you their best or learning how to lead if they are afraid to speak up. In today’s world where one can be fired at the drop of the hat, that does not happen. You will not get this in a networking environment or with employees. You will only get this with people that have no agendas or financial responsibilities. Please visit http://www.tabboards.com for a better understanding of what we do.
Good article. While the entrepreneuer is writing out their detailed account of daily activities in determining which tasks they should delegate they should also evaluate what activities give them energy, and which ones drain their energy. The tasks that drain their energy are the ones that they should definitely delegate to someone else.