The role of an entrepreneur involves wearing many, many hats. Especially in the early days of launching a business there often just isn’t enough cash for you to hire help. You have to be the manager, accountant, salesman and HR department all in one.
The problem that arises from this, is that we tend to get so used to doing everything that we actually forget that we don’t have to do everything – and, we actually shouldn’t either.
Once your business begins to make a bit of profit, it is an extremely useful and very worthwhile exercise to review the roles you are filling and considering which ones you can pass on.
There is a very simple reason for this: time = money.
Every single thing you do for your business takes your time. Time is a resource that we cannot make more of. As the business owner, you need to be investing your time in the things that drive your business forward and increase your profitability and sustainability. It is a terrible waste of time for you to be handling administrative or compliance work that while necessary, is not making you money.
If you are consistently finding yourself in the position where you are busy all the time but it doesn’t result in growth, sales and innovation, then it is time to sit down and evaluate the things you are busy with.
Categorise each task according to whether it is:
- Administrative (emails, typing, making appointments, running errands, completing forms, running backups, more mindless boredom)
- Compliance-related (governance, accounting, taxes, HR, even more mindless boredom)
- Management-related (planning, forecasting, reviewing and leading)
- Income-related (advertising & marketing, meetings & entertainment and networking)
- Future-related (planning for the unexpected, innovating for the future, solving the next problem)
Administration, compliance and income-related tasks can be given away. Some can actually be automated using software, apps and AI. Some can be given to an employee and some can be outsourced completely to a trusted supplier. Your main focus as the business owner should be Management and Future planning.
Do your business a favour and hand over your tedious tasks so that you can get back to what makes you excited. It’s the only way your business will thrive. Try it. You’ll thank me.
