Running a business is hard, especially when cash is tight and you still want to feel in control of everything. So many tasks to do and the feeling of overwhelm can be all encompassing.
Part of growing a business is knowing when to let go. For some business owners this choice is easy and for others it is difficult. It can feel as though you are losing control. Some even feel a little twinge of failure as they think they should be able to do it all themselves.
But what should you let go of? There will be areas of running a business that aren’t your strong point or you simply don’t enjoy. Spend 5-10 minutes and jot down the areas and tasks in your business that you love doing and those that you don’t.
Your list of things you don’t enjoy is your starting point. This maybe something as simple as bookkeeping, or chasing suppliers. These are good areas to look for help and outsource to a bookkeeper or a VA.
On your list of things you enjoy doing are there any tasks that take you a long time? Quoting and invoicing are often on this list. This is a good place to see if you can streamline this process by using accounting software that can take you from quote, to invoice to payment stage. And it may also streamline your bookkeeping time as well!
Both the outsourcing and the streamlining of tasks will involve costs. And this is often a stumbling block as we all want to keep the cost of running our business down. This is where you need to look at your own time saving. How long does it take you to do these tasks? What does this equate to in terms of your hourly rate? Now you know the cost of you doing something, how much will it cost to outsource, or buy some software to speed up the process? This is when you will identify potential costs savings.
Also remember that tasks you don’t enjoy doing will be a potential cause of stress, so take into account the non financial benefits of doing this. This could be less stress, freeing up time, creating a better work/life balance, improved concentration etc.
If you are looking to get more clarity in your business then try this exercise. If you find you are putting barriers in the way to letting go, or need help identifying how to streamline your processes then get in touch for a free consultation.