As an entrepreneur with your own small business, wearing a lot of hats is the standard especially when you are just getting started. But, as your business continues to succeed and grow, you may have to toss some of those hats in a ring and become a good delegator. It can be very difficult to let go of the reins especially when you have been going it alone for quite some time. You may have shied away from having others perform HR tasks, marketing, and bookkeeping because you are trying to keep your costs down. It may be time to take another hard look at those tasks that are bogging you down and keeping you from doing what you are really good at, building your business.
Examine the bottom line
Of course the company’s bottom line is at the forefront of your thoughts on continuing to do tasks that are better suited for others. This makes sense in the beginning, but as your business and brand begin to grow and take off, it may be time to consider that the money you put towards hiring talented individuals to handle the tasks they are good at will yield huge gains in other areas. In turn, it will allow you to focus on what you are good at, and in the longer run, it will likely pay huge dividends not only financially but in you own personal well-being.
The good news is you don’t have to leave it all up to guess work. When you see your business and demands on your time growing and your ability to handle those demands, it’s time to take a close look at what you can’t afford not to do! Looking at your company’s growth projections can help you to determine what you need to hire out and/or hire in. Determine when you will likely hit your projected numbers and what kinds of support you will need in order for your quality of service and consistency of supply chains to stay the same or get better.
Remember your strengths and passions
Take a bit of time to reflect on what you are good at and what you have had to drop in order to handle many of the tasks and roles a small business needs to function and run efficiently. Consider how many hours you would need to do those tasks: for example, product ideation, revamping supply processes and supply chains, provide services and engage with consumers, etc… that you are good at. Develop a formula for the amount of money each of those tasks can generate for your business. Determine how much it would cost to hire out/hire in human resources that would allow you to unload some roles and tasks off your shoulders. And remember that in order for your business to prosper and experience the growth that you are so excited to see, you have to expand. It’s a good thing!
Self-Care is a factor
Hopefully you are considering some self-care measures to help you eliminate some of the stressors in your life. Handing over some of the jobs that are better filled by individuals who are experts in those areas is hopefully on your to do list.
What to hand off?
Once you have determined you need to increase your small business family, consider what roles you would like to hand-off. Bookkeeping and payroll are very time-consuming and continuous tasks. Would the time you spent doing that be better spent on what you are really good at? Could the time you spend on that task be put towards growing the business instead of just keeping your head above water? At Anneomaly Digital, we recently hired a bookkeeper. While I understand the reluctance (including the operations budget, overwhelming thoughts of actually finding and hiring an employee, and the relinquishing of control), I haven’t regretted that decision for even a second and wish I had done it sooner!
Marketing is another area that will yield a good return on investment when done by experts. Operating your social media accounts, keeping your website fresh and updated, and carrying out digital advertising and campaigns are essential to your growth and brand recognition. It is also an area that is very difficult to stay on top of with its continuous evolution and the need to continually monitor its success while developing new content. It is its very own business within a business. It can be very difficult for an entrepreneur to stay up on their industry as well as the marketing field, so don’t fret, if you have fallen behind. Hiring an agency to take these tasks off your plate will likely yield a high return on investment. At Anneomaly Digital, it is our job to build and grow your business, to handle your social media campaigns, and to stay on top of what is working and needs to be overhauled. Hiring out the marketing for your operations is an investment worth making.
Expanding your business with new hires can cause you to bite a few nails, but ultimately, it is a sign that your business is growing just as it should. By hiring out/hiring in to get jobs done that may be falling through the cracks will allow you to get back to being a genius in the areas of your business you are most passionate about.