Nobody likes to be told they’re failing, but when it comes to business, failing is what you might be doing. Think about it, so many businesses start up each year yet but only a few go the distance. There are some business owners who don’t want to make millions and millions of dollars. They just want to create a business that brings in a nice profit and while also being fun to manage. Therein lies the hard part, “being fun to manage”. Business can be very to manage, so much so, the owner will eventually give up and find an easier job working for someone else. Your business has taken a lot out of you to get where it is today. Before you throw in the towel, I want to try and encourage you to first notice the areas your business might be failing in. Once you see it, you just might be able to turn it all around…
The Areas You’re Managing Yourself
I already mentioned, managing a business is hard. If you’ve never had management experience, it’s even harder. Part of the reason it’s so hard is you try to do everything thing yourself. Spend time writing down all the things you do for your business in the course of a week. Make note of the things you do well and like to do. Also, make note of the things you don’t like to do and tend to put off doing. For example, technology is often area many business owners find challenging. Consider seeking out business IT support which can provide IT consulting and management services. Companies like this can assist you with IT budget, disaster recovery, and business continuity planning. They are trained to take this stuff off your hands, which means you won’t have to make a million phone calls to try and sort an issue when it arises. You’ll have one company doing it for you, and it will become so much more structured and easy to manage.
The Areas You’re Outsourcing
Many business owners are hesitant when it comes to outsourcing. It is something you really need to consider to effectively manage your business. Take a look at the list you developed of all the tasks you do in a given week. You made note of what you really don’t like to do and put off doing. Now, take a look and see what items on the list could be done by someone else. Sending out my company newsletter is one of the areas I outsource. I have a lot of great information I like to share, but I hate the technical aspect of formatting the newsletter and making it look good. I provide the content to an outsourced Virtual Assistant and I quickly receive a formatted, organized newsletter for review. They then send it out to everyone on the company email list.
Now there are some areas you may want to keep in-house and not outsource. One of these is human resources (HR). If you have a staff that works for you, you don’t want to put personnel issues into other peoples hands. The same goes for the employees you hire, we think it’s so important that you manage that all yourself. You can use a recruitment agency to assist with the process but the final hiring decision should remain with you or your internal hiring manager.
The Areas You’re Guessing In
Guessing or predicting, is something you have to learn to become good but it does come with time. When you’re predictions are frequently off the mark, it can ultimately lead to the collapse of your company. Having a well thought out business plan can guide your business in the right direction. Consider using trained business analysts who can help you create a clear picture. They can assist you with the right tools and resources to make your planning process more efficient.
You can also have an accountant look at your budget and spending patterns. As you have been so focused on running your business, you may not have had time to track and monitor all the financial aspects as often as you would like to. An accountant can analyze the numbers and may be able to identify areas where you can cut costs.
Before you throw in the towel, take a good look at how you are spending your time and your money. You may find all you needed was a little support and your business will start to thrive. Here’s to your success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Executive and Leadership Coach. She is the President of Infinity Coaching, Inc. where she can help you up-level your skills, so you can up-level your income, career, business or life. Infinity Coaching, Inc. provides coaching, organizational training, personality assessments, and a signature program, the Infinity Coaching Inner Circle. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator Assessment. You can find out more he about both assessments and other products and services at https://infinitycoaching.net.
