The Cardinal Sin of Business Owners Everywhere: Doing The Business Instead Of Managing The Business

How many SME business owners reading this have said these immortal words: ‘I must get around to having a Marketing Strategy?’  or ‘I don’t have time for Social Media’?

It’s a common occurrence and one that belies a greater problem, that you are too busy doing the business to manage the business.  We have written on this subject before – the multitude of jobs and tasks that you need to perform as a new business owner, and book-keeping can be one of the first tasks that you simply have to pass on because you don’t have the time any more.  This is the beginnings of your wider business team, an intricate network of people that can plug in their expertise and networks for the further benefit of your business.

So why do so many business owners fail to keep building this team?  Yes there are financial constraints, but if you view it as an investment to be able to hand over tasks to another person so that you can:

  • Renegotiate your supply chain prices
  • Go and land that corporate account
  • Identify a part of the market that is untapped and implement a strategy to own it

Doesn’t this all create more income or profitability for you?

Ask yourself these questions, and if any are ‘yes’ then you should take a long hard look at your business plan and decide whether or not someone else can do a part of the job better, cheaper, or quicker:

  • Is it fair to say that I don’t know my hourly rate?
  • Do I micro-manage?
  • Do I want to grow my business but there aren’t any more hours in the day?
  • Do I spend most of my time with customers and little time in developing future business?
  • Am I only just getting by?

Sometimes downsizing or bringing tasks in-house is right, but if in acquitting those tasks you are not delivering a key aspect of your business’s needs or the role of Business Owner – move over, let someone else do it, and reap the benefits.

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~ by TCM on April 20, 2011.

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