• Rachael Ferguson

Recognising when you need support with your business

Recognising when you need support with your business

Managing a business can bring many rewards, both personal and professional. It can be a wonderful experience and help bring a lot of satisfaction.

However, many businesses fail before they’ve ever really begun. The reality is you can’t do everything yourself. To be successful and live a balanced life you have to know how to outsource the right things, and do the things yourself that will propel your business forward.

Sure, in the early stages it is necessary and even vital to learn through doing all the tasks in your business, but soon you will become aware and realise your strengths and weaknesses and recognise where your time is best spent.

How to identify that you need help

These are some of the red flags that something needs to give, and you need help:

  • If you’re working extremely hard and don’t seem to be winning in any area of your life.

  • If you’re staying up late and waking up early just to get your work done.

  • If you’re drowning and don’t know how to fix it.

  • If you feel like most of your workload isn’t bringing in cash to support your business.

  • If you’re in reactive mode and trying to put out fires rather than planning and preparing for upcoming.

  • If you’re making mistakes that cost your business and your own reputation.

  • If there are skills gaps in your team that doesn’t necessarily warrant a full-time position.

  • If you’re just not feeling like yourself, stressed and anxious.

If you recognise some of these situations, please seek out help as you risk heading for burn out, which won’t help your business – or your own health - at all.

How to work out the best way to structure your workload

Essentially, in your business, cash flow is your number one priority. Do the jobs that bring in the cash. If that means you need to outsource some admin, marketing, or accounting jobs in your business so you can focus on the aspects of your business that bring in money then you need to focus on that.

When looking at tasks to outsource, consider these three factors:

  1. Things you don’t enjoy doing.

  2. Things you simply can’t do yourself.

  3. Things that take you a long time to do.

Using these three markers will help you narrow down a focussed list of tasks to hand over and will give you the best return on any investment.

Things to outsource

The good news is that outsourcing is becoming easier and more affordable thanks to technology – and the rise of flexible working. It’s now easier than ever for all businesses, especially smaller enterprises, to outsource some of their business functions.

And Deloitte’s 2018 Global Outsourcing Survey shows that while there is still a focus on the cost-cutting benefits traditionally cited as a key motivator, outsourcing is also enabling competitive advantage.

Here are some of the best support ideas for businesses:

  • Copywriter

  • EA or VA

  • Accountant

  • Cleaner

  • Nanny to help pick up kids

  • Social Media assistance

  • Lawyer / Solicitor

  • Customer Service Manager

  • Managed IT service

Your job is to work out which one/s will benefit you most. Which tasks do you actually like doing or want to do? And which ones are you happy to let go?

Letting go can be tough for many business owners, I remember how hard it was for me. When you’re so used to doing every role in your business it can be tricky to just hand it over and accept that someone else will be able to do it as well as you can. Spoiler alert… they can probably do it better. The thing is, just because you know how to carry out the roles of social media expert, accounting genius or customer service guru doesn’t mean you should. Your time is best spent on the jobs that have the biggest impact on your business and generate the greatest wins.

I hope these tips have helped!

4 views0 comments