One Head...Many Hats!

As a small business owner, I am all too aware of the many hats that small business owners wear. You spend time not only performing your business' main job function, but you are bookkeeper, marketing director, operations manager, etc. The tasks are never-ending. I thought I would throw out a few tips that might help. These are not rocket science, just common sense...

  1. Use technology. In today's world, there are a lot of technological advances that could make your job easier.
    1. So sit back and list off your tasks for your typical day and how much time it takes.
    2. Pick your least favorite, or the one that takes the most time. 
    3. Start looking for a way to use technology to sieze this time back.
    4. e.g. Do you spend a lot of time emailing specials to your customers? There are services online to help you speed this up. Do you run reports off of a database, Have someone set up report templates so you can run this with the click of a button.
  2. Focus. There are many directions a business can go...choose wisely.
    1. In the highly acclaimed book byJim Collins, "Good to Great", Mr. Collins looks at companies that are good and become great and the traits they share in common. One of those traits he entitles the "Hedgehog Principle". Basically it is sticking to what you know. For example, if I am a manufacturer of maternity clothes, it might not be the wisest move to begin an oil refinery business. It might make sense to start producing newborn outfits though. So stick to what you know.
  3. Create a Stop Doing list.
    1. We are close to the end of the year where many individuals make resolutions and businesses work on plans (I worked on mine a couple months back). What are some things you could stop doing that would give you more time to focus on more important items?
  4. Monetize your time.
    1. I have worked with several small business owners that do not calculate their own time into a project/product. Your time is valuable, put a price tag on it. This will help in any ROI analysis and whether a venture is worth your precious time.

 

The aforementioned are just a few items and I am sure you have some of your own (probably better than mine), but I will leave you with one last one...margin. Make sure you are balanced and have margin in your life. I have known many a business owner where their families have taken a backseat to their business. Are there nights you have to work late? Absolutely! Are there times when you cannot attend certain functions? Of course! But make sure that is not a trend. 

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