Let go!

Letting go of balloonAs the year winds down, it’s easy to find yourself overwhelmed by the demands of business. Besides the normal hectic pace of the holiday season, you may be thinking of end of year financials, inventory, and business goals for the upcoming year.

With everything on your plate, now is the time to focus on what you do well. It’s time to learn to rely on people who support your business with their services.

Those services could include:

  • Accounting
  • IT Support
  • Bookkeeping
  • Janitorial
  • Facilities Maintenance
  • Marketing

As business owners, it’s easy to wear every hat. When you first started your business, you were probably doing it all. But as your business grows and develops, you must take a look at the most efficient and productive uses of your time.

Here are three questions to ask when deciding to do the work yourself, or let it go!

1. What is your time worth?

Maybe you started out as the sales person, the bookkeeper and the janitor to save money. It’s important to remember that your time is money. The minutes and hours of your day have a dollar amount. If it takes you three hours to complete bookkeeping it would take a bookkeeper one hour to do, you could be actually be spending more money!

2. Who is the expert?

Chances are the relationship you’ve built with your customers has a foundation of trust. They come to you for a product or information, trusting that you will be able to meet their need.

When you try to do it all, you may inadvertently fracture that trust. You could also end up looking inept or incompetent.

If they request something outside of your expertise, refer them to a trustworthy person who is an expert in what they need. This reinforces your commitment to meeting your customer’s need, not just the bottom line.

3. What is the cost?

If you can’t seem to let things go and delegate, the cost to your business may be more than just dollars. This is particularly true in cases where business owners try to be their own bookkeeper or accountant.

Trying to save a money on something as important as financial documentation and taxes could leave you regretting that decision. You could be setting yourself up for financial loss, and the headache of hiring someone to clean up the mess, if paperwork or information is filed incorrectly.

The reality is, in order to grow your business, you need to focus on what you do well. Be ready to delegate other tasks to those who provide services that support your business.

Do what you do well, and as for the rest? Let go!

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