I recently talked about focusing first on your current and past clients to grow your business fast. You can read about that here.
Part 2 is all about learning to let go so your business can grow. Entrepreneurs are notorious for getting in their own way and stunting their growth. If you find yourself at the center of things you need to figure out whether or not you’re really an entrepreneur.
I once heard someone make this comparison between an entrepreneur and a business owner:
The business owner sees all that needs to be done and says, “I have so much to do.”
The entrepreneur sees all the work before him and immediately thinks, “Who can I get to do all this work?”
Which are you? I am an entrepreneur with occasional business owner flare-ups. I need to examine myself often and make sure I focus on the right stuff.
Letting Go to Grow Your Business
Below are a few thoughts of mine that should give you a little motivation and advice about getting out of the way so your business can grow.
- Increased work capacity. There are 168 hours in a week. Let’s pretend you’re like most who are growing a business and you work 12 hours a day. You have a capacity of 60 hours each week to get stuff done. Now pretend you outsource some things to a Virtual Assistant or a Part Time Administrative Assistant for 4 hours per day. You just increased your work capacity by 20 hours per week.
- You’ll be a better problem solver. By freeing up some of your mind you will create the space to think and be more creative. There are many studies that show how our decision making abilities diminish as we ‘wear out our brains’ throughout the day.
- Find your one thing. It may be tough to do at first, but eventually if you can identity and focus on your one main thing, the business will explode. There are many roles in a business. Find the one that you’re excited about, really good at and has a huge impact. Everything else can be dumped or delegated. When you are working on the best right thing your business will grow.
- Hire happy & responsible people. You’ve heard before, “Hire character…train the skill.” This is true. Don’t compromise on this. Hire solid people, give them clear roles and let them do it. They will figure it out.
- Hire when you don’t need them. Most hiring mistakes are made because we hire too quickly when we’re under the gun on a project. Build a habit of always being in ‘I’m going to find another great person today’ mode. When you find them create a spot for them.
- Be flexible. What do you want? To grow your business, right? Then who cares where and when they work as long as it lightens your load and things get done. People (especially younger ones) want flexibility. Give it to them.
- Pay a lot. Expect a lot. Too many entrepreneurs are tight wads. They’re operating from a foundation of fear when it comes to money. Instead, try to find ways to pay better than anyone else in your industry. The catch is that you also expect more. I know a pond contractor who pays his Foreman $130k on a business that only does $1.1 million. This Foreman has big boy responsibilities and the bossman rewards him for them.
- Just start. There’s no spreadsheet or program that can do this for you. This is a mindset. It’s having the discipline to give someone one of your roles and trust. Then, do it again. As of this writing I just hired my VA, Ros. I woke up this morning and was tempted to check my email first thing. Instead, I wrote this. I started and now I’m trusting her to do what she does best. The result is that I created a piece of content today instead of jacking around in email land first thing.
If you’re ready to get out of the way, do this first:
List out everything you hate to do in your business. Then, find a Ros and happily give those things away.
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