As a small business owner, it’s common to never feel secure.
You’re constantly worried about where your next client, your next product, or your next source of revenue is coming from. And it can feel like the whole company depends on you to do the heavy lifting. In fact, for many small business owners, they are the whole company. In some ways, it’s good to be worried and vigilant. That mindset is what got you started and keeps your company afloat. But don’t be fooled into thinking you always have to feel insecure just because of the size of your business.
As an owner, sometimes you take on too much. The constant mantra of "I'll just do it myself" is all too common. After all, you are best at what you do, and your business is your baby. But what if you’re sick? What if you want a deserved vacation? What if there’s someone who can handle some of your work better than you can?
Think about where your time goes and then consider the output of each of those tasks.
Some of that time-intensive work will come with an opportunity cost that is too high, making that type of task a natural to delegate. For example, if you are reconciling expenses in your accounting service, it’s going to take you longer than a part time bookkeeper. Not to mention that they would do a better job. You would save time, avoid mistakes, and save a part of your soul.
Add people to your staff based on this principle of comparative advantage. Here are a few things to keep in mind:
A small staff that is focused on the work that bears the lowest opportunity cost for each individual will serve you well.
Having more than one person who can do each critical task will help you sleep at night. This doesn’t mean one person for every critical task, but rather sharing skills and knowledge more strategically.
List out your tasks, find freelancers, vendors, or even a couple of full time hires who will free up hours, tighten your operation, and give you peace of mind without putting excessive payroll burdens on the business.
Add a project management software to track tasks with a small and productive staff
You'll be surprised by all the low hanging fruit there is to pick when it comes to improving your operation.
It is a common misconception that you need to be a massive corporation to enjoy the security and financial success you've wanted for your company. In the world of small business, security comes in smaller numbers.
To truly be successful, you need to be aware of the value of your time and the value of those you choose to surround yourself with. Building the right small staff, delegating tasks, and knowing what to outsource will take your company from good to great.