Get out of the weeds, get organized, and start running your business
Practical Steps to Help You Focus on Growth and Strategic Planning
As a business owner, do you often find yourself overwhelmed by daily operations? Are you constantly buried under an endless list of tasks that need your immediate attention? If so, you're not alone. The journey of transitioning from a do-it-all entrepreneur to a focused, strategic business leader is challenging but crucial. In this blog post, we'll expand on the essential steps discussed in this episode of Pro-Accel. Let's dive into actionable strategies that will help you get organized and start truly running your business.
Prioritize Your Tasks
Identifying High-Value versus Low-Value Tasks
The foundation of becoming more organized starts with prioritizing your work. Initially, you might handle all business tasks—both trivial and critical. However, as your business grows, it's vital to distinguish between tasks that generate high ROI and those that don't. Begin by categorizing tasks into $30, $100, and $1000 per hour activities. For instance, administrative tasks like scheduling and basic bookkeeping can typically be outsourced for around $30 per hour. The $100 per hour tasks are like PM and Super tasks. You must then delegate those tasks to those management employees. Then the $1000 hr tasks are what drives company growth like strategic development and business development.
The Power of Delegation
To effectively prioritize, you need to master the art of delegation. Entrust the $30 per hour tasks to part-time staff or virtual assistants, and as your business scales, recruit project managers or supervisors for mid-tier tasks. By delegating efficiently, YOU can focus on the high-impact activities that fuel growth.
Delegate with Confidence
Building Trust Through Effective Delegation
Learning to delegate can be one of the most challenging aspects for many entrepreneurs. Trust is essential. Trust that your team members want to excel and contribute to the company’s success. Start by clearly defining roles and responsibilities, and ensure your team understands what is expected from them. This not only alleviates your workload but also empowers your team, fostering a culture of accountability and growth.
Invest in Quality Talent
The Long-Term Benefits of Investing in Your Team
Hiring can be daunting, especially when considering salary and retention rates. Yet, investing in high-quality employees is crucial. Companies that don’t invest in their people often experience high turnover rates. On the contrary, those who offer competitive pay, great bonuses, and perks see long-term employee retention. Employees who are treated well and feel valued are more likely to stay and contribute to the business’s long-term success.
More about creating a winning team and hiring can be found here.
Embrace the 80/20 Rule
Maximize Results with Less Effort
The Pareto Principle, commonly known as the 80/20 rule, states that 20% of your efforts produce 80% of your results. Identify what constitutes the 20% in your role and in every department. This will require revisiting your priorities and focusing primarily on tasks that yield the highest impact. Educating your team about this principle ensures that everyone is aligned toward achieving the most significant outcomes with their efforts.
Create Effective Processes
Streamline Operations for Efficiency
One of the keys to running a successful business is having well-defined processes. Clear, documented processes ensure consistency and efficiency, especially as you on-board new team members. Lay out steps for every major task within your operations. Use both visual aids and written descriptions to guide your team. Incorporate troubleshooting steps to handle potential issues, which will limit the need for constant oversight and micromanagement.
More about process development can be found here.
Avoid Multitasking
Focus on One Task at a Time
Multitasking might seem productive but often leads to inefficiency. Adopt the practice of using a "hot list." Identify 5 to 10 critical tasks daily that will push your business closer to its goals. Concentrate on these tasks one by one. Blocking out time specifically dedicated to important tasks and taking small breaks will significantly improve productivity and prevent burnout.
Hire an Advisor or Coach
The Value of External Insights
No one can do it alone, and the business world can be isolating. Engaging a business advisor or coach can provide you with invaluable guidance. Their unbiased perspective can shed light on challenges and help devise solutions. Having a coach means you're not navigating the complex waters of business alone—you have someone dedicated to helping you succeed.
More about the high impact an advisor can have on your business can be found here.
Stepping into Your Role as a Business Leader
To transform from a hands-on business owner to a strategic leader, you must prioritize, delegate, invest in quality talent, embrace core principles like the 80/20 rule, develop effective processes, avoid multitasking, and seek external advice. By implementing these steps, you’ll not only get out of the weeds but also set your business on a path of sustained growth and success.
For a Free Consultation, cantact Jerry Aliberti at jerry@pro-accel.com
