The Elephant in the Room Business Owners' Edition

Let’s address the elephant in the room – you have started your business not because you are great in financial decisions, not because you want to spend your time on all the admin of running a business, but because you are great at what you do – making the cake, developing the software, writing the content.

This is why you started your business, so you could continue to do what you are great at! Once you started your business, the truth comes to light and you realise that a part of running your business successfully means doing 101 other things within it, like budgeting, financial planning, deciding on VAT registration, year-end, complying with employment regulations…the list goes on.

Does anyone truly know all these things?

I am sure no-one briefed you when you came to the decision to create your business and approaching your contacts about starting it, they naturally only responded with how you are going to find the right customers, and how to deliver your product – which you are already great at! The issue here is, the admin and finances, as well as the other essential parts to running your business, will end up taking 80% of your time, giving you only 20% on doing the tasks and services you are good at.

With this overwhelming new world, you have walked into, we believe that delegating the tasks that are taking up your valuable time to experts who can assist you, is essential to creating a successful business. The stress of having to know the best steps to take, and when to take them, such as if you should register for VAT, or form a limited company can cause a host of different questions and implications, so a professional who understands the pros and cons for these decisions can be there for you and assist you with the right steps to take for your company’s future.

How do you start with the delegation of these tasks?

For many of us business owners, we can be self-confessed micromanagers, so it can feel rather daunting to start delegating tasks within your business to others. We suggest a few simple steps to take to ensure the people you choose to delegate to, are the right fit for your company and your requirements.

   
•        1. Know the people you want to have in your company and working for it. Fees aren’t everything when it comes to the successful running of a company, so consider the key questions you wish to ask of a new potential supplier, so you know you will want to work with them for many years to come. Questions to consider asking are:            
•                
• a. What are your key values?
•                
• b. How do you intend to stay in touch? (email, regular meetings, telephone conversations etc.).
•                
• c. Can I speak to current or past clients to get a review of your services? If they work in an industry where privacy is key, consider asking for testimonials that have been given to them, and search for their company on online review sites.
•       
•       
   
•        2. How will they be assisting you? This seems like a simple consideration, but knowing exactly what you want to receive from a supplier can help you with the process. Perhaps they have experience in your industry, or with other businesses who have taken a similar growth journey that you are looking to take, can help you in the decision of what they can help you with.    
   
•        3. How will they be charging you? Although fees aren’t everything, and we believe the way in which a company works with you, their team, their values, and their ethics are key to a great relationship for both companies, you will need to pay them for their services. Consider their costs, and if you are wary of any of their fees, simply ask them at the beginning before you start the business relationship.    
   
•        4. Investigate their other potential services. All your service/goods suppliers are interested parties to get more tasks from your business. Ok! Ok! I AGREE, it might not be the case like they are sitting and waiting for it but to a certain extent, they are there for you. Get to know each of them in more detail: what they do; what they offer. For example, the company you ordering your business cards, might be exploring opportunities and also doing marketing seminars or assistance with marketing; telephone companies might be able to provide your business with mobile phone solutions; or your accountant is a good source to get advice how to grow your business? Or is he not?    

In this day and age, any successful business provides value to its clients, not just services or products. That might be one of the criteria for you to distinguish whether you want to engage with such supplier or not. When you hire an accountant, for example, you may be at a stage in your company where all you require is the end of year accounts, however, when you grow your business, you may require more and more support. Ask them now, so you can know what other options they have on offer before you have built a business relationship with someone who cannot provide the services you may require down the line.

As a business that prides ourselves on offering our clients the tools to help them grow, we love being there from the very beginning of a business’ life, that’s preventing the other elephant in the room - one of the other huge reasons you started your business - to get your freedom! So consider delegating as a way to get your freedom back!