In the early days of entrepreneurship, there’s a certain allure to the hustle culture. With the dream of turning an idea into a successful business, it’s no wonder that many new business owners pour every ounce of energy into their venture. But what if the very behaviours that get you to a certain point are the same ones that hinder further growth?
The Evolution of Business Growth: A + B ≠ C
The Formula When Starting a Business
When you start a business, it’s natural to invest countless hours and resources. Soon, success often begins to materialize. And it’s only natural to attribute that success to the effort and time invested. It becomes a success formula: put in time and effort, and success follows or A+B = C.
To know more about this, go to 1:03 of this podcast episode: Work Less and Still Be Productive
The Formula When Your Business Matures
However, as your business matures, perhaps in over a span of one, two, or even three years, patterns emerge. You become more familiar with what works and what doesn’t. As entrepreneurs, you would’ve seen the countless mistakes made along the way, from wasted investments to stress-inducing decisions. But, as your business stabilizes, there will be fewer uncertainties.
Logically, this would mean you need to spend less time in the business, right? Because at this point, time and effort alone no longer equals success or A + B ≠ C.
I talk more about this in 3:15 of this podcast episode: Work Less and Still Be Productive
Why Ditch the A+B = C Formula
This realization can feel counterintuitive. If investing time and effort (A + B) yielded success (C), shouldn’t we keep up that formula? But that isn’t always the case. I can attest to this from personal experience. I once believed I had to stick to what was working, fearing any deviation would lead to failure. However, growth began to stagnate. The realization hit: I had become the bottleneck.
If you’ve been in your business for several years and still devote the same hours and effort as when you started, ask yourself why. If it’s by choice and passion, that’s wonderful. But if you’re feeling trapped or overwhelmed, it’s time to reevaluate.
Business Productivity: The Secrets to Working Less and Achieving More
Business Productivity Secret #1: Recognize When You’ve Become the Bottleneck
Every entrepreneur has a threshold. Pushing beyond this capacity doesn’t necessarily result in more growth; in many cases, it can hamper it. When your business depends solely on you, it’s limited by your personal bandwidth. And that’s when you’ve become the bottleneck.
Think about it: If you’re always at the helm, steering the ship and manning every station, you’re likely missing out on opportunities to chart new territories. Your business needs more than just you to reach its full potential.
So how do you recognize if you’ve become the bottleneck?
Here are the questions that can help you assess whether you might be the bottleneck in your business. Answering “yes” to multiple questions shows a higher likelihood of being the bottleneck.
Business Productivity Secret #2: Don’t Wear All the Hats
One of the biggest misconceptions in business is the idea that to ensure things are done right, you must do them yourself. But wearing too many hats can be more of a curse than a blessing. When you stretch yourself thin, you become the very bottleneck you’re trying to avoid.
Instead of trying to be the jack of all trades, focus on what you excel at. Love crafting marketing strategies but loathe handling finances? Delegate financial tasks to someone with the expertise. By focusing on your strengths and allowing others to bring their expertise into areas you’re not as passionate about, you create a well-rounded team that propels your business forward.
Business Productivity Secret #3: Delegate with Intent
Identify what you love doing and where your skills truly shine. Hold onto these tasks. Then, begin the process of delegating other tasks, not just to anyone, but to individuals who are passionate and highly skilled in those areas.
When you start surrounding yourself with individuals who can do certain tasks even better than you, magic happens. Not only do you free up your time, but the quality of work often improves, leading to further growth.
Once you’ve determined tasks that are necessary, but you don’t really shine at. You could either automate it with software or a tool or delegate it to someone more experienced at the task.
Here are steps you can follow to delegate:
Establish Procedures and Policies
Clearly define what needs to be done, why, and how. Document procedures with an overview, purpose, timing, access requirements, step-by-step guides, and the expected outcome.
Outsourcing Options
Consider outsourcing through freelancers or agencies. Freelancers offer flexibility and cost-effectiveness, while agencies bring specialized expertise.
Freelancers
Start with freelancers for flexibility. Use platforms like Upwork to find talent. Clearly define job scope, required skills, background, and time commitment.
Contracts and Pricing
Choose between hourly rates or fixed pricing based on the project’s clarity. Define outcomes, milestones, delivery time, and feedback cycles to avoid dissatisfaction.
Trialling
When considering long-term roles or larger projects, trial multiple applicants with small tasks. Evaluate quality of work, responsiveness, ability to integrate feedback, and skill fit.
Agencies
For larger-scale or specialized needs, consider agencies with expertise in specific areas. Ensure clear agreements, targets, and references for effective collaboration.
Final Words
Your business journey is bound to evolve, and your role should too. By recognizing when it’s time to shift gears, delegate, and step back, you set the stage for sustainable success. Remember, the goal isn’t just to work hard but to work smart, ensuring your business not only thrives but also scales beyond its initial potential.
If you want to follow along with the story of how else I made wins in my businesses (that allowed me to live the quality of life I wanted), sign up for our newsletter: https://idealbusiness.invizbiz.com/newsletter