“From ‘I’ll Do It Myself’ to ‘Please, Someone Else Do It’: The Delegation Journey of a New Business Owner”

Are you your own employee?

Employees tend to have a set job description. A bookkeeper or accountant handles the financial records and keeps track of accounts receivable and accounts payable, among other things. Operations officers manage production, the supply chain, and other aspects that provide value to customers.

When running your own business, you may find yourself handling various tasks that would fall to dedicated specialists in a larger business.  When you’re working in your business, you’re immersed in the day-to-day operations. It’s about rolling up your sleeves, getting things done, and putting out fires. This includes tasks like handling customer inquiries, processing payroll, managing inventory, and ensuring that the daily functions of your business are running smoothly.

While this hands-on approach may be essential, particularly in the early stages of a business, it can quickly become a trap. Being caught up in operational duties can make you feel productive, but it often prevents you from stepping back and seeing the bigger picture. Being caught in constant tactical decisions to keep your business afloat can lead to burnout and stagnation, leaving little room for innovation or strategic (long-term) thinking.

Working On Your Business

A CEO and majority shareholder of a larger business does not spend their time responding to customers, ordering inventory, or balancing the books. They focus their attention on working on their business. Rather than being bogged down in repetitive day-to-day tasks, working on your business is about taking a step back from the daily grind to focus on growth, innovation, and strategy. It’s about building a sustainable model that doesn’t rely on your constant involvement. This includes tasks like developing long-term goals, creating efficient systems, exploring new markets, improving processes, and investing in team development.

When you work on your business, you’re setting the foundation for scalability and success. You’re positioning yourself as a leader and visionary, rather than just an operator. This shift allows you to create a business that works for you, rather than the other way around.

Furthermore, investing your time in growing your business increases its survivability should adverse economic conditions arise.

The Balancing Act

It’s important to recognize that working in and on your business aren’t mutually exclusive. Both are essential at different stages of your entrepreneurial journey. The key is to strike the right balance.

Here are some practical strategies to help you achieve this balance:

1. Delegate and Outsource

Identify tasks that can be handed over to trusted team members or outsourced to professionals, freeing up your time for strategic work. For a small business, investing in a new permanent employee can be a costly commitment. However, bookkeeping or accounting, marketing, sales, business development, and customer services are some operations that can not only be delegated but also outsourced to a remote or even asynchronous collaborator. Platforms like AbroadWorks give small businesses access to world-class talent at a fraction of the cost of domestic labor.

2. Time-Block for Strategic Thinking 

Dedicate specific hours or days each week to focus solely on working on your business. Treat this time as non-negotiable. However, to do that, you will need at least one partner who knows, understands, and is invested in your business to keep it running. Personal assistants can be multi-skilled and capable of keeping your business operational while you focus on the bigger picture. However, picking the right assistant is essential. At AbroadWorks, we take the time to understand your business needs and invest in a battery of tests and assessments to ensure your personal assistant has the right qualifications to serve your business while you focus on strategy.

3. Develop Your Team 

As with personal assistants, hiring the right people for specific business processes is critical. It would not make sense to hire a bookkeeper or accountant who is unfamiliar with the Generally Accepted Accounting Principles (GAAP) system employed in the US. Marketing professionals unfamiliar with Search Engine Optimization or social media in the US are unlikely to progress their small business. However, not all small business owners are familiar with the up-to-date skills required of specialized professionals, and merely trusting a resumé can be a gamble. The AbroadWorks ATS ensures that candidates for a specific role are a good fit and have the skills required by the state-of-the-art.

A matter of business survival

The benefits of working on your business are profound. Not only does it pave the way for growth and scalability, but it also enhances profitability and efficiency. Moreover, it gives you the freedom to focus on your vision and enjoy a better work-life balance.

Consider the stories of successful entrepreneurs who took the leap from working in their business to working on it. They often report a significant shift in their mindset and results. By focusing on strategy, innovation, and leadership, they were able to build businesses that thrived without their constant involvement.