Do you feel like you’re in control of every aspect of your small business? No, probably not. That’s a tall order, and a lot of you probably laughed or scoffed when you read that.
But gaining control of your business is a vital step for you and your company. If you’re not in control, you’re likely working long hours and heading towards burnout. You’re also likely handling things you shouldn’t be handling instead of playing to your strengths. And you might even be holding up your company’s growth.
Avoid Long Hours and Burnout
Burnout is no joke, especially for small business owners. You tend to invest a lot more of yourselves into your work, and you have more on your plate every day, including business administration.
According to Harvard Business Review research [https://hbr.org/2018/04/what-makes-entrepreneurs-burn-out], two elements determine how susceptible entrepreneurs are to burnout: passion and flexibility. While passion invites success, it also leads to long work hours and eventual burnout. And while doggedness invites success, inflexibility can also lead to burnout.
In sum, our findings show that job fit, passion, mindset and burnout are inextricably linked. Understanding that passion is a double-edged sword can help entrepreneurs monitor their motivations and work behavior and can prevent burnout from hurting their careers. Similarly, learning to think more flexibly about your career may also help you prevent burnout.
━Harvard Business Review
Play to Your Strengths
No one has the complete business administration skill set, and you don’t have to. Actually, you don’t need to try to learn anything you don’t want to or don’t feel you’re good at. Other professionals can take care of those things.
An entrepreneurial adventure is about a whole lot more than whatever product or service it is you’re trying to sell. Sure, you have passion and skills in your areas of expertise, but you also have to run a business, which is others’ areas of expertise.
In fact, you don’t want to be doing things that you’re not comfortable with or good at because it could do more harm to your company than good. Mistakes in any area of business administration can lead to lost time and money while putting your company at legal risk.
Unemployment law alone is a quagmire of never-ending rule and law changes every year. Just keeping up with the changes is a full-time job. So it’s good that there are HR professionals out there who can do that for you, much easier and better as well.
Stop Holding Up Growth
It’s not uncommon for you, the small business owner, to be the one holding back your own company. It’s hard to let go of things when the company is your baby, but not letting go can be worse.
This has important consequences for economic growth — entrepreneurial firm failure and bankruptcy is likely to contribute significantly to the $300 billion that burnout costs the U.S. annually.
━Harvard Business Review
Knowledgeable source professionals with proven track records can take the workload off your shoulders and handle business administration way better than you can. They can help your business succeed while also protecting it.
If the idea of hiring a team of in-house professionals makes you queasy or is way beyond your budget anyway, you don’t have to. There are plenty of “plug-and-play” options for you to gain industry expertise and proven processes without taking on new employees.
Gain Control of Your Small Business
If you can regain control (or just gain control) of your company, it can mean a better work-life balance for you, enable you to stay in your lane and even help your company’s growth by getting rid of the bottleneck (you).
You don’t have to take everything on yourself and be outside your comfort zone all the time, overworked and stressed out. You just have to be willing to let go of the reins in certain area of the back office.