In order to maintain steady, long-lasting growth, it’s essential startup founders strike the right balance between working in and working on the business, says Simon Pleass…
Mastering the art of delegation is something many startup entrepreneurs struggle with once their startup takes off.
Managing director of outsourcing company 2flow, Simon Pleass, says every business owner should spend part of their day looking at ways they can grow the business, without getting too caught up in the everyday detail and busy-ness.
What does “working on” your business mean?
Working on your business refers to activities that help to grow the business. Some examples of these include planning for the future, setting goals and meeting up with mentors. Experts recommend that business leaders spend between one and two hours every day looking at ways to move the business forward.
What constitutes “working in” your business?
It is a sad reality that many startup owners fail spend the requisite time working on their business. This is because they struggle to extract themselves from the minutiae of the day-to-day operations.
These include activities that could – and should – be delegated to someone else such as paying invoices, meeting clients and answering queries. This lack of long-term planning is thought to be one of the main reasons why just 30% of businesses make it to the ten-year mark.
Learning how to delegate
When it comes to running a startup business, deciding what not to do is as important as deciding what to do.
When you’re used to doing everything yourself, it can be difficult to identify what tasks can be trusted with someone else. However, delegation is a healthy activity that boosts productivity and efficiency.
What’s more, it frees up your time so you can strategise ways to grow the company.
So how can you get the balance right?
The team at 2Flow have created a helpful infographic that lays out the key differences between working in and on your business.
This nifty visual guide also provides some practical pointers on how you can free up more time to grow your business through delegation or outsourcing…
Infographic and article supplied by 2Flow.