Owning a business can be quite a struggle, even in a thriving economy. There are obstacles at every turn. Smart business owners are aware that when the going gets tough, the tough look for assistance and reach out for help.  But the question is when? Many business owners struggle to know at what point they need to reach out for help. When should they hire an employee or outsource to a professional?  Running a business is more than providing a service or product and is typically more than one person can handle, especially if the goal is to grow the business. Here are three questions to ask when considering requesting help:

 

  1. Am I spending more than 50% of my time on the operations of my business? Operational costs are not completely recuperated through your client. These costs are typically built into your “hourly” or flat rate, so if you are spending more time on operations than you had planned when pricing your services/products, then you are not receiving the right amount of payment. By hiring help, you allow yourself to fully focus on providing the service or product of your business, saving time and therefore money.
  2. Can someone do this better than I can? Often when a business is in its infancy, business owners will wear all the hats and take on operational responsibilities that aren’t suited to their skillsets. In an effort to save money in the beginning, it may make sense for an owner to take care of the invoicing or make posts to the company’s social media outlets. However, it is typically more efficient and cost effective to let a professional handle these items since they will have more experience and can complete more expediently and usually at a lower hourly rate.
  3. Am I still enjoying my business? Did you start your business because you love what you do? You need to ask yourself on a regular basis if you still find the business fulfilling. If not, why? Is it because you are spending too much time running the business, rather than spending your time in your business?

Every business owner arrives at this point at different times. The key is to recognize when it is time to make that decision and hand over some of your responsibilities. If you have any questions and want to connect please contact me at info@timesalvation.com. Look for my next blog for the next step in getting help.