Running a small business is a lot like spinning plates. You’ve got sales, marketing, finance, HR – all spinning at once. While it can feel like a circus act, the truth is, it doesn’t have to be this way. The key is knowing when to pass some of these spinning plates to other hands. But which plates should you pass on? This is where outsourcing comes into play.
Outsourcing, in simple terms, is the process of handing over certain business functions to external agencies or expert freelancers. It’s like hiring a professional plate spinner to keep those parts of your business running smoothly, allowing you to focus on what you do best.
Here are some things to consider when you identify what to take off your plate as a busy executive. We hope this can help you identify some tasks and responsibilities that might be perfect for outsourcing out to someone like an executive virtual assistant.
1. Identify Your Strengths & Weaknesses
The first step is self-reflection. Determine where you excel and where you falter. Are you great at product development but struggle with bookkeeping? Are you a natural salesperson but find social media marketing overwhelming? Recognize your strengths and embrace your weaknesses – these are prime candidates for outsourcing.
2. Analyze Your Time
Evaluate where your time is going. Are administrative tasks consuming hours that could be better spent on strategic planning or product development? Time-tracking software can help with this. If you’re spending a significant portion of your time on tasks that aren’t directly contributing to your business growth, these are plates that someone else could be spinning.
3. Determine Tasks That Can Be Standardized
Look for roles in your business that follow a regular pattern or schedule. Tasks such as payroll, social media posting, or customer support are perfect for outsourcing. Since these tasks often require less strategic input and more consistency, they can be easily managed by someone outside your core team.
4. Consider The Cost-benefit Analysis
While outsourcing does involve cost, it’s crucial to view this as an investment rather than an expense. When you outsource, you’re buying time, expertise, and the opportunity to focus on your core business. So, consider how much value an hour of your time has. If the cost of outsourcing is less than the value of your time (or the cost of hiring a full-time employee), then it’s a wise investment.
5. Don’t Forget About Growth Opportunities
Are there new markets or product lines you want to explore? By outsourcing tasks such as market research or even product development, you can leverage external expertise and resources to help your business grow faster.
Remember, outsourcing isn’t about losing control of parts of your business. Rather, it’s about strategically utilizing external resources to enhance your operational efficiency and focus on the tasks that you do best. Consider it as inviting a few more performers to your plate-spinning act – not to take over the show, but to help make it even more impressive.
Outsourcing can seem daunting at first, but when done right, it can become one of your greatest tools for growth. So, take a moment to look at your spinning plates. Which ones can someone else take off your hands, giving you the time and energy to focus on those you spin best? Once you figure that out, you’re well on your way to a more balanced, successful business.
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