Yes, we hear all the time that as business owners we shouldn’t spread ourselves too thin. But don’t fall into the trap of relying on others to run your business for you either, especially in the infant stages. Sure, there will always be tasks that you need to delegate but it’s important to know which ones you should be taking into your own hands.
Call the shots for every major business decision
It’s your company. Never (ever) assign high-level moves or major decisions to anyone but yourself. Even if you hire a strategist or a consultant, you’re still the person who should have the final say.
Don’t delegate anything you don’t understand
You can’t effectively manage what you don’t comprehend. One area business owners often fail, is understanding their finances. Many of us think it’s time-consuming and tedious, and therefore we want to hire it out straight away. But how can you make informed business decisions without comprehending the state of your finances?
Do all of the hiring and firing yourself
The strength of small businesses lies in its employees. After hiring, build relationships with all key personnel and take charge of motivation, inspiration and employee morale. Make sure all of your employees feel like important contributors to your team.
On the other hand, it’s equally as important to handle all of the firings. Of course, a manager can fire an employee on your behalf but it’s your job to share the value of their contributions and to make sure that their exit is a fair and professional one. Your business’ reputation lies in your hands.