Business owners wear a lot of hats, and it’s often difficult for them to use their time effectively. But when it comes to making the most of your valuable time, Candy Messer and I will give you the same advice:
When you hand off the time-consuming, mundane tasks that eat up your day, you free yourself up to focus on things that make you more successful and bring higher revenue. And that sounds great, right?
But even though delegating is a smart strategy, it’s not always easy. Candy knows that it can be challenging to delegate tasks, especially when those tasks involve your finances!
As a profitability and growth advisor, she’s helped hundreds of small business owners identify and overcome issues that prevent them from having higher profitability and growth. She sat down with me recently to share some fantastic tips that help you delegate tasks, use your time more efficiently, and gain a greater understanding of your business finances.
Here are a few highlights:
- Write Down Your Process
If you’re worried about delegating a task because you’re clinging to the “no one can do it like I can” mindset, make it easier to hand off by writing down your process step by step.
- Be Your Own Customer
You wouldn’t put off an important task for a customer, would you? Don’t procrastinate on your own duties either. When something MUST get done, you need to schedule a block of time on your calendar to ensure it happens.
- Look Beyond the Top Line
Entrepreneurs know business, but they don’t always have the strongest understanding of their finances. If the number in the top line of their revenue report looks good, they assume everything is fine – but that might not be the case. You have to look at the bottom line as well to determine how much money is going out of your business. After all, more money coming in doesn’t do much for your profits if your expenses have increased dramatically.
- Understand ALL Your Costs
Accurate pricing is the key to increasing your profitability, but you can’t ensure accurate pricing unless you know exactly what it costs to deliver your services. If you don’t account for everything that goes into your process, you could lose money.
- Don’t Hesitate to Delegate
Finances aren’t everyone’s cup of tea! If accounting and bookkeeping aren’t your strong suit, hire someone! Don’t avoid your finances and hope for the best. Bring someone on board that can help you understand your numbers and create the strategies that help you grow your business and make more money!