The term ‘ Jack of all trades, master of none ‘ is one which is often used in jest but if you think about it, this term does have certain business connotations. If we are honest, and you need to be if you are running your own business, how many of us take on tasks which we could easily outsource, only because we want to learn or save money? At the time it may seem as though you are doing the right thing but if you are focusing on areas that you will never be completely comfortable, it’s possible you may be neglecting areas that you excel at.
Asking for help
If there is one thing that stubborn entrepreneurs ( <– probably me ) have in common, it is the fact that the majority of them find it tough to ask for help. Many see asking for help as a weakness when in reality it is a realisation that there are tasks to be done about which you have the limited knowledge yourself. You could learn, you could take time out, but at the end of the day is this a sensible use of your time?
Delegate for success
Let us take a look at a billionaire such as Richard Branson, the charismatic, innovative business entrepreneur. Do you think that Richard Branson gets heavily involved in all parts of his business? Do you believe he even has any knowledge of some tasks which are handed down to his team?
Extremely wealthy successful business people such as Richard Branson did not get where they are today by micromanaging every part of their business empire. These people have trusted teams around them and third parties who often work for them. This close-knit community breeds confidence and stability which allows businesses to grow and those with specific skill sets to concentrate on what they are good at.
Every business needs investment
Whether we like it or not, there are not enough hours in the day for the stereotypical stubborn online business person of today to micromanage every part of their business. The idea that keeping everything in house and doing it yourself is somehow good for the business is but a myth. The chances are that by outsourcing areas where you have limited expertise/experience you will be able to get these tasks finished much quicker and focus on what matters.
The online market works on the basis that “time is money” therefore it makes sense to invest in outside assistance where applicable, ultimately done right this will pay for itself. If we were to do a straw poll of online businesses and the amount of money they have invested over the last decade you might be surprised at the results. Aside from the daily cost of running an online business, many of these operations will still be operating under the concept that they do not need outside assistance. We know this first hand, working with some of the biggest agencies in the UK as white label providers.
Speed, efficiency and accuracy
If you bring in specialist third parties to carry out particular tasks for your business, then the likelihood is that you will pay good money for their services. However, the speed, efficiency and accuracy at which these tasks are completed will likely be in a different league to what you could have achieved yourself. There are many false economies in the world of business, especially in the online business sector, but investing in areas such as themes, secure payment systems, customer communications and simple promotion if done correctly can be worth its weight in gold. Spend wisely, research third parties in detail but do not be afraid to take on outside assistance, it may end up being the best decision you ever made.
Devil’s advocate. Food for thought?
On the flip side of all of the above, Entrepreneurs have to start somewhere. To have a base to propel their business to the next level, spending money on outsourced contracts can equally have its troubles from unreliable providers or that sinking feeling that you’ve just paid for a product or service that you could have done better yourself. Every entrepreneur worth their weight in gold will have a certain amount of knowledge of every aspect of their business until the realisation hits they can’t do it all, but by the time that comes around it’s highly likely the business is ready to grow and ready for that leap of faith.