Building a business requires a high degree of motivation, focus and support. The first years can be lean, with little spare time. It’s during these times that entrepreneurs might begin to adopt the old adage “You don’t own the business; the business owns you.” However, as the business grows, your confidence, strong team and community support can begin to alleviate a lot of headaches and stress. And then something magical happens: You exceed your original business plan’s goals by a large margin. Your business is actually in need of expansion to handle the amount of customers you’ve accrued. Rather than entering that world of stress again in devising a plan to expand, relax. By doubling your company’s size, you are actually going to be doubling your free time and your employees’ free time as well.
A bizarre and counterintuitive thought? Not when you consider the following:
1. More Revenue = More Employees
Some business experts might caution against diving in and hiring new employees when you’ve reached a higher tier of growth. The reason for this is that many entrepreneurs, unfortunately, hire general employees. These generalists might be motivated people who can accomplish little bits of every task. Having that “utility player” on your team can certainly help out in some situations. However, the better choice for your company is to hire more specialists.
Specialists are able to focus on (you guessed it!) their particular specialties. As a result, they can crank through work more efficiently and quickly than employees who are working on miscellaneous tasks that they are not necessarily trained to address. Hiring key employees who are specifically focused on prioritized tasks will allow you to sooner focus on global business concerns to allow for more growth. It’s crucial to remember that it’s not the number of employees, but the quality of the employees, that determines your success. You need to really invest time and energy into finding those A-list employees who strive to dedicate themselves to your journey.
2. Outsourcing Tasks
Outsourcing can be a difficult thing for many entrepreneurs. You built the company with your knowledge and skill. Can you really let go of something? Your answer should be “yes,” if you choose the right outsourcing outfit and assign that outfit tasks that will benefit your business. Again, you’ve hired a team of specialists to address critical areas for your growth. Many smaller, more general tasks still exist in the day-to-day operations of your business. These general tasks could be prime opportunities for you to refocus your energies and your employees’ time on the bigger picture. Prioritize your tasks in relation to how they impact your company’s success. The tasks that could potentially be outsourced are different for every business, but outsourcing them can greatly increase your time to guide and add efficiency to your employees’ efforts.
3. Focus on Integral Goals
The success of doubling your business depends on avoiding the temptation to add more to your list of things to do. Remember: it’s the essential few things, versus the important many things, that really boost your growth. As a company grows, the risk is always present that employees will begin to focus on non-critical work, including unnecessary meetings, email, travel and bureaucracy. These tasks can very easily take over your time.
Many businesses just assume these time-eaters are par for the course. Do not let this mindset control your choices. Look beyond the minutiae of small tasks to see the mountain. Free time is created through efficiency and effectiveness.
You have the opportunity to add focus and free time to your life. The benefits can last a lifetime, but it’s important to assess your situation. By spending time on strategy, recruiting A-list players and growing the unique skills of your team through effective communication, you can truly rise above your competition and allow yourself and your employees to enjoy those well-deserved days of relaxation.
Cameron Herold is the author of DoubleDouble, a step-by-step guide to doubling the revenue and profit in your company in three years or less. Cameron is one of the most sought-after business minds in North America, the founder of BackPocketCOO and the former COO at 1-800-GOT-JUNK?
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