Many entrepreneurs like to do everything themselves. From liaising with clients to dealing with suppliers, from bookkeeping and inventory to planning their product and marketing strategies, these business owners with a can-do attitude seem to have their fingers on the pulse of every aspect of their businesses – but is this an ideal approach?
Understanding the one-person band approach
A one-person band, also known as a one-man band in years gone by, involves strapping a whole lot of musical instruments onto the back of one performer, enabling him or her to walk around playing a variety of tunes using the various instruments. Unfortunately, if you’ve heard one of these bands you’ll probably agree that the overall sound just isn’t as good as a band of musicians working together – perhaps because one person can only do so many things at a time.
Fortunately for most entrepreneurs, the nitty-gritty of running a business is not permanently on display like the performance of a one-person band. Your clients and suppliers may be totally unaware that you are handling everything by yourself, and this fact allows new business owners to keep their costs low and put in extra hours while their businesses are taking off. If this approach works at the outset, why change it as the business grows and develops?
Handling Everything Yourself is Time-Consuming
When your business is just starting out and keeping costs low is a priority, doing as much as you can by yourself makes perfect sense – but as your business grows you’ll find it almost impossible to fit all these activities into each day. Eventually you may find that you have too much to do, and too little time to do it in – and the efficiency of your business may start to suffer.
Lessening the Workload
If you find yourself in this situation, consider the possibility of hiring a staff member to assist you with the more general admin or accounting side of your business while you focus on your speciality – whether this is dealing with clients, producing new products, or focussing on marketing your business. You may find that you only need a part-time assistant, an assistant who has a variety of skills, or you may want to make use of an outsourcing solution that is cost effective and takes some of the workload off your shoulders.
Focussing Your Energies
As an entrepreneur, you need to be calm and focussed to run your business optimally. By focussing on what you do best, be it sales and marketing, finance, or R&D on new products, you’ll be able to steer your business to greater success while overseeing your team and motivating them to help your business reach its fullest potential.