The Ballad of the Small Business Owner. When prayers are answered and business is at a brisk pace – even more than what was expected and things are supposedly looking up – the poor owner cannot juggle between tasks anymore – too many things need to be done. Be careful what you wish for – that old saying rears its ugly head.
Are you really ready for success? In a perfect world where no glitches happen and no curve balls are thrown your way, there really is no need for owners to wear multiple hats at the same time. But we live in the real world – accidents do happen, and sometimes, the hapless owner feels like nothing is going his way.
Wearing too many hats can wear a small business owner down. Below is a list of how entrepreneurs can avoid spreading themselves too thinly.
1. Be Aware of the Futility of Juggling Too Many Tasks
A Stanford study observed that switching from one task to the next produces a significant drop in brain capacity – up to 15%. A business owner hopping from task to task will compromise his decision-making skills.
Another study by the University of California concluded that the average time a worker (a business manager is considered as one) spends on a task uninterrupted is 11 minutes. However, it takes 25 minutes for a worker to resume working on a task after being interrupted. A business owner jumping from task to task will never yield optimal results.
2. Keep an Entrepreneurial Mindset
Embedded into the nature of a small business owner are three distinct personalities – that of the Technician, the Manager, and the Entrepreneur. A quick guide to knowing if a small business owner is wearing way too many hats is to answer which of the three personalities the owner is in the scheme of things.
The owner that wears the most hat as the Technician, the Hand, is most involved in manufacturing, sales, and distribution of service or commodity.
A business owner with a manager’s personality, the Muscle, will focus on employees’ productivity and ensure that systems work. A manager will need to wear many hats, too.
A business owner with the personality of an Entrepreneur, the Heart and Soul, is the one that serves his purpose most of all. Focused on strategic work, carrying on with the vision that will take the business where it can soar – that is the entrepreneurial mindset.
A business owner could be a technician or a manager every now and then but should never be tied down to being either or both.
3. Learn how to delegate work and motivate employees
A small business owner must learn how to trust employees. They must learn to hire the best people for each role in the business, thoroughly train them, and trust in their abilities. With a pool of skilled workers, a small business owner can designate which hat belongs to whom. Only this way can an entrepreneur run his own business and not let his business run him over.
4. Expect and get ready for tough times
The recognition of the inevitability that there will be a rough road ahead is key in preparing a small business owner that there will be times when it is necessary to wear multiple hats all at once. And it is only when the tempest is at its mightiest that the business owner should allow himself to bear one too many a hat. A wise entrepreneur has to know how to pick his battles well.
5. Acknowledge that nothing is more important than one’s health
Small business owners, especially those just starting, are subject to a lot of pressure. Wearing too many hats all at the same time can wear down anyone. Studies have concluded that switching from task to task increases stress levels tremendously.
This is not to say that small business owners are encouraged to remain blind and unaware of business tasks just because there are employees to do things on their behalf. The small business owner should remain on top of things and know all the angles of business operations. And, in tight situations, it is expected that the owner could be relied upon to help address pressing matters, whatever they may be. A small business owner is expected to be on call to put on any hat at any given time. It is just that he cannot be wearing multiple hats all the time.
Why Should You Partner With Cloud Friday Accounting?
We have the knowledge and experience you need to help you with your business concerns. You can rely on us to take the burden off your head and shoulders so you can be the entrepreneur your business needs – not weighted down by tasks – quick on his feet and always looking ahead for opportunities.
Why Cloud Friday? Because we are invested in your success. Because Small Business is our Business.
Set up an appointment with us to discuss how Team Cloud Friday can support your small business concerns so you can focus on growing your business.