Strategy versus execution. Sales versus operations. Increasing income versus reducing costs. Every entrepreneur faces a constant tug of war.
On the one hand, you have to build a business — spend your time doing those things that move your company forward and grow. On the other hand, you have to run a business — spend time managing your company now, serving existing customers and paying your bills.
This tug of war between growth and operations never goes away completely. But here are some techniques to reduce the constant, daily struggle:
• Dedicate time: Set aside certain times that you devote solely to one focus. Thursday mornings you might only work on new product development, immediately after lunch may be the time you fill orders.
• “Turn off” e-mail and the phone: Find an hour or two each day when you don’t look at e-mail or answer phone calls. These constant interruptions increase your lack of focus.
• Delegate: Look around. Do you have staff members who are ready to grow? Others who can take on greater responsibilities? Entrepreneurs typically have an “only I can do this” attitude. But you need to delegate to grow.
• Conduct planning sessions: Establish annual (or semi-annual) business planning sessions. Get away from the office so you can completely focus on evaluating and deciding on your strategic direction.
• Hire more help: Yes, I know. You think you can’t afford it. But if you’re confident the new person will help you increase sales sufficiently both to pay their salaries (or fees if you use outsourced help) and grow your bottom line, then it’s time to put out the “help wanted” sign.
• Get additional funding. Perhaps it’s time to consider a bigger line of credit from your bank or even seeking an outside investor to help you pay for more staff.
Photo by MSDesigns.
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