Stop Working In Your Business And Start Working On Your Business
There are so many great things about working in a startup. They often strive to do things differently and have an energy and drive that you just don’t find in a lot of established businesses. It’s a fact of start-up life that employees end up wearing many hats. It just has to be done. There often isn’t the budget so people have to chip in where they can. It’s great for the shared mission and comradery, but at a certain point, it can also become dangerous to the business.
Founders especially need to be aware of this. Keeping your business running is important, but if you’re not focused on the right things, it’s going to stagnate or worse.
Outsource Non-Core Activities
At the beginning of your startup journey, you’re probably the CEO, sales department, HR manager, accountant and admin. A study in the UK showed that CEO’s spent up to 20 of their time on HR tasks. Now, HR is important, no one is denying that, but at some point, you’re going to need to be the CEO and spend your time developing the company rather than keeping it ticking over.
As your turnover starts to grow, look to outsource to professionals or companies for your non-core business activities. There are many companies specialising for IT Management for businesses, or marketing, HR and payroll services.
Not only will it free up your time, but these companies are professionals in their field. It is their job to stay up to date on the latest regulations and best practice.
Resist The Urge To Do Everything Yourself
Now, those CEOs who sit in offices, not willing to get their hands dirty, will ultimately start losing the respect of their employees. Yes, do what needs to be done, but don’t try and micromanage or become involved in the minutiae of everything.
You hire good people for a reason. Let them do their jobs without constant oversight. Give them strategic direction, support and guidance, but too much involvement will create a company with little ambition, frustrated managers and high employee turnover which will lead to even further expense.
Get back to the high-level strategy and forward direction that your startup needs to succeed.
Your Employees Need Freedom Too
As we’ve mentioned, everyone rolling up their sleeves to make the business a success is part and parcel of the startup culture. It can also begin to affect the job performance and engagement of your employees too.
Not being able to focus on their primary role can cause stress and a decrease in performance. They start to become overwhelmed and lose focus. This can lead to the loss of good people who you then have to spend more money to replace.
An engaged employee is an asset to any company, with research by Gallup showing that businesses with a high level of employee engagement are 21% more profitable than companies with low engagement scores.
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Running a successful business can feel like walking on a tightrope while juggling multiple swords at once, both high adrenaline and exhausting. Success requires knowing when and what aspects of business require precision planning versus those you can leave to chance, whether that be startup superstardom or veteran CEOship.