How to be successful in small business

success in small business compass

There is some simple advice I share with every new entrepreneur I meet. The only way to be successful in business is to focus on what you love, not what’s important. While this may sound irresponsible at first it is anything but. Most small business owners start out by taking something they love and turning it into a business. It’s all fun and games until it’s time to do banking, taxes, licenses, payroll, and all the other things that are required to run even a small company.

I made the same mistake myself as most. My first hires were to have people do those jobs I actually loved to do so that I could focus on what I thought was more important. Banking, taxes, payroll, etc. It was after a few years and lots of misery when I realized something. ALL I did was these “important” but miserable tasks. Everything I loved to do was handled by employees. Even worse, what company would ever hire me to do these tasks? Would I even consider taking that kind of job in the first place? HECK NO!

It was time to start making some changes. The first change was to move my payroll over to a payroll service. Next, since my company was not big enough at the time for a dedicated accountant on staff I hired a CPA service. Handing these two tasks alone over to professionals not only saved me a ton of time they did a much better job than I ever could have. The other benefit I had not realized until after the fact is the impact it had on my productivity. I had spent so much time on tasks I hated that I was not helping the company make money doing what I loved.

Now, in every business I start or get involved in I make sure that the tasks I take on, and those I have employees do are matched to their strengths and interest. It led to a much more rewarding experience for everyone.

Before you say “I can’t afford those services” think about what your time is worth. Look at how much time is spent on clerical tasks vs how much income you could generate in that time. Chances are you are going to save money and time by reaching out to professionals even at an early stage in a business. Plus, being set up for success early on will help you exponentially down the road.

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