How Delegation Can Help You Expand Your Business
Sole traders and independent small businesses often experience growing pains. Some of those can be self-induced. After building a business that brings a stable income in, the last thing you want to do is risk that. By keeping control of everything, you’re in charge. You’re the boss. But the bottom line is, eventually, you are working for yourself, but technically, not a business owner.
As a business owner, you shouldn’t be the robot making everything happen. You should be able to call the shots about the times of meetings and the days you’ll work. And about the holidays you’ll receive and the salary you’ll take for building a team that runs your business.
For too many, the team building is the scariest aspect of growth because it means letting go of control. Putting your trust into others to take what you’re doing as seriously as you, never jeopardising anything and always putting the customer or client first. No matter what.
Trust is a hard thing to give to strangers you’ll only meet once or perhaps twice.
Think of things this way. Do you do your own accounts or bookkeeping? If so, why? Chances are unless you’ve been a bookkeeper or certified accountant in your past career, you’ll be spending longer doing something that someone else, better qualified, could probably do in half the time.
Put a valuation on your time then get a quote for what someone would charge to take that task off your hand. Break your income down by dividing your profits by the hours you work. Ten hours could easily be £1,000, in which case, you’ll likely get your books done for less.
When you hire an accountant or a bookkeeper, that’s your first business experience of delegating a serious financial function in your business. It’s not something you’d pass onto just anyone who promised you they could do a stellar job. You’ll have done your research, backed up your findings with logic, such as checking reviews or asking friends in your network.
When hiring your own staff, you can get as thorough as you need to, or want to. Check social profiles, run background checks, including financial background checks, to make sure you’re considering hiring someone at least responsible enough for managing their personal finances.
The transition from a sole trader, or independent contractor, to becoming an employer is a big leap. And if you didn’t know already, your accountant can help you make that transition.
We don’t only deal with the numbers. Accountants know tax, legislation, employment law, business planning and a lot more besides the numbers.
When your company reaches a stage where it could benefit by employing people to expand the business, payroll services can be a stress buster. This is because it ensures all your new hires are getting paid on time, and with Real-Time-Information (RTI) reporting being taken care of.
A fundamental stepping-stone in growing a business is mastering delegation. Some of the most successful companies are built on the back of it.