Are you spending your time on the right things?
We all know that the failure rate of new businesses is high not just in New Zealand, but worldwide. There are a number of reasons why businesses fail within the first one to two years such as no business plan, market changes, competition, financial reasons etc. However, one main reason for a new business to fail is that the owner is trying to do everything.
You’ve heard the term that you are the captain of the ship. The captain’s job is to steer the ship and ensure that it stays on course and gets to its destination. Picture this and imagine if the captain was also responsible for the maintenance of the ship as well as the fuel, mending holes, cleaning and feeding the crew. While the captain has been busy doing all these other jobs the ship has veered off course and is now heading towards an iceberg and it’s all too late.
To make sure that your business stays on course and gets to the destination that you originally set out to get to you need to focus on the important things and to do what you do well. The chances are that you started out the business as you have certain skills and are passionate about what you do or a product or service that you provide and you probably also wanted a work life balance that suited you.
Are you building the flat pack desk?
Most entrepreneurs never pictured themselves installing the new computer system or sitting there with the new flat pack desk instructions or doing the accounts through the night, but let’s be honest this happens. The problem arises when this becomes the norm and you spend most of your time putting out small fires and not focuses on what you do well and what you offer to your clients.
Your job is to grow the business and to work on the business and not always in the business. It’s a balancing act which can be made so much easier when you start looking at what you can farm out to service providers and yes obviously one of those things is your social media management.
What are you worth?
An exercise worth doing is to work out your own personal hourly rate in other words what is your time worth? Once you’ve done this its then easier to remind yourself each time you get stuck doing something that isn’t your forte what your rate is and whether what you are currently doing is helping you to hit your hourly rate. If the answer is no then you know that you should be getting someone else to do it for you.
So many people will sit for hours a day trying to figure things out for themselves, which is admirable, but also a waste of time when you are trying to run a business. Social Media is one of these areas that sees so many people giving it a go. Ultimately you have to ask as to how long do you give it s go before you hand it over to a specialist allowing you to steer the ship and avoid that iceberg meaning that you get to your destination and don’t add yourself to the list of statistics when people start talking about failing businesses.
Want to know more on how to get the specialists in for your social media and marketing? Call our team at Live Wire Media today