Every day small business owners across America walk into the office and have a menu of tasks needing to be completed. There are several factors helping these entrepreneurs decide what they should do and when they should do it. Another question worth asking is if the task is something entrepreneurs should focus on or if it’s better handled by employees or outsourced help. Effective prioritization allows small business owners to serve customers effectively and steadily grow the business.
Separate Needs and Wants
Plenty of small business owners feel as if they need to do everything. The truth is not all tasks for building a small business are necessary. Some tasks are luxuries; they help the business but at the end of the day, are not determinative of success or failure. At the end of the day, the small business owner needs to separate necessary tasks from the rest. The best way to determine necessity is if the business’s success or failure depends on a task’s completion. For example, keeping accurate accounting is necessary for the success of the business.
Determine Capability of Completing Tasks
Another massive issue many small business owners run into is overestimating their ability to complete a task. For example, every business with products to sell must keep accurate inventory records. However, not every business selling products specializes in inventory management. Some small business owners overestimate their capability with inventory management. This results in ordering too many or too few products. The interruption of the supply chain or the dead stock hurts the business. Therefore, a small business owner must be honest. If a task is too far from a skill set, it’s important to delineate whether it can be learned or if it’s better left to a specialist.
Hiring Specialist Employees vs. Do-It-All Types
A small business owner running the business individually is often overwhelmed due to the volume of tasks. Instead, small business owners eventually hire employees. The goal is finding an employee fitting with the company’s needs. A company may need someone to wear several hats or just to do one thing really well. This is where outsourcing becomes a consideration. There is a valuation to hiring employees along with the value of the service. Outsourcing becomes cost effective when the cost of outsourcing is less than hiring and onboarding an employee to complete the same tasks.
There are lots of things to consider when deciding to prioritize tasks in a business; speaking with a Preveer consultant is the best way to determine which way to move. Learn how to effectively prioritize here.