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Entrepreneurs like to think that to be proper business people they need to know about all aspects of their business, no matter how mundane. There’s a sense that you’re not a real entrepreneur unless you know everything to do with business topics as disparate as payroll and client retention.
But the truth is that entrepreneurs don’t need to have in-depth knowledge of any of these concepts. That’s why people form companies: to collect people together who have the skills to manage all aspects of the company’s operations, where each person has an area of expertise. A marketing expert probably knows very little about employee compensation, just as an HR exec probably doesn’t know a lot about SEO.
Elon Musk is widely celebrated as one of the greatest entrepreneurs of our generation, but even he admits that he doesn’t do much of the “business stuff” in his enterprises. He is, by his own admission, not particularly good at it. Musk’s strategy is to gather people around him who do know how to run a company so that he can focus on the part of his operations where he excels: the engineering of cars and rockets.
So what should budding entrepreneurs do to make sure that they don’t get sidetracked by the stuff in their business that doesn’t matter? How can they stay focused on their core operations?
Hire Outside Help
Perhaps the main thing that entrepreneurs can do is to hire outside help for tasks that neither require nor reward personal effort. Top PEO companies, for instance, can help business leaders avoid the administrative overhead of managing staff. These agencies take over things like employee benefits and payroll, allowing senior management to focus on the real goals of the firm: expanding, making more money, and developing new products.
Get A Mentor
Sometimes it can be hard to know what to focus on with so many options. A mentor can help you cut through the noise and focus only on the activities that will help you move towards your goal. While it may seem like a good idea, for instance, to learn all you can about SEO, it’s usually a lot more productive to get somebody who already knows the subject to take over its management, while you think about your actual products. James Dyson, the inventor of cyclone vacuums, didn’t become a success because he knew the intricacies of digital marketing. He just developed a product people loved and got somebody else to do the marketing for him.
Stop Wasting Time On Pointless Tasks
Whenever you use your time, be clear about whether it’s you who should be doing it, or whether you’d get better value by passing the job over to someone else.
You might think that you’re doing the right thing by taking on a task yourself, but a moment’s reflection could reveal otherwise.
For instance, you might be on the phone to people trying to organize a meeting. But if you have a secretary, why isn’t the secretary doing this work? Likewise, if you are doing payroll yourself, why? External companies can perform all your payroll tasks at a low cost, freeing you up to do more.