No one is good at everything and small business owners are no exception. When someone starts a business, initially they have to wear all of the hats. But this isn’t always a good thing. Take for example the “social butterfly” who was class president in high school or captain of the football team or cheerleading squad, but his or her math skills were less than desirable. This type of entrepreneur should acknowledge that their weakness in math can lead to extreme tax mistakes, which can lead to problems with the IRS.

On the opposite end of the spectrum, the small business owner may be a math genius, but he or she suffers from a severe case of social anxiety, which Thomas A. Richards, Ph.D. defines as “the fear of interaction with other people that brings on self-consciousness, feelings of being negatively judged and evaluated, and as a result, leads to avoidance.” In effect, social anxiety can affect the business owner’s ability to network, build B2B relationships and make sales calls.

The second business owner mentioned above may have a brilliant product or service, but their fear of talking to people can become a barrier if they fail to work through their insecurities, or bring on an outgoing partner or sales associate who can be in charge of building relationships. Such a person can help the introverted business owner by handling sales and networking with other local business owners.

These are only two examples of how business owners can allow their weaknesses to affect the success of their business, but in reality, the possibilities are endless. As a business owner, you have to understand that you can’t do it all – at least not well.

Know Your Weaknesses

During the startup phase, you probably did just about everything, but that doesn’t mean it should stay that way. During this time, you probably figured out:

  • What you’re good at
  • What you’re NOT good at
  • What you enjoy doing
  • What you do not enjoy doing

We all have different talents, strengths and weaknesses – that’s what makes us unique. As a business owner who has a vested interest in your company’s success, you want to identify your strengths and weaknesses from the start. As soon as you can afford to, pay others to handle the work you’re not good at, whether this means outsourcing or hiring employees to do this work for you.

Delegate So You Can Grow Your Business

Delegation is one of the biggest challenges for new business owners. As you begin to delegate, be aware of micromanaging your employees. If you have difficulty letting go of the reins because you want to stay in control of every aspect of your business, you won’t be doing your team any favors, nor will you be helping your business grow. Until you learn to delegate, the success of your business will be limited. Growth will be affected and you’ll likely be exhausted and overextended.

Effective delegation comes down to hiring competent people to do the job and excellent training. When you’ve done a good job training and you follow up to ensure there are no misunderstandings, your team should perform beautifully – like a well-oiled machine. To ensure success, encourage your staff to ask questions and look for practical solutions.

Work on the Business, Not in the Business

In the first year of business, it’s not unusual for business owners to do literally everything! When you emerge from the startup phase, start to work “on the business,” not just “in the business.” Once you outsource and hire an All-Star team who can work in the business, shift your focus to growing your company. This may translate to expansion, marketing, hiring more employees, moving to a larger office space, and offering new products and services, or all the above. This is where the fun factor enters the equation.

Don’t Be Afraid to Ask for Help

Many business owners try to handle things on their own for as long as possible. This can work if you want to remain a one-person show, if you don’t want to grow your business. But if you do want your business to grow, if you do want to build something that lifts you up and leaves a mark or makes a difference, you’re going to have to ask for help. You’re going to need to build a team and enlist the assistance of pros, such as a business law attorney, a CPA, a digital marketing company and – a business coach.

At AdviCoach, we understand the entrepreneurial mindset. We also know that in order to experience true success, you need help. You need to build a great company, but it’s going to take “team work” to get you there. Our business coaches can help you weigh the mechanics of hiring employees, outsourcing and delegation, and help you determine the returns on these investments. There’s no one-size-fits-all approach, but with the right amount of common sense, you can learn how to use delegation to build your business and turn your visions into a reality.

To learn how our business coaches can help you, we invite you to contact us to learn more.