Broker or business owner? How to successfully wear both hats
When you’re running a broking business, there’s a lot resting on your shoulders. You’re not only servicing clients directly, you’re simultaneously running an enterprise to support those services.
To grow your business, it’s important to recognise that you need to work on your business as well as in it. Here are some tactics to help you manage your task list so you can give more attention to the things that need it most.
Document processes- If you don’t have written policies and processes, you’re never going to lighten the load. It can take some time to document what you probably do ‘instinctively’, but it’s worth recording tasks step by step so you can hand them over to others with confidence.
Automate processes- Technology has blessed you with several tools to help automate low-value tasks. You can program everything from accounting systems (to issue invoices and payment reminders automatically) to social media platforms (to schedule status updates). Learn these systems well and they’ll free up time for you moving forward.
Delegate- Give more responsibility to staff and start to delegate tasks according to your team’s skills and interests. Initially you might want to retain some oversight, but your goal should be to create a culture where employees can safely discuss any issues with you, and you can trust they will flag any problems before they grow bigger. Compensate people accordingly for the extra responsibility.
Outsource- If you don’t have the skills or capacity to deal with business support tasks in-house, seek external help. Outsourcing can be very cost-effective; instead of spending 10 hours a week on tedious bookkeeping, you could pay an accounting service to get everything done for you in a fraction of the time. That’s an extra 10 hours for you to focus on broking.
Make time- Make – don’t find – time. Set aside time outside your to-do list so you have the headspace for ideas. Some business owners designate time during or after exercise to freshen their thinking, while many bring staff together for a casual brainstorming meeting. By actually making time in your schedule, instead of grabbing 20 minutes here or there, it will help you focus on one thing at a time.
Switch on your radar- Read, listen and keep your fingers on the pulse of what’s happening in your industry and beyond. You’ll discover new ways of thinking about things – and perhaps new ways of doing things too.
Pursue opportunities- No business ever progressed without trying different things. Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis periodically and start supporting the pursuit of opportunities.
Finding balance starts by taking a step back to figure out where you want to focus your energies and what activities are best left to others. Invest time in this and you’ll have more time moving forward to devote to broking and working on your business.
For more information on how Choice can help you find balance in your business, contact us today.