As an owner, you can’t do everything. You shouldn’t even try. Because your time as an owner is very valuable, choose wisely the tasks you do.

While it’s hard to generalize in an article, here are few areas that you as an owner should not be involved in.

The exception to these recommendations would be if you have specific training and expertise in these areas. Most of the time owners learn enough to get by in an area.  Getting by and excelling are not the same. If you excel at something, do it. Otherwise, assign it to someone else.

Owners attempt to save money by doing tasks. One common task is being the company bookkeeper. Unless you have an accounting background, this is an area you should give to someone else. It can be someone on your team or an outside firm that handles bookkeeping. 

Doing payables, receivables, and payroll takes valuable time. Once it is set up, it may not be as time consuming, but staying on top of the details requires your focus. 

Because money is something owners like to keep close to their chest, they hesitate to assign the task to others. They take their valuable time to do something they don’t like doing and don’t do well. 

Some owners do their own books so that they can keep up with the company’s financial status. They spend a lot of time to gain something that a good bookkeeper who reports properly can provide for them without the owner needing to lift a finger. 

Finances are important, but unless you have an accounting background (and even if you do), doing your own books may not be the best use of your time.

Everyone in our day knows that social media is important. Owners often dive into Facebook, LinkedIn, Instagram learning programs to make sure their company is well known.

While their goal is commendable, unless an owner is extremely adept at social media, it’s usually not the best use of his time. For one thing, social media constantly changes. To stay current, someone must keep up with those changes and incorporate them into the marketing strategy and plan. 

Most owners don’t have the expertise and certainly do not have the time to keep current on all the platforms and constant changes in the social media world.

You might be thinking, “But social marketing is expensive. I can’t afford to hire someone to help in this area.” You’re correct. It can be expensive, but most companies don’t need to have a broad digital footprint. To cut costs, you may choose one platform and find someone who can help with that platform. That may be all you need. Choose the platform where your ideal prospects hang out. 

Owners don’t value their time. Don’t give yourself to something just because you think you need it. Give yourself to what you do best and to what allows you to bring the highest ROI (return on investment) to your company. Hire the others things out.

Many owners become the “answer man” in their companies. They are the proverbial “fireman” who solves all the problems and puts out all the fires. 

While that sounds noble, it’s not a good use of your time. You need to train your direct subordinates to solve their own problems. If solving their problems requires more than 10% of your time, you have not developed them adequately. 

I realize it can feel exhilarating to put out fires day after day, but it is also exhausting and stressful. It robs you of important time that could be used more profitably. 

It takes time, but train your people to identify and solve their own problems. They should only bring you that rare situation when they are truly stumped and need your counsel and advice. Even then, give that advice in a way that teaches them to think through the problem, come up with some possible solutions, and then take action.

Developing your people will reduce your load and force you to develop your people. Give it a try. I think you will find great value in doing so.

If you find yourself doing tasks that you should not be doing, reach out to me for a short call. We will walk through your situation and create a plan to help you move forward. Schedule your call here: https://penncoaching.com/meetwithdave

I look forward to meeting you and learning about your challenges!