This week we conclude our series of small-business efficiency tips from Tom Frenier and Rex Ferguson, partners with Hickory-based Lion Consulting Group (lcg-ceo.com). They work as business advisers and mentors with small- and medium-sized companies to help them run more efficiently.
Rethink your DIY approach. Focus your time on the most important tasks and find those tasks you are performing that can be delegated to others. We helped a CEO client delegate reports he had been creating, which allowed him to spend his time analyzing the data, rather than compiling it. Spending six hours training someone to do a two-hour per week task will save you nearly 100 hours per year.
Also consider investing in an expert. Rarely does an owner have all the skills necessary to grow the profitability of a business and continue that success into the future. Consider bringing in someone who can help you take an unbiased look at your business and its opportunities. Once that is done, you can decide whether you want help in a specific area or whether you wish to go it alone.