3 Ways Successful Business Owners Overcome Limited Resources

March 11, 2020

Going into business for yourself can be risky but also very rewarding. 50% of small businesses fail within the first five years according to the Bureau of Labor Statistics. Those that hold the keys to success have overcome the challenges of having limited resources.

Entrepreneurs tend to work more hours than traditional employees but enjoy the flexibility that self-employment provides, in addition to the opportunity to do a job they are passionate about.

Many individuals go into business with the intention of running a business the way they deem fit.  Often there are choices that must be made that were not planned for. No matter how much planning goes into making the business a success, there’s often decisions that need to be made that alter plans.

The entrepreneur’s biggest challenge is operating with limited resources. So often we associate limited resources with financial resources. This also means not having enough in-house talent that includes attorneys, accountants, payroll processors, human resources, or a sales and marketing team to keep up with business demands.

Wearing different hats can be overwhelming. Doing all the work without delegating tasks can be hazardous to the business for many reasons.

Taking the time to evaluate how one’s time is being spent, identifying tasks that are repetitive, and creating a time management strategy appears to be the ticket to success for so many successful business owners eliminating time wasters.

Business consultants and coaches recommend tracking your time to evaluate if these tasks can be delegated to employees, outsourced to vendors, or automated with technology.

People with passion can change the world for the better” – Steve Jobs

It’s hard to follow passions to provide a different product or provide a service better than competitors when inundated with administrative tasks that are necessary but are regular distractions.

How does one deal with these regular distractions and remain successful?

Richard Branson cites effective time management as a means of enjoying life while effectively leading his company. He states a daily social media sweep as his way of managing his time by only logging in and addressing social media one time per day vs. regular distractions.

In addition to time management, here are some tips to achieving success with limited resources:

  1. Delegate task to employees

Begin assigning tasks to employees, that are basic or non-core activities, who also prefer doing the heavy lifting. Many leaders prefer to assign out tasks based on priority and other leaders prefer to assign out based upon the skills of an employee’s strengths. Whatever the system may be that works for you, be sure that you are utilizing your employees and know that confident delegation of tasks, which will free up more hours of your day contributes to the overall success of your organization. Be sure to include important details so that the employee can be successful in managing their tasks and time.

  1. Outsource to vendors

This is a very common business model that many business owners utilize in the areas of law, accounting, bookkeeping, payroll processing, housekeeping, marketing, and administrative tasks that they may not have a need for regular work to be provided on a full-time basis. Sometimes several of these roles are combined into one job category in which an employee is hired to do something he or she may have expertise in and be handed additional responsibilities that there is limited training that can be problematic. Outsourcing continues to be increasing in popularity with many freelancers in the U.S. working virtually.

  1. Automation

Everywhere you look there seems to be software to automate anything, from scheduling appointments and creating reminders to bots that respond to social media messages and creating your brand’s social media posts. Some of this software is free or has a small monthly subscription price but is designed to free up your time to run your business. There are applications to take care of operational activities such as creating and adjusting employee schedules and other data management apps. Many business owners utilize QuickBooks either managing this process themselves or utilizing an employee or outsourcing their billing to a bookkeeper.

PaySmart is a payroll provider located in Mechanicsburg, PA supporting small businesses in the Central PA region. PaySmart is dedicated to helping small businesses take care of all of their payroll needs. To learn more information about how PaySmart may provide payroll solutions please contact 717-766-1777. Our New Client Concierge is waiting for you.