Best use of a business owner’s time: First, avoid the trap
/What are you doing right now? What is your time worth? Could somebody else be doing what you are doing for less money per hour than you are worth?
Then quit doing it and hire or outsource the work!
Are you an accountant or bookkeeper by trade? If not, hire one. Are you the chief cook a bottle washer? Should you be? You should be doing what you are best at or doing what generates the most income for your business.
Many business owners became business owners after being accomplished tradesmen, salesmen or execs working for someone else. Therefore, they are usually the most knowledgeable, most qualified and heavily involved in most transactions. But is that where they should be?
The more the owner is involved in the actual work, whether it is sales, production, service or administration, the less marketable and the less valuable the business is. The challenge is often that nobody can do it better or faster than the owner. Well ... You’ve heard the adage: "Give a man a fish and he eats for a day, teach a man to fish and he eats for life."
Invest the time now to teach someone else as much as you can and let them learn the rest on their own; mistakes and all. There is very little that can’t be fixed and the lessons are often priceless. Figure out what you should really be doing and hire or outsource the rest. You will be much more effective, you will have more time on your hands and you will be happier. Don’t get caught in the “owner’s trap.”
Guest blogger: Michael Pfeffer
Owner at Murphy Business & Financial Services of Southwest Florida
Michael Pfeffer, MBA is the owner of Murphy Business & Financial Services of Southwest Florida, a full-service business brokerage firm with 175 offices throughout North America. Mr. Pfeffer is a Certified Exit Planning Advisor, Board Certified Intermediary, Certified Business Appraiser and Certified Machinery & Equipment Appraiser. His office is at 27499 Riverview Center Blvd., Bonita Springs, FL. Call (239)793-0431.
