Are you working ‘in’ or ‘on’ the business?
Research by Business Owner Advisory Board, The Alternative Board, found that the average business owner spends 68.1% of their time working ‘in’ their business on day-to-day tasks, and only 31.9% working ‘on’ it. This imbalance in favour of operational tasks can leave little time for the strategic aspects necessary to drive growth.
The secret to unlocking greater capacity is recognising where your time is going and taking steps to make better use of the opportunities available. Here are three simple steps that can help you master this process:
1. Outline how you would like to spend your time
It is important to create a plan of action that outlines how you would like to spend your time. To begin, determine what tasks need to be done to reach your business goals. This could include developing marketing strategies, using the benefits of offshoring, researching potential investments and partners, planning resources, or creating content. Set clear and realistic objectives around these tasks, and determine which tasks are critical for you to prioritise to complete.
2. Conduct a time audit
Make note of where you and your teams’ time is going daily. Online time-tracking tools like Harvest and Toggl can help you easily track and analyse where your time goes. By conducting a time audit, you will gain an accurate understanding of the tasks and activities that consume most of your working hours. As well as how this compares to your vision on how you would like to be spending your time.
3. Learn to delegate – or outsource
It’s likely your time audit will reveal that much of your day goes towards important but simple, operational tasks – for example emails, dealing with customer enquiries or invoicing. Thanks to the benefits of offshoring, you will be able to delegate tasks and allow yourself to share the work with others, freeing up valuable time for more important tasks such as strategizing or improving operations.
However, in many businesses, staff are already spread thin, and the cost of hiring more support locally is out of the question. Building global teams has emerged as a strategic way for businesses to grow their capacity. At a fraction of local cost, you could find highly qualified staff internationally to take on the roles you and your team – can’t.
With rising employment costs and local recruitment tensions – building a global team is the solution hiding in plain sight. With remote work the norm for businesses globally, outsourcing any professional service role is easier than ever. Here are just five that could help you boost your growth in 2023:
At Staff Domain, we help business owners worldwide realise why the benefits of offshoring has emerged as a strategic move for business growth. There’s no better time than now to invest in the people that can help you achieve your 2023 goals.
Book a free strategy call with a Staff Domain Specialist and uncover the opportunity for your business. We’ll provide you with a growth pack detailing full pricing, recommended roles and a job description – all obligation free. Book a consultation now.
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