So what is a “Small Business Lone Ranger” exactly?
A “Small Business Lone Ranger” is a business owner who performs all tasks alone.
Regardless of the project’s size, the Lone Ranger handles every aspect of it. Either because they are unwilling to relinquish control or because they believe they cannot afford to hire assistance. Can you identify? I certainly can!
So why shouldn’t you do everything yourself? It’s difficult to expand your business when you’re busy managing every detail. I am aware that it can be nerve-wracking to relinquish control or to consider hiring assistance, but I am also aware that it is necessary if you want your business to reach its full potential.
Take my 10-question quiz to determine if YOU are a Lone Ranger. And if you are, don’t fret; I have some suggestions to help you overcome this business-stifling condition!
Do you work independently?
Do you believe no one can perform your duties as well as you?
Do you frequently feel that there are not enough hours in the day to accomplish everything?
Do you administer your own website?
Are you responsible for your own accounting and billing?
Do you write your own marketing and sales copy?
Do you get your own mail?
You purchase your own office supplies, correct?
Do you create or deliver all of your own products and services?
Do you personally fulfill and ship all orders?
Clearly, this list could continue indefinitely, but you get the idea. Consequently, if you answered “Yes” to the majority or all of these questions, YOU ARE ALONE! That’s okay; I’ve been there myself.
Small business owners must wear many hats because they cannot afford to hire help. However, at what point do you decide to begin delegating tasks? When the time you spend on administrative tasks to keep your business running prevents you from focusing on business growth.
You should devote at least 60 percent of your time to marketing as a business owner. You are the IDEAL candidate for marketing your product or service. And marketing is the only way for your company to grow and prosper. Consequently, if you’re too busy paying bills, receiving mail, responding to email, and running out to purchase office supplies, guess what? You have no time for marketing. And your company cannot expand.
What then should a Small Business Lone Ranger do? Here are six advice:
1. Create a list of all tasks that do not require your expertise or talent (things like sorting mail, buying office supplies, and filing).
2. Create a second list of the activities that consume a significant amount of your time but fall OUTSIDE your area of expertise (things like maintaining your web site or managing your business finances and accounting).
3. Determine the number of hours per week spent on these tasks.
4. Determine what additional sales, marketing, or business-building activities you would have time for if you weren’t required to complete these other tasks.
5. Estimate how many additional clients or sales this additional time spent on marketing and building your business could generate.
I’m sure you’re wondering how you’ll manage to afford it. However, we cannot afford NOT to hire assistance. Unless we are content with maintaining a small business size. To be clear, there is absolutely nothing wrong with that; I’ve been doing it for seven years. But if you have a larger vision (as I do now), you will need a team to help make it a reality.
Initially, your team should consist of an assistant to perform the tasks that are a poor use of your time. This need not be a full-time employee; I’m beginning with someone who works a few hours per week. You’ll also need a bookkeeper and a CPA to manage your finances; not only will they relieve you of your accounting responsibilities, but they’ll also help you keep more of what you earn.
So take a moment to visualize the type of business you wish to establish. And if your vision is too large for you to achieve on your own, follow the six steps outlined above to assemble a team to help you make it a reality.