When it comes to assessing whether your company needs a boost from an external provider, whether that is us or another company, there are a few tell-tale signs that can help spot problems. Whether you want to address them yourself, or bring in support is always your decision as a business owner, but the economic principal of Opportunity Costs should always be in play when making a decision with how to advance your business.
For those who are not familiar, an opportunity cost is one that values time over money for the most part. In simple terms, if you’re spending 2 hours a day fire-fighting in your own business, that is 2 hours that you are unable to spend doing what you want with the business. As a second example, if you’re commuting 90 minutes a day because you feel you’re required in the building, that is 7.5 hours a week that could be either spent on your home or work life (or catching up on lost sleep)!
Whilst there is no cure-all for this and you will always be required in some aspect to attend the workplace or fire-fight occasionally, there are ways to reduce the needs of the business from taking up your time, especially if you are the sole driver in the business’s growth or simply not enjoying your company as much as you should be!
See what answers you have to the below:
- Are you able to take holiday when you like and not fear what you’re coming back to?
- Are you and your staff motivated?
- Have you achieve success in your sector but are currently unsure where to go with it?
- Do you achieve the tasks that you set for yourself?
- Are you regularly able to attend networking, CPD and community events?
- Do you give more than you receive from your business?
- Do you have a growth plan, or regular meetings to review your growth?
- Are you able to retain staff, or do you have a high turnover rate?
- Does your business work for you, or vice versa?
- Are you comfortable with the day-to-day but are unsure how to get more out of the business?
- Do you ever worry about burnout for yourself or your staff?
- Are there opportunities for your business to engage with student placements that are currently being missed?
If you feel that the above gives you reason to bring in additional support, then Contact Us to see if it is something we can offer as support or if we need to find you another source of support. You can check what we offer here.
Finding the solution your business needs, together. 