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A winning strategy: Focus on your strengths

14 September 2015 by National Bank
Focus on your strengths

Being an entrepreneur is often like being a one-man band. You can end up being the head of business development, production, customer service, bookkeeping and distribution, not to mention webmaster, social media director, concierge and receptionist–all at the same time!

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The reality is that even if you carry out all of these duties, your range of skills and the time you spend on them likely limits your ability to do them to your satisfaction or according to industry standards. Take bookkeeping, for example, which requires specific expertise, or social media management, which calls for in-depth knowledge of digital culture in order for you to be effective.

The question you should ask yourself is: When do you add the most value to your business?

Often, the answer is when you are using your expertise and developing business. For example, if you are a consultant, you would want to spend most of your time completing your projects and expanding your client base. If you work in the construction or renovation industry, you would want to be on the work site rather than dealing with paperwork.

That said, how can you focus your time on what will benefit you the most?

Identify key tasks

Begin by identifying the tasks in which you are most useful and beneficial for your business. To do this, draw up a list of tasks and determine whether your contribution to each task is essential, desirable or negligible. Tell yourself that any task that requires a skill that you have not mastered should be categorized as "negligible."

This will enable you to easily spot the tasks that you can delegate or contract out.

If you aren't essential, delegate

In order to delegate or contract out work effectively, begin by identifying the most qualified employee or professional for the task. Then send him or her clear instructions on what is to be accomplished, including your expectations regarding the desired results and a delivery date that you both agreed upon. Finally, remain available to answer any questions, or designate someone who will answer questions in your place.

This approach will allow you to spend more of your time on the tasks that add the most value to your business.

Surround yourself with strong partners

Just as you should delegate the most qualified person for a given task, you should surround yourself with experts that can take charge of more technical or complex tasks, such as human resource management or payroll.

National Bank offers solutions that are designed to help you optimize the day-to-day management of your business, such as payroll services [1] and human resources management solutions. Make an appointment today to meet with a National Bank expert, who can recommend the right solutions for your specific needs.

 

[1]CGI Payroll Services Centre Inc. is the sole provider of payroll processing solutions and services marketed under the Nethris® brand and for which National Bank of Canada acts only as distributor. Nethris® is a registered trademark of CGI Payroll Services Centre Inc.

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