As a business owner, you are responsible for everything that happens in your business.  Unless you are a superhero, you will increase your opportunity for success by taking advantage of the talents of others.  Your leadership challenge is to make sure you are using this talent, including yours, as effectively as possible.   Maximize your profit potential by asking these questions:

Are you spending time doing things that others can do better, faster, or cheaper? 

If this is happening, take time to ask yourself “Why?”  Sometimes this happens because we haven’t taken time to consider the opportunity cost.  Sometimes it happens because we are more comfortable doing something we have already mastered than learning or doing what we really need to do for the sake of our business. 

What are the activities that only you can do?

When you are the only person who has the knowledge and expertise to provide certain services to your clients, you want to allocate sufficient time to these activities.  When you spend time on activities that could be performed by someone else, you forfeit  time that could be spent on revenue generating activities.  If you are doing someone else’s work, then who is doing yours?

What are the activities that only you should do?

Taking advantage of resources offered by other professionals is not the same thing as abdicating your business leadership role.  It may be a smart move to work with experts.  We hire accountants, attorneys, consultants, etc. because they can save us time and money – as well as keep us out of trouble.  It is your job to make sure that the advice you adopt is consistent with your business vision and values.  A well-intended but misdirected piece of advice can cause more harm than good.  Regardless of input, the end result happens because of a decision you made.

Small business owners often underestimate the importance of their leadership role – even if they are just leading themselves.  You ARE the company.  You can build relationships and a business reputation in a way nobody else can.  You provide the leadership that takes your business to bankruptcy or brilliant success.  You develop a vision for your future and make plans to take the business there.  This involves identifying the options available to you and selecting the best ones to lead the company to achieve your objective.