Think about a time where you bit off more than you could chew. Or absentmindedly nodded yes to someone’s question in hopes of appearing “smarter” or well-informed on a topic.
Some people take on the label of entrepreneurship with this sort of know-it-all mentality. They think they have to be able to do everything within a business in order to make it run.
Talk about overwhelming.
While there’s certainly a time, place, and necessity for wearing many hats in the early stages of business growth, there’s also something to be said for finding balance. Meaning: no, you don’t need to be an expert in all areas of internal management.
What you need is to be competent — to find that middle ground between expertise and a total novice. This level of cross-departmental understanding enables you to limit potential mistakes made down the road, while also optimizing your own resources, time, and money spent across high-level, strategic initiatives.
Consider this your short hit-list on how to strike that balance.
Trust Your Gut
One of the easiest ways to clear things off your plate as you make the shift to CEO is to trust your gut. Do you like the tasks you’re performing? What is stimulating your passion and interest?
If it feels like busy work or something you regularly try to avoid, it might be worth delegating elsewhere. Know yourself, and be real about the time and ability constraints you’re facing. It pays, in the long run, to surround yourself with people that are smarter than you.
Consult With Other Business Owners
One of the best ways to learn is to seek advice from those who have walked in your shoes. Make an effort to find other business owners you can consult with on different aspects of internal management.
Who handles their taxes? What insurance provider do they partner with? Referrals, referrals, referrals.
You’ll often find that people are willing to form deep, honest connections with those they trust in their industry. And thinking of your own knowledge as “trade secrets” will keep you out of the loop and walking uphill trying to figure things out.
Understand the Why
If you already outsource certain areas of internal management to a third party, stay curious. Don’t just create a process for process’ sake without understanding why it exists in the first place.
No matter how removed from the day-to-day you become as a CEO, you should always strive to maintain an awareness and open-mindedness towards every department under the umbrella of operations. More importantly, you should ask questions and invest in your own continued education.
After all, you’re still expected to remain proactive and strategic in your decision-making. You can’t be strategic on something you know nothing about.
Feeling overworked as a business owner and underwhelmed with the results? Learn how we can help you clear a financial path that’ll keep things moving forward.