Wearing Too Many Hats?

As a business owner, you have to wear plenty of hats. You’ve got to be a salesperson, inventory manager, inventor, chief paymaster, and human resources director.  It never seems to end. If only your hat was like the one worn by Dr. Seuss’s  The Cat in the Hat Comes Back.  His hat contained little cats of various sizes to assist him as needed.  Granted, they weren’t the best helpers in the world, but eventually, they got the job done. 

Since little cats aren’t an option, what can you do when you start to feel overwhelmed? Start by valuing your own time. Decide where you get the highest and best use from your personal effort. Are you the only person who has the contacts to bring in the big deals? Or are you the best estimator in the business? Maybe planning and product development are your thing. Spend your time and energy on those tasks.  Once you have a clear sense of the value of spending your time on the right things, it is time to do less of everything else.  While giving up control can be scary, the payback from focusing on your highest value activities will make it worthwhile. 

Your accounting software can help by automating the mundane tasks. Once the volume of transactions expands beyond your capacity to keep up, however, it is time to look for a qualified bookkeeper to assist you. The bookkeeper can stay on top of payments and receipts while you provide the oversight. You will want to maintain control of the bank statements, sign checks, and review any new customers or vendors who are added to your system.  Also, be sure to review the outstanding payables and receivables weekly and at the end of every month. 

By staying focused and spending your time on the most important activities, you might find yourself with time to reread the entire Dr. Seuss collection.  You won’t believe the business lessons that can be found in “Green Eggs and Ham.”