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Contrary to popular belief, working more hours is not the path to success for businesses. Effective business expanding actually involves working smarter, not harder. Expert in business growth at 7 Stage Advisors, Carl Gould, contends that profitability isn’t always a result of working long hours. If owners wish to scale, they must instead refocus their attention from daily chores to strategy, vision, and growth.
Put an end to growth and begin scaling
Expanding a company frequently entails working longer hours, completing more work, and exerting more effort. On the other hand, scaling entails developing mechanisms that let your company grow without using more of your time. An owner of a single store, for instance, might handle everything themselves, while the creator of a chain of 100 stores concentrates on strategy rather than inventory control or cashiering. Efficient scaling entails reducing involvement in day-to-day operations and concentrating on sustained expansion.
Develop Your Delegation Skills
At first, delegating may seem counterproductive. When you can do a task yourself, why pay someone else to do it? Your time is valuable, though, as reality dictates. You can quickly identify jobs that should be delegated if you think of your time as having a high hourly fee, like $300 or $500 per hour. Is it better to meet with vendors or manage inventory for $500 per hour? Most likely not.
Entrepreneurs can assign the following tasks with ease:
Purchasing office supplies
Inventory control
Public relations and marketing
Bookkeeping and payroll
Client support
HR obligations
Construct, Automate, and Expand Systems
The next stage after mastering delegation is to create the structures and procedures that will enable your organization to function without your constant input. Replicating success and developing without going overboard are the objectives. You can take on larger accounts, develop more locations, and manage expansion without increasing your effort when procedures are streamlined and scalable.
The Bottom Line: Work Less, Make More Entrepreneurs can attain higher profitability without burning out if they learn to work less and instead on scaling, delegating, and systematizing. Owners may focus on the big picture, which is where the real money is made, by shifting from working in the business to working on it.
