Archive for April, 2010

Are You Doing the Things You Enjoy at Your Small Business?

April 19, 2010

One of the first lessons I was taught when I first answered the entrepreneurial call and started my own small business was given to me by Ron LeGrand, a nationally-known real estate investor and teacher (the first company I started was a real estate investment company).  He said that you should do the things you really enjoy doing (ideally these are the major income-generating activities), and pay other people to do the rest.  Even if you think you and your company can’t afford it.  The reasoning?  You and your company can’t afford not to!  You’ll far out-earn the money you invest because you’ll be running the parts of the business that you truly have a passion for, and will be letting others, who hopefully enjoy doing the duties you hire them for, carry out the activities that only distract you from completing the income-=generating activities.

In my real estate investing company I truly enjoyed doing most of the jobs necessary to be successful.  But I never once picked up a hammer or a paint brush!  I hired the best contractors I could find to do any and all necessary repairs to my properties because if I were to do the repairs myself, I’d still be finishing up the first property!  But instead I was able to move on to acquire more properties and do more deals while letting the contractors do what they do best.

In my current company (I now run a solid waste management consulting company) I handle all of the jobs but one – I don’t enjoy invoicing my clients, so I’ve hired and trained my father-in-law to do this job, and he’s great at it!  Something that I’ve also come to realize is that I don’t enjoy is trying to contact the people I need to get in touch with to set up a meeting for me to deliver my pitch.  Now this is a very important step in how my company generates income, but I’m currently looking at hiring my sister, who’s a real bulldog when it comes to this type of activity, to take over this important responsibility.  I’m confident that she’ll deliver far more revenue than she’s paid.  But please do me a favor – don’t tell her!

So if you have a small business that you’re running yourself and you find that you’re in a sales rut, or you find that you’re just not able to accomplish all that you think you could, look at the various jobs you’re doing, and consider delegating the non-income-generating portion to someone else.  It could very well be the best business decision you make.

Trip Topken is the president of Waste Auditing Consultants, the premiere solid waste management consultants in the Greater Cincinnati area. An affiliate of Environmental Waste Solutions, WAC can help any company spending $400 to $375,000 per month on waste and recycling. Savings of 30 to 50 percent are normal, but not guaranteed. WAC, in collaberation with EWS, can simultaneously produce results at all locations across North America. No up-front fees are ever due, and WAC simply shares the savings its work generates. Learn more about Waste Auditing Consultants here. You can contact Trip at 513-398-2117 or email trip@wasteac.com.

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