August 2005

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<I>August 2005</I></div> <div> <I>The following article was first published in the Eastern Daily Press' 'The Business'  on 17 August 2005</I></div> <bR> <div> <B>Juggling - a key business skill</B></div> <div> In recent weeks I've talked to a number of small business owners who all face similar challenges in the day to day running of their organisations.  One day it's the struggle to find ways to attract new customers or to get more business from existing ones.  The next it's keeping up with the demand (or worrying about the lack of demand) and the pressure this places on them and their team. And, amidst all of this, it's the hassle of the basic administrative tasks they face as business owners: bookkeeping, VAT, the latest employment or health and safety legislation, etc.</div> <bR> <div> Each of them was facing the fundamental difference between being employed and owning and running their own business - they have to be three people in one; to learn to juggle three different balls successfully.  They have to think about where the business is going and how they are going to market and sell their products or services.  At the same time, they have to provide that product or service to their customers.  And finally, they have to keep on top of all the `little' things like doing the books and making sure their business insurance is up to date.  Juggling all of these things simultaneously is simply part and parcel of being in business, yet can be a source of anxiety and problems for many business owners. </div> <bR> <div> Michael Gerber, in his classic book about small business `The E-Myth Revisited', talks of the differing roles of the Entrepreneur, the Manager and the Technician.  The myth he refers to is that most small businesses are started by entrepreneurs.  They're not - they're usually started by technicians; people who know how to make or do something and who want to start doing it for themselves, rather than someone else. They then begin to struggle when learning to play the often unfamiliar roles of entrepreneur and manager. They might be nervous about selling and not interested in organising the basic records of the business.  Doing the work they're skilled at may occupy all of their time (or they might make it occupy all of their time) so they never have a moment to think about the longer-term or to get the books in order.  Therein can lie the seeds of difficulty or even failure.  If you want to succeed in business on your own, you must find a way to ensure that all of these tasks are achieved.  You must keep all three balls in the air.</div> <bR> <div> You don't have to do it all by yourself, though.  Whilst I think most successful small business owners must, over time, learn to become somewhat more entrepreneurial - skilled at looking for new opportunities, being able to focus both on the present and the future, and able to promote and sell their products or services - there are other ways of looking after many of the tasks for which you have neither the time, the inclination nor the people.  You might consider using the services of a `virtual assistant'.  A VA can help by doing the bookkeeping, processing invoices, managing e-mails, answering phone calls, scheduling appointments, preparing and managing marketing campaigns and in many other ways.  This relatively new breed of independent contractors usually works from home using their own equipment and paying their own taxes and benefits.  They typically have years of administrative experience under their belts and most are very budget-conscious.</div> <bR> <div> We'll look again next month at these three key aspects of owning and running a small business.  In the meantime, good juggling.</div> <bR> </td> <td valign="top" width=180 BGCOLOR="#CC3333" TEXT="#080000"> <bR> </td> </tr></table></body>