How Being ‘Jack of All Trades’ Will Stunt Your Business Growth
How Being ‘Jack of All Trades’ Will Stunt Your Business Growth
‘Jack of all trades’ was thought to be coined as a term to reflect a type of individual, as opposed to just one guy, back in the 14th Century. It was originally used more as a compliment to a person who had a broad range of knowledge and skillset – thus being seen as a very handy person to have around!
Later the phrase ‘master of none’ was added, which is what we tend to be more familiar with today. Commentators from around the 16th Century wanted to imply that the person was stretching their talents too thinly.
Entrepreneurs often have the characteristic of this Jack – possessing a multitude of talents and experience, as well as a broad interest in many areas of business and life. They have their fingers in many pies which in the beginning stages of business can be incredibly beneficial – especially if you are bootstrapping.
The early days of business are often characterised by long hours, lots of learning and plenty of variety in the types of work being done. The business owner is the finance person, the marketing person, the sales person, the technician and the accountant.
However, this is not a long-term solution for scaling a business. If you are still the Jack in your business, then it’s time to reassess your business model.
There are a number of issues that will arise from being a Jack of All Trades…
1. Burnout
It is estimated that 1 in 10 entrepreneurs burn out at some point in their business development. This is possibly why so many small businesses fail in the first 3 years of operation – the owner just can’t keep going! Though we like to think that we are super-human, we are still limited somewhat by our own biology. Though one of my good mates reckons there are ways to tap into being more efficient within your body! More on that in the coming weeks… ;-)
You, as the business owner, are the most important asset in the early days for the sustainability and growth of the company. You are driving the vision and are responsible for creative innovation. Doing everything all of the time will leave you run ragged.
Taking time out to rest, renew your energy reserves and get a clear perspective of your business is essential for the survival of your business, your relationships and for your own mental and physical health.
2. You deprive your business of your own expertise
Having to wear all the hats in your business means that your time (one of your most precious commodities) is spread thin and you will find yourself doing a lot of tasks that you are neither passionate about or very good at – while the one high-level skillset you do possess that your business really needs gets neglected, or you end up doing it way below the level you are actually capable of. Mistakes are common in this instance.
Focusing your time and energy on what you are good at and love doing will result in a higher-quality output from you, faster delivery and increased customer satisfaction. Your best work is done when you are in ‘flow’ – in that perfect zone that fits like a glove. This is called your Success Zone and it is very important you understand what yours is!
So, what about all the other areas you are not good and don’t love? It’s time to outsource them or hire in-house. You can start by outsourcing you least favourite area first and it may only mean 10 hours per week for someone, but it is possible. There are many outsourcing platforms you can tap into such as Upwork, The Outsourced Accountant, Cavalry Freelancing and so on.
There's no point in slaving away on a task that you don't fully understand when you can pay an expert to get it done in half the time and get double the results.
Working at your best is called your ‘Success Zone’. We have developed a workbook for you to clearly define the areas where you do your best work. You can download it here: https://www.nineadvisory.com.au/success-zone
Understand Where Your Best Time Is Spent In Your Business
YOUR SUCCESS ZONE
Once you know where your best spent time is for maximum efficiency within your business, this will then give you clarity around who you should be hiring and the tasks, or clients, you should be saying 'no' to.
