As a small business owner and entrepreneur, you’ll reach several milestones throughout its development. One of these is noticing the right time to expand your team or start outsourcing some responsibilities.
As much as we would like to – we can’t do it all by ourselves. Once these red flags start waving more frequently, then it is time to start outsourcing. Let’s have a look at the top 10 red flags that you should take notice of.
Always Working Overtime
If you previously worked 9-5 everyday, running your own business can sometimes come as a shock. You will often have to put in the long hours to complete projects and meet the needs of your clients. But when working overtime becomes a habit it can hinder your overall productivity. Various studies have shown that working over 50 hours a week can have a negative impact on your work. If you find yourself falling into this category, then maybe it’s time to think about expanding your team.
Missing Key Deadlines
We all fall into the trap of committing more hours to a project to ensure a better quality work. We have been socially constructed to believe that being busy means we are successful. But being too busy can lead to delayed or missed deadlines. If this begins to happen you are in danger of losing clients trust and loyalty. A definite big red flag sign to look at hiring some help.
Affordability isn’t an Issue
This is a sure sign that your small business is ready to expand. If everything within your business is progressing according to plan and your bottom line is increasing well, in order to continue growth and success it’s time to expand your team or begin outsourcing. If you can easily afford the extra help and expertise then it’s a great indicator that it’s time to bring in someone new. Have a look at why hiring a virtual assistant may be the best option for you.
You’re Losing Clients
The clue is in the title here. While losing clients in the early stages of your business is understandable, if it becomes a regular occurrence you need to carefully assess what is going wrong. By doing so, you can potentially identify areas that need more attention or expertise. Whether it’s communication or customer service, make sure you look at how you can expand your team to build a foundation of skills and meet the needs of your clients.
Turning Down Work
At the other end of the spectrum you may be in a very fortunate position whereby the work keeps coming in. But if it tips over into too heavy a workload and you have to turn down clients, then expanding your team is certainly something to consider. By bringing in extra help you can take on the additional clients and make the most of more opportunities to grow and develop.
Negative Reviews or Unhappy Clients
Good customer service can really make the difference in increasing your revenue. But bad customer service can result in the complete opposite. That being said, customer complaints are better than lost clients. You still have the potential chance to address their complaints and retain their business. After addressing the problem professionally and thoroughly, next ask yourself: could this problem be solved by hiring an additional employee? Take a look at why outsourcing a virtual assistant might be good idea.
You Never Take any Holidays
As a small business owner our own priorities can sometimes take a back seat. But we all need a holiday. Not only that but hitting the reset button is beneficial for your mental health and has proven benefits on your productivity. So, if you find you haven’t taken a holiday in over a year- it’s time to reassess and get some rest, relaxation and perspective. As a small business owner, it can be difficult to let go of your business, even for a short time. But outsourcing some of your responsibilities enables you to do so without the worry or stress.
You Require Someone with Specific Skills
Entrepreneurs usually are multi-skilled by nature. But if you require someone with a specific skill set or specialty then hiring someone new will certainly be beneficial. Outsourcing work to a freelancer is a great way to seek expertise in a niche area.
Increasing Administrative Tasks are Taking up too Much Time
As with a business of any kind, there’s always going to daily administrative requirements. But time-consuming tasks such as daily financials, bookkeeping and paperwork can easily be outsourced to save you some valuable time. Freeing up capacity for you to focus on your business’ goals and manage its overall direction.
Your Industry is Growing
The only way to avoid losing market share is to stay on top of it. Our Virtual assistants stay at the forefront of their industries and can help you to do so. Read more about what they can do for you.
When running your own small business and focusing on high-quality work, it can be easy to miss or ignore the signs that you should grow and expand. Why not get in touch to request a free consultation or see our various outsourcing packages.