Stay In Your LaneNov 02, 2020
When you start a business, you’re doing everything. Meeting clients, posting to social media, keeping the books, the list goes on. In the midst of all your tasks, it’s easy to lose sight of big goals and ideas you have for your company. The CoLab hosts Megan Marsh and Andres Munar share the importance of staying in your lane and out of your own way when it comes to successfully growing your business.
As an entrepreneur, there never seem to be enough hours in the day for you to complete all the tasks that keep your business running. There comes a time when the right choice is assigning some of these tasks to others, but you’ve built your company from the ground up and the thought of giving up control to other people may seem impossible.
As The CoLab hosts Megan Marsh and Andres Munar have learned throughout their years of being entrepreneurs, the key to successfully growing a business is collaboration. Part of this lesson was learning to stay in their lane and delegate to their team members.
Delegating tasks (and sticking to those decisions) means more time for business owners to focus on the big picture. In order for your business to grow, you should be working on it, not in it. So what does that mean? Take social media for example. If you as an owner are posting to social media, you are working in your business. If you are creating a social media strategy, you are working on your business.
The key to successful delegation often lies in creating systems and strategies that allow your business to function without your presence. An owner being able to step away is a true test of a business’ sustainability. In this episode, Megan and Andre share why staying in their lane as business owners has been a successful strategy for the companies they have built and how you can implement this strategy in your own business.
Ready to dive in? Here’s a preview of this episode of The CoLab "Stay In Your Lane":
- [04:15] Staying in your lane can be challenging, but it’s an important aspect of growing your business.
- [5:45] What does staying in your lane look like? For many, it’s letting go of control, which can be difficult for business owners who have been involved in every element of their enterprise as it has grown.
- [10:45] It’s hard to imagine anyone doing what you do as a business owner but learning to trust others and getting out of your own way are two important steps for keeping your business sustainable.
- [13:20] By delegating tasks that are necessary for business operations, you can transition from working in your business to working on your business.
- [20:19] As an entrepreneur, one business is sometimes not enough. If you want to create multiple revenue streams through new companies, you’ll need to stay in your lane to grow your new enterprises.
- [26:00] You have to trust your team to do what’s best in your business, so you can work on it. Don't have a team yet? You can assemble one out of external service providers such as accountants and contractors.
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