Picture courtesy of Michelle Riordan, Photography by Exposure. Click for more on the story behind the picture!
I am often accused by family, friends and colleagues of applying business principles to any and every situation – it’s a blessing and a curse (especially when helping a teenager with homework). My friend Michelle Stella Riordan of Photography by Exposure fame has a great photography blog and I often joke with her about how nice and easy it would be to just post a picture and write something about it – much easier than coming up with exciting business topics. Soooo, in an attempt to either defend or prove myself, I asked Michelle to send me a picture every once in a while and challenge me to relate a valuable business principle. You can challenge me as well. Email your picture with a brief description about where it came from and any relevant links. Now to our first Picture v. Business Challenge!
You Have to Limit Your Hats!
In the course of a year I meet with many different types and ages of business. One big difference between a small, new business and a more mature business is the number and types of hats that the owner wears. Like the baby in the picture, young businesses don the hat of their technical profession, but very quickly find themselves wearing the marketing hat, accounting hat, facilities hat, computer hat and the sales hat, which not suprisingly resembles a court jester hat!
On the contrary, the owners of more mature businesses, even those with no employees, have limited their hats and their focus to the things they do best and like to do the most. They turn over their books to bookkeepers and accountants, hire administrative professionals, bring on sales people, and pay people to develop their web sites. Of course they have grown the business and have the revenue to support these resources now, but to at some point they had to make the decision to let something go. They could have done it themselves for cheaper, and it probably wasn’t done exactly like they would have done it, but by delegating and taking the risk they were able to leverage their value and grow the business.
Grow Business By Giving Away Your Hats
As you plan and strategize about your business, think about ways that you can turn things over. List the skills needed for that task and get pricing for contracting it out until you need to hire someone. Most importantly prepare yourself mentally and emotionally to let go of doing IT and stick to managing IT – it will make you a better business person!
If you need help getting rid of your hats, contact us at Sigma College of Small Business - we teach business, consult on management and even teach you while we consult, what we call “Consultative Learning”.
Do you have a picture for The Picture vs. Business Challenge? Email it to me along with a brief description of where it came from and any links you want me to include. Thanks Michelle for getting us started – let me know how I did!
This is great! What a unique blog idea.
Thanks Liz. I think partnering and guest bloggers are a great idea. Maybe we could do something on “Organizing Your Business” and do a play between our businesses!
Everything you say about letting go and bringing on team is true but I say, be careful that you don’t give away the hats. As an owner and leader of a business, it is important to keep your finger on the intention behind each role and to show leadership by directing the activities of your team to meet your business goals.
Good point Dana. Certainly proceed with thought and strategy.
Great concept of the photo blogging and thanks for demonstrating the concept in a concrete manner for us.
Another way of looking at “hats” in businesses, I have seen businesses not staying focused on their central mission, and instead changing hats too often and confusing the customer just to chase a sale.
On the other hand, we should be flexible and notice when the market moves and move with it. As an example, I was selling inexpensive bracelets, and was doing a great job of it, was pretty well known locally for it — half the profits went to Habitat, half paid for the product. I was focused on my mission! Then, more and more people got into the same jewelry product line, costs rose a little for the product, but it was hard to increase the price for the bracelets, and I started not even making my investment money back…. so I diversified into pashmina shawls. Again, did great, made a good return on the wholesale costs, but then in the last year more vendors are now entering the same pashmina market. So, I am now looking for the next product….
So, sometimes you have to change the product or service “hat”.
Thanks Marsha. That is a bit different take on the type of hat – product vs. duties, but I like your point. May use that in a future post! I’ll be sure to give you credit! That balance between shifting with the market and changing just to chase a sale is very important.
My hats off to you, Jamie.
You have an amazing talent of relating many important topics to business. You drive the point home on the differences between new and mature businesses. No one wants to wear too many hats nor give away too many like Dana says. It’s important to recognize your weakness and seek help from a professional as yourself. I think some believe they cannot afford the ‘hat rack’ or see it as a failure to perform. Maybe you and Liz could put together a post about ‘Time Management and Organizing’
Thanks for the challenge.
Michelle
Thanks for the picture! It was a great picture to start with.
Hiring an expert to take over non-core responsibilities is something I have been thinking about. I’m actually getting some help from Steve Oviatt in analyzing my phone bills. I also refer my clients that need web site changes or design.
I was be worried a baby picture would spin off into some business version of the joke about the changing of diapers and politicians.
You’ll have to share that one with me. Michelle does a lot of good baby pictures so I may need it in the future!