Guest Denise Cagan has been managing a remote team for a decade - long before remote work was a necessity.
An entrepreneur for the past 25 years, Cagan started her first business in 2001 where she wore many hats: marketing, human resources, office manager, chief financial officer, and scheduler. After 10 years of ownership, she sold that business and started her current endeavor. What began as a sole proprietorship evolved into DCA Virtual Business Support, a company that provides outsourcing solutions.
Cagan has learned many lessons as she transitioned from a sole proprietor to a business owner with employees, perhaps the most important being that proper accounting, bookkeeping, and payroll services are a must.
Key Takeaway: Business owners need to delegate to grow, but don’t always feel comfortable doing so, because they have an aversion to taking time to train, or because they don’t have written standard operating procedures that they can hand off to someone. This creates the perception that it’s just easier to do something themselves than delegate. Instead, business owners need to focus on the time that will be gained long-term as they work to delegate tasks to people who know what needs to be done and have the ability to do it well.
Use a coach or advisor to help you get laser-focused. If this coach or advisor doesn't focus on financials then you also need someone who can help you forecast and tie that to actionable goals.
Outsource, and start with outsourcing in the areas that could have liability or compliance issues such as a bookkeeper, tax accountant, and payroll company.
Creating written procedures is key, and will help in delegating, which in turn leads to long-term savings of time and often results in more efficient ways of accomplishing tasks.