In 2022 we did some research into the challenges facing small business owners.

One of the questions we asked small business owners is what are the biggest pulls on their time.

Here are the results:

Marketing activities (website, social media and marketing) are by far the biggest pull on business owners’ time, with 53% of the vote. Second was general business admin with 26%.

In 2022 we did some research into the challenges facing small business owners.

One of the questions we asked small business owners was how best they could free up their time.Hiring someone or outsourcing.

Hiring someone to work in-house can be a good option if the business has consistent daily work that needs to be done. This can be particularly effective if the work requires specific knowledge or skills that can be completed by someone with the relevant specific expertise. By hiring someone to handle these tasks, the business owner can focus on other aspects of the business, such as providing or developing their service, sales and marketing, or customer service.

Outsourcing can be a good option if the business has specific tasks or projects that may be frequent or infrequent, but either way, they don’t require someone full-time. Outsourcing allows the business to bring in specialised expertise on an as-needed basis rather than having to hire and train someone in-house. It can also be a cost-effective solution, as the business only pays for the specific services it needs, rather than having to provide a salary and benefits for a full-time employee.

Here are the results:

In 2022 we did some research into the challenges facing small business owners.

One of the questions we asked small business owners was what they would consider outsourcing.

Here are the results:

There is no one place business owners would look for outsourcing, whether a freelancer or agency.

Decisions appear to be based on experience; with some business owners believing freelancers are unreliable and others thinking that agencies do everything the same as what they would do themselves. Businesses wouldn’t use an agency that didn’t advertise through their specialist marketing method. For example, business owners would not use a social media agency that approached them in any way other than social media. The same is true for website management, where business owners would use agencies they found online rather than those that approached them.

What is a VCOO?

A Virtual Chief Operating Officer (VCOO) is a senior executive who takes on daily business operations and does not physically work in the company’s offices. As the name suggests, the Virtual COO works remotely using communication and collaboration tools such as email, phone, and video conferencing to stay connected.

The role of a Virtual COO is similar to that of a traditional COO in that they are available to oversee various functions and departments within a company, including finance, operations, human resources, and information technology.

Small and medium-sized businesses often use virtual COOs as a cost-effective way to bring on experienced executive leadership without incurring the expenses associated with hiring a full-time COO or the overhead costs of maintaining an additional office space.

There are several potential benefits to using a virtual COO for a small business:

  • Cost-effective: A Virtual COO can be a cost-effective solution for small businesses, as they do not require the expenses associated with hiring a full-time executive or maintaining an additional office space.
  • Flexibility: A Virtual COO can provide the benefits of experienced executive leadership on a flexible, as-needed basis. This can be particularly useful for small businesses that may need more resources to hire a full-time COO or that only need executive-level support on a part-time basis.
  • Expertise: Virtual COOs often have a wealth of experience and knowledge that they can bring to bear on the challenges facing small businesses. They can provide valuable insights and guidance on how to grow and scale the business and help identify and address any operational inefficiency.
  • Time savings: By outsourcing the role of COO to a virtual executive, small business owners and leaders can focus on their areas of expertise and avoid getting bogged down in the business’s day-to-day operations.

Overall, a Virtual COO can be a valuable resource for small businesses looking for experienced executive leadership and guidance on how to grow and scale their operations. Still, they may need more resources to hire a full-time COO.

Why staff hydration is important

Staying hydrated is important for overall health and well-being, and it also has a significant impact on productivity.

During my consulting days in the Middle East, one thing I always checked for in a business when considering how to boost productivity was how well the company kept its staff hydrated. Now I appreciate that was in a desert where the temperatures are a lot higher than in the UK and in a country where drinking water is not as accessible (in the UK, we only have to turn on a cold water tap to get drinking water, whereas, in most of the world, only bottled water is drinkable). However, hydration is still important, and we can easily forget to stay hydrated.

When you’re adequately hydrated, your body can function at its best, which means that your brain can better process information and make decisions. Dehydration can cause fatigue, difficulty concentrating, and other issues that can negatively impact productivity. Drinking enough water throughout the day can help you stay alert and focused, improving your productivity and overall quality of work.

To break it down, here are four reasons why business owners should concern themselves with their staff’s hydration:

  • Improved productivity: As mentioned earlier, dehydration can cause fatigue, difficulty concentrating, and other issues that can negatively impact productivity. Ensuring employees have access to clean, safe water can help them stay hydrated and avoid these problems.
  • Better overall health: Proper hydration is essential for overall health and well-being. When employees are well hydrated, they are less likely to experience health issues such as headaches, muscle cramps, and other conditions that can negatively impact their ability to work.
  • Reduced absenteeism: Dehydration can lead to illness and other health problems that may cause employees to take time off. By promoting hydration and providing access to clean, safe water, companies can help reduce absenteeism and keep their workforce healthy and on the job.
  • Cost savings: Ensuring that employees have access to clean, safe water can help reduce the costs associated with absenteeism and healthcare.

Overall, promoting hydration and ensuring that employees have access to clean, safe water can benefit both individual employees and the company as a whole.

The government is now promoting taking vitamin D tablets during winter to reduce illness. Companies may consider offering vitamin D tablets to their staff in winter to reduce absence due to sickness if this is often an issue.

The power of delegation and the rise of the virtual COO

“giving small businesses the life-line and boost that has otherwise been unavailable”

Business owners wear many hats and are responsible for making critical decisions that can impact the success of their company. However, with so many responsibilities and tasks, staying focused and maintaining a good work-life balance can be challenging.

Conversely, delegating a task or responsibility to another person can often leave us feeling apprehensive; anxious about what could go wrong.

If you know another person is more skillful than you at the task, it becomes a lot easier. This is why we pay specialists to do things for us, like plumbers, lawyers, mechanics, accountants, etc. In these cases, delegating can reduce the anxiety of you getting something wrong.

But what about when you are the expert? This is a challenge for business owners who know their business better than anyone and feel that there is too much at stake.

Unless you are the only person in the world who can do what you do, any task can be delegated. Practically though, we question whether it is worth it.

There are three considerations when delegating a task or responsibility:

  1. Time: How much time will you free up? If it is a repetitive task, there will likely be more time saved. For example, spending 3 hours now training someone to do a 1-hour weekly task is still better than losing an hour week, every week.
  2. Expertise: Is it a simple task or requires a unique skill set or knowledge of the business?
  3. Risk:What is the impact of the task needing to be done right?

Then to delegate a task is a process in itself as you need to:

  1. Identify someone with the skills, knowledge, and capacity to complete the task successfully. This might mean investing your time in training someone, and the time you have to invest might be more than the time required to complete the task yourself.
  2. Provide clear instructions, clearly explaining the task, expectations, and deadlines. This is also an ongoing process to check everything is being done correctly.
  1. Ensure that the person you are delegating to has the necessary resources, authority and support to complete the task successfully.

So you can see why delegating isn’t always an exciting prospect. However, by considering these factors, a business owner can make informed decisions on which tasks to delegate and to whom, freeing up their time to focus on the most critical aspects of the business and improve overall productivity and effectiveness. You only have 24 hours in any one day, and if you don’t delegate, then this time next week, next month, and next year, you still won’t have enough time.

Delegating is necessary for a reasonable work/life balance AND a reasonable income. But the barrier to delegating is managing the time needed to invest in the delegation process. So, what can one do if you’re stuck in this perpetual time deficit? You need someone professional and reliable to delegate to who understands your business and can get the job done with minimal instruction.

This is why the Operations Director or Chief Operating Officer (COO) role was created; as someone professional who understands the business and can take over tasks and responsibilities from the business owner. However, COOs are typically only present in companies already successful and growing. They can be too expensive for small businesses that don’t need or have the budget to employ them full-time. This predicament for small businesses and the recent prevalence of remote working has brought about the age of the ‘on-call Virtual COO’. An on-call Virtual COO is an experienced executive who provides the benefits of professional leadership on a flexible, as-needed basis. This facility is giving small businesses the lifeline and boost that has otherwise been unavailable. Sure, a business consultant can advise and tell you what to do, but you are still using your time. The virtual COO can get things done and at a much lower rate

With a virtual COO, the conversation switches from:

  1. Trying to work out what to delegate, how to delegate the task, searching for someone with the right skills, interviewing candidates and agencies, explaining what you need, negotiating a price, monitoring progress, monitoring expenses, worrying about whether you are getting a good deal, etc.

To

  1. One phone call with your virtual COO to discuss and delegate the best action.

Just think, complex tasks can be reduced to a simple phone call with your virtual COO. By taking on a virtual COO, you can enjoy the following:

  • Expertise: A virtual COO brings a wealth of experience and knowledge to the table and can provide valuable insights and guidance on how to grow and scale your business. With a virtual COO on your team, you have access to an experienced executive who can help you navigate the challenges of running a business and achieving your goals.
  • Increased Focus: A virtual COO can take on many day-to-day operations and tasks you would typically have to manage, freeing up your time to focus on the most critical aspects of your business. This can improve your overall productivity and help you make more informed and effective decisions.
  • Improved Efficiency: A virtual COO can help you identify and address any operational inefficiencies, streamlining your processes and helping you to make the most of your resources. This can help to improve your overall efficiency and increase your bottom line.
  • Cost-effective: Hiring a virtual COO is a cost-effective solution for small businesses, as they do not require the expenses associated with hiring a full-time executive or maintaining an additional office space.

Overall, a virtual COO can be an invaluable resource for small business owners looking for experienced executive leadership and guidance on growing and scaling their operations. By delegating tasks to a virtual COO, you can free up your time to focus on the most critical aspects of your business and achieve your goals.

Why small business owners turn to business professionals

Running a business is challenging enough; in many cases, it can be the first time for a small business owner. The kind of support small business owners often benefit from are:

Strategic planning and goal setting: A small business owner needs to clearly understand their vision and goals for the future and a plan for how to achieve them. This requires careful consideration of their target market, competitive landscape, and business model. A strategic plan can help ensure the business stays focused and on track.

  • Marketing and sales:A strong marketing and sales strategy are critical for attracting and retaining customers and growing the business. A marketing and sales expert can help to develop a comprehensive plan that maximizes the reach and impact of the business’s marketing efforts.
  • Financial planning and analysis:Small business owners need to have a solid understanding of their financial situation, including their income, expenses, and cash flow. Financial planning and analysis can help identify improvement areas and ensure that the business is on a solid financial footing.
  • Operations optimization:A small business owner needs efficient and effective processes to manage their operations. An operations expert can help to streamline processes, reduce waste, and improve overall efficiency.
  • Leadership development:As a small business grows, the owner will need to delegate more responsibilities to others and develop their leadership skills. A leadership expert can help identify areas for improvement and provide guidance on becoming a more effective leader.

These are just a few areas where small business owners can benefit from support. The specific support that a small business owner needs will depend on the individual needs and goals of the business. However, by seeking help in these critical areas, small business owners can ensure they have the necessary resources and expertise to succeed.