Time is finite. Ideally, some of the most productive and engaged minds in your company reside in management. Each of these leaders only has so much time in a day.
As businesses grow, they get more complex. That’s just a fact of life. The problem is that this can lead your company leadership to get bogged down in items that don’t contribute directly to the larger vision and mission of your company. In fact, a Harvard Business Review article states that the typical company’s senior executives spend less than three days each month working together as a team—and in that time they devote less than three hours to strategic issues.
It’s a worthy exercise to ask your key leaders to break down how they spend their day. You might even have them manually track hours for the sake of data. It’s important not to look at how they’ve structured their day (ie, their calendar) – but at how they ultimately spend their day when fire drills come up, email overload sets them behind, etc. Every hour that top management spends working on the technical approach to your customer support, the optimal legal and tax structure for the company, or whatever another compliance issue comes up is an hour they aren’t contributing to the core mission of your company. Opportunity costs in this area are bigger than you think and can seriously hinder you. The same HBR article shares that apart from the frustrations that individual managers suffer, delayed or distorted strategic decisions lead to overlooked waste and high costs, hastily conceived and harmful cost reductions, missed new product and business development opportunities, and poor long-term investments.
Companies that scale the smart way are aware of this and put a framework in place so that management can delegate and execute on their to-do list without taking away from key initiatives. Get help from experts in fields like legal, recruitment, facilities, finance, tax, and operations. Consider adding a fractional CMO or CFO and other outsourced assistance. Doing so is not a sign of failure – it will be your rallying cry to focus on the core, and the future.
If you found this material helpful, you’ll want to read our entire white paper on scaling and growth: Scaling Made Simple: 5 Tactics to Help Growing Companies.