Partner Article

Could 10-Hat Management Save You From Recession?

At the next general election, a think tank for The Guardian says the risk of recession will be at 60%. Could an assessment of your business’s management structure and your role within it future-proof your company by delegating and outsourcing some of the hats you wear to free up your time and resources? Julia Leask from Leask Advisory Solutions suggests that you can figure out what hats you wear to focus on and how to achieve your goals with the right advice and support. She calls this a 10 hat approach that reflects the 10 areas of your business. So how can this management system be explained?

As a business owner you have a passion for something, and you are good at it. You have decided to turn your passion into a business and make money doing what you love. But then, things get complicated. Your business grows, and you must deal with many other tasks that are not related to your passion. You must juggle different roles, skills, and responsibilities every day. You feel overwhelmed, stressed, and unhappy. Your business suffers too. It stops growing or even declines. You don’t know what to do.

This is a common scenario for many business leaders. They start with a vision but end up with a mess. They need a better way to run their business. They need a structure.

As Alfred D Chandler Jnr said, “Unless structure follows strategy, inefficiency results”.

As a decision maker, you must make decisions and be accountable. But you don’t have to do everything yourself. In fact, you shouldn’t. You need to know what to delegate or outsource and what to focus on.

That’s where the 10 hats approach can help you as these 10 roles are needed by every business. Each role has a different function and responsibility.

• Shareholder: You own the business and provide the funding.
• Director: You set the strategy and direction for the business.
• Leader: You implement the strategy and lead the team.
• Product Development: You create and improve the products and services you offer.
• Operations: You deliver the products and services to your customers.
• Marketing: You generate leads and awareness for your business.
• Sales: You convert leads into customers and revenue.
• Finance: You manage the money and the taxes.
• HR: You take care of the team and their needs.
• Admin/IT: You support the business with processes, tools, and records.

These are the 10 hats you need to wear or share in your business. Which ones fit you best? Which ones do you need help with? How can you use them to grow your business?

You have 10 roles in your business. But you don’t have to wear all the hats at the same time. That would be too much for anyone.

To find out which hats you need to keep and which ones you can pass on, start by mapping out your own organisation chart. Who does what in your business? What are the tasks and responsibilities under each Hat? Make sure you cover everything that happens in your business.

This might take some time and effort, but it will be worth it. You will have a clear picture of the 10 roles in your business and what they entail.

Then, you can decide which hats you want to delegate or outsource. This depends on your own skills and strengths, as well as the needs of your business.

Some hats are easier to outsource than others. For example, HR and Admin can be done by someone else if you have clear policies and systems in place. Finance can also be delegated if you trust someone else to handle the numbers and reports.

By delegating or outsourcing some hats, you can free up your time for the hats that matter most to you and your business. The hats that make a difference and drive your business forward. The hats that only you can wear.

How many hats are you wearing right now, and which ones are you ready to let go of? At Leask Advisory Solutions, we can help you figure out which hats to focus on and how to achieve your goals. Contact Julia* (julia@leaskas.co.uk) * today to get some help to put a feather in your cap.

This was posted in Bdaily's Members' News section by LITTLE PR ROCK MARKETING LIMITED .