As a business owner, you need to be able to answer the question: “How much time do I spend on business analysis?” Because you own a business, you may feel that spending a lot of time on business analysis is important, but there are some facts that may make you reconsider.
Just because you spend a lot of time on business analysis doesn't mean you're accomplishing a lot; while it is very important to keep up on these things, it shouldn’t to take up all of your time. Look at it this way: every minute you spend analyzing your business is a minute that's not spent growing your business. Do what you need to do, thoroughly and with attention to detail, but don’t overthink it.
If you sit down and think about it, and discover that you’re spending too much time on business analysis and not enough time on business growth – but you feel like you need to spend that much time, if not more, on business analysis – it could be a good idea to outsource that task to someone that specializes in it. Whether your business is growing to a point that you're unable to keep up with business analysis or you don’t feel knowledgeable enough when it comes to the task, you may want to consider assigning the job to someone else.
If you decide not to outsource, make sure that you are using the best system possible to do your business analyzing. Don't skimp when buying software, and keep up with troubleshooting and updating any tools that you use. Using second-rate equipment can drastically slow you down and eat up time that could be spent on a different task.
To talk more about this, or anything else, please contact Oates & Company. We look forward to working with you and answering any questions you may have when it comes to analyzing your business.
