It is important to distinguish.
You only have 24 hours in your day, 7 days in a week, 52 weeks in a year and who knows how many years.
Your company only has so many people and the same constraints on time.
Great effort or great results? I think the world rewards you mostly for results over the long-term. Sure you can put in a lot of hours on something, but if the results aren't great?
Because being great at something usually requires a lot of effort over a long period of time, you must choose wisely; you can't be great at everything.
Focus on your talents, develop your knowledge and skills. For most people, their greatest contributions and joy will come from this area.
This applies to a business too. The trick is to see the strengths of the business and not the individuals in it; they can change. Very small businesses are often the same as the individuals.
This not where you want to be for your core livelihood. As Seth Godin has pointed out, there is less and less opportunity in the middle as the world moves forward.
However, not everything you do needs to be great. Some things can be good enough.
And you can hire someone to do the things you are not great at.
If you are doing something poorly it is probably worth looking at whether you should even be doing it in the first place.
Assuming you are not just in the middle of learning something new, maybe you would be better off spending your precious time on the first two with a large focus on great.
Either hire someone to do it right or choose not to do it at all.
You can show up or you can contribute. Most people enjoy being good or great at something a lot more than spending every day doing a bad job.
You need to have fun or at least enjoy what you do from a macro level; you may not enjoy every moment.
so make your choices a conscious one. You and your business will benefit.