Business owners, are you really still trying to do it all yourself? If you are, please wise up and get some help! Realize that any investor in your small business wants to be assured you are investing your time and all your assets ( not just their money) in the highest and best places.
Therefore here are 8 Tips to Better Delegation for Entrepreneurs:
1. Please do delegate everything YOU can! Remember, just because you may or may not turn in a time card, or even take a regular paycheck, YOUR TIME IS NOT FREE. Owners and founders time in the business is the very most expensive labor you have.
2. Realize that your time is worth a lot: hundreds, perhaps thousands of dollars per hour. If you are the founder of one of the innovative internet starts ups, it could be worth millions even! Create a pact with your team; they are to return to you in advance if they cannot complete a request. See what I mean here, you can even delegate self-supervision to your team. Note I did not say abdication of responsibility, just put the monkey firming on their backs where you are paying for it to ride.
3. Even if you are more of a main street or mom and pop business you still need to realize that your talent and perspective is the most valuable asset you currently have. (pre angel investor with a string of successful IPOs in his or her pocket!) Please do not squander it by doing things that you could delegate to an assistant, virtual assistant, office manager or bookkeeper!
4. Do the math please. If you do it, then you are costing your company between $100-2000 per hour for a job that could be done by someone you delegate for less than $50.00 per hour, or maybe even less than $13.00 per hour. (I caught one of my clients practicing management by walking around and delivering the company mail every darn day. As a management consultant, I put a stop to THAT the first time he told me. The business owner still “walks around for health and relationships but a $13.00 per hour employee now does the daily mail deliveries.”
5. Learn what your HIGHEST and BEST use of time in the business really is. We are all different. True confession, writing is not my favorite thing. I do it because I believe I can actually help you. (no critics here please, but you could volunteer to be a ghost writer for us!) I write because I care about the subject, because my entrepreneurial and growing enterprise clients need help on these issues and I love to promote my brilliant coaches! I’m better at deal-doing so for me, my consulting services team helps me write and select articles and blogs. Yes, my true forte, by the way, is connecting people and creating awesome strategic alliances!—ping me on that will you?—
6. Delegate those routine tasks. Create check lists so that others can capably do what you used to do. (Personal confession, I did my own payroll for the first few years until I had over 25 employees – shame on me.) I had my reasons, but they were poor excuses and NO self-respecting venture funded or angel investor would have tolerated them so I stopped and then my business really took off. Do your highest priority value adds every day before 11 am! Call three more potential referrals sources or hire someone and delegate research on prime prospects for your investor introductions. Get it done and upgrade YOUR use of time in all of your business and entrepreneurial activities.
7. When you delegate always set clear expectations:
• WHAT is to be done?
• by WHEN?
• by WHOM?
8. Inspect what you EXPECT. I saved my favorite black belt entrepreneurs tip for last because the president of one of my clients, a billion dollar movie studio told me this one. Always look, watch, and ask about what you are expecting back from your team. I don’t mean micromanage, but I do mean that WHAT you focus on gets done! So always INSPECT what you Expect to get best results from your team. You can be sure that most of your investors surely will expect innovative solutions AND common sense from you. Failure to delegate is a sure sign that you won’t use the money or other human assets well!
Are you ready to take your business to the next level? Write to [email protected] or give us a call at 805-565-9967 for more about our business strategy services.