7 Steps to Becoming a Good Delegator
Chances are when you started your business that you did everything yourself out of sheer necessity. Now that your business is growing in revenues and employees it’s time to learn how to be a good delegator. This may sound easy enough but it is surprising how many business owners have great difficulty with this transition.
While these owners may be slow to admit it, they constantly battle a little voice that says, “No one could possibly do this task as well as you.” That little voice makes an even stronger case when it whispers things like: “No one else in the organization has more experience, or is more familiar with the needs of the customers!” This relentless voice is once again victorious and another opportunity to benefit from strategic delegating is scuttled.
Managers Who Delegate Increase Profits!
Studies show that companies with owners who delegate to their employees experience a marked increase of revenue generation within the company! This is only one in a long list of benefits that come from delegating: higher profits, new markets developed, improved employee engagement and performance, reduced stress, more strategic management planning and a more positive work environment are additional byproducts of delegating. Sounds pretty great right?
So how do you begin to delegate? A most crucial part of this process is learning how to recognize when you are merely doling out tasks and not really handing over responsibility.
Here is an action plan that will jump start your transition to being a true delegator:
- Admit that you can’t do everything yourself. Understand that delegating lets you free up your time and mind to focus on issues that will result in high returns from your company.
- Take time to really get to know your team to determine what each person naturally does best and match them with those type of tasks. Matching skills with opportunities will engage and motivate your team.
- Invest in the success of your team. Give them what they need to get the job done: tools, training and resources. This demonstrates your support of their talent and your confidence of the outcomes they will deliver to the organization.
- Define and document all timelines, budgets, reporting processes . That way you and your team are in the same head space and things can proceed smoothly without unnecessary interruptions.
- Clearly define and communicate all target outcomes and then step aside and let them do their thing!
- Establish a ‘living loop’ of communication. Encourage your team to bring forth new ideas and approaches. This will create their sense of outcome ownership. Always close the loop with feedback. Make sure that you and your team have the opportunity to give constructive feedback, as this allows for timely and efficient realignments throughout the process.
- Remember the old 80-20 client profit rule? Well this ratio can also be applied to those who do not delegate. They will spend 80 percent of their time focusing on only 20 percent of their responsibilities. What is happening to that other 80 percent of work? More than likely, nothing! So do yourself, your team and your bottom line a favour – delegate!
One last point…don’t forget to give yourself the right tools to manage your company. We can help you learn how to get the most out of your financial management and reporting tools.
Thanks for stopping by.
The KMPC team specializes in helping companies grow via strategic financial management practices. Since 1993, KMPC has been helping businesses in Whitby, Oshawa, Ajax, Durham Region and the Greater Toronto Area (GTA) to reach and surpass their profit goals.
If you would like to speak to us regarding Business Accounting, financial retirement or tax planning, tax returns, bookkeeping or any of your other please contact us anytime – we’d love to chat with you.
KMPC– Chartered Professional Accountant, CPA 11 Stanley Ct, #13 Whitby, ON L1N 8P9 – Local: (905) 666-5071 – Email: firstname.lastname@example.org Web: https://kmpc.ca