Can you relate to this picture? Do you feel you have your hands in every aspect of your business all day long? Are you unable to get creative and work on your business to expand it and increase its value
Charles-Guillaume Etienne stated in 1807, “One is never served so well as by oneself,” which has been translated to “if you want something done right, do it yourself.” Many business owners implement this same exact theory today. But the real question is ‚Äòwhat is the opportunity cost of doing everything on your own vs. delegating?’
Stop acting as a firefighter and run your business. We hire employees to make us more efficient, to act as an extension of us but also to specialize in areas that we do not. Steve Jobs stated, ‚ÄúIt doesn’t make sense to hire smart people and then tell them what to do. We hire smart people so they can tell us what to do.‚Äù Finding the balance between doing too much on your own and delegating too much is the dance most employers will encounter. A rule of thumb, if your creative time and business expansion time is great, does it make sense for you to collect the trash and clean the floors?
Let‚Äôs look at a few roles. Do you hire a team of bookkeepers to invoice and collect from your customers or do you handle all the receivables on your own? Do you utilize your accounting team to create favorable payment terms? Do you personally inspect every shipment in and place the products into the correct inventory system and storage unit for sales? Do you contact every customer personally to inform them of your product/service from beginning to sale? And who handles the customer service? I could go on for every aspect of the business from your marketing team to sales teams to bookkeeping, etc. To delegate or not ‚Äì this is the question.
Employees bring value, ideas, inspiration, and enthusiasm for your business. Capture the strong points and nurture them. Train your employees to act as you would in each circumstance. Look at your business plan and budget. This will guide you as to what you should do on your own and what you should delegate. Still confused? Email me for an employee calculator. This free utility will calculate the cost of an employee and value they bring to your business. It‚Äôs fun and easy. Happy decision making.