As a small business owner, sacrifice is simply just part of the process. Financially, personally, and especially mentally, building a business from the ground up takes real guts. More than 50% of business owners worked on major holidays and nearly 90% of them also work through weekends. Not to mention the 60% of business owners who are able to take a vacation, yet 75% of them spend their “leisure” time strapped to their phones and laptops working. Despite all this, profits are still plateauing. Why?
Q2 hedge fund letters, conference, scoops etc
In any business’s early years, many a CEO has found themselves taking on the role of the jack-of-all-trades. From accounting work, to sales, and everything in between, necessity demands it. However during the natural progression of business growth this inclination for CEOs to manage every aspect of the operations becomes unsustainable. Eventually, decision fatigue will set in turning optimism and eagerness into obsessive micromanaging. This is where the subtleties of delegation skills become essential.
About 20% of small businesses don’t survive their first year, and even those that do make it past the 12-month threshold have a whole future of roadblocks to face. With this in consideration, studies have shown that businesses run by managers with positive delegation skills earn on average 33% more in revenue than businesses with poor delegation. For all intents and purposes, it really does pay to have help. Amassing a dream team isn’t always easy, but delegation starts on a personal level. Most CEOs understand everything about their business, but they don’t all take the time to understand their employees.
For successful delegation to happen, managers need to know who their employees are. Matching tasks to the employees with the right skills, defining clearly expectations, maintaining flexibility and open communication channels, and even simply just knowing which employees are available at which time serves a larger purpose for the business. When employees have clear responsibilities for the day-to-day operations, the president and CEO can focus on the big picture, and isn’t that what being an entrepreneur is all about?
No one wants to be a nitpicky micromanager, it’s a nasty habit that can set into anyones daily routine. Understanding the art and science of delegating starts within; how we manage our own time and decisions speaks a lot about us as individuals. After all, it’s easy to bark orders at subordinates, but proactive delegation skills is what separates the good managers from the bad managers. Take a look at this infographic brought to you by Scale Time for more on this topic and how you can transform yourself as well as your team through the power of delegation.
As a small business owner, sacrifice is simply just part of the process. Financially, personally, and especially mentally, building a business from the ground up takes real guts. More than 50% of business owners worked on major holidays and nearly 90% of them also work through weekends. Not to mention the 60% of business owners who are able to take a vacation, yet 75% of them spend their “leisure” time strapped to their phones and laptops working. Despite all this, profits are still plateauing. Why?
In any business’s early years, many a CEO has found themselves taking on the role of the jack-of-all-trades. From accounting work, to sales, and everything in between, necessity demands it. However during the natural progression of business growth this inclination for CEOs to manage every aspect of the operations becomes unsustainable. Eventually, decision fatigue will set in turning optimism and eagerness into obsessive micromanaging. This is where the subtleties of delegation skills become essential.
About 20% of small businesses don’t survive their first year, and even those that do make it past the 12-month threshold have a whole future of roadblocks to face. With this in consideration, studies have shown that businesses run by managers with positive delegation skills earn on average 33% more in revenue than businesses with poor delegation. For all intents and purposes, it really does pay to have help. Amassing a dream team isn’t always easy, but delegation starts on a personal level. Most CEOs understand everything about their business, but they don’t all take the time to understand their employees.
For successful delegation to happen, managers need to know who their employees are. Matching tasks to the employees with the right skills, defining clearly expectations, maintaining flexibility and open communication channels, and even simply just knowing which employees are available at which time serves a larger purpose for the business. When employees have clear responsibilities for the day-to-day operations, the president and CEO can focus on the big picture, and isn’t that what being an entrepreneur is all about?
No one wants to be a nitpicky micromanager, it’s a nasty habit that can set into anyones daily routine. Understanding the art and science of delegating starts within; how we manage our own time and decisions speaks a lot about us as individuals. After all, it’s easy to bark orders at subordinates, but proactive delegation skills is what separates the good managers from the bad managers. Take a look at this infographic brought to you by Scale Time for more on this topic and how you can transform yourself as well as your team through the power of delegation.
