Grim statistics suggest that 70 percent to 80 percent of businesses fail in
the first year. Dun and Bradstreet predict that businesses with fewer than 20
employees have only a 37 percent chance of surviving for four years. It's no
wonder business owners attempt to do everything themselves--from office
maintenance to marketing.
After 16 years of owning my own business, I finally realized it wasn't
profitable to do it all. From the day I opened my company until eight years ago,
I tried to answer the phones, sell my products, copy and design mailers, attend
chamber of commerce meetings, invoice, order inventory and, in general, run the
company single-handedly.
I thought I was saving money by keeping the profits in the "family." In my
mind, it looked good: no employees, no payroll taxes and very little overhead.
What I missed was the fact that I was spending so much time on the little things
that I halted productivity. Accomplishing all that I could in one day allowed me
to operate the business cheaply but not necessarily effectively. I unknowingly
hindered my ability to move the company forward and, in turn, increase revenue.
Do What You Do Best
Business owners should do what they do best, constantly evaluate the
strengths and potential of the business, and keep their brainchild on track.
Although most entrepreneurs are successful because they are in love with the
idea of control, they must recognize that delegation doesn't mean relinquishing
power. Growth and success require support. Before I added staff, I believed that
the entire concept of Le Gourmet would be annihilated by new employees possessed
with notions contrary to the way I ran the business. Instead, I quickly realized
that with new talent came skilled individuals, fresh ideas and better ways to
operate day to day.
At first, I thought no one could run the business as I could. I wrongly
presumed that adding new individuals to my sanctuary would not only be an
invasion of privacy, but also a complete fiasco. I expected those employees to
lack the enthusiasm and drive that I possessed. Instead, I found that my new
“family of professionals” was able to do things quicker and better than I could.
Within months, I found that I had the time to write a book, keep more business
engagements and develop a better brand and product line. For a reasonable hourly
rate, I received in-house confidants, gatekeepers, troubleshooters, innovators
and valued friends.
Delegating Multiplies Efficiency
Once I made up my mind to delegate, the transition happened quickly. The
billing I previously did was transferred to an office manager who could produce
invoices in lightning fashion, while my new accountant charged me a mere
pittance for my quarterly taxes, financials, payroll and fatherly advice.
Instead of wasting time searching the computer for special (and cheaper)
airfares, I hired an in-house travel agent to handle the myriad of trips I
previously slaved over for hours. Rather than answer the phone and deal with
countless sales calls, I found a polite and qualified individual who would
handle each call with finesse and make my company appear much bigger and more
professional than it actually was.
I was amazed at the progress the company made with a few minor adjustments. I
suddenly had a new and productive attitude, similar to when I first had the idea
to become my own boss. I realized after acquiring competent staff members that I
had been wasting my time with chores that weren’t on my list of passionate
things. Along with my knowledgeable professionals came a breath of fresh air
that I desperately needed.
To begin the delegation process:
- Think about how your individual role most benefits your company, and
cultivate that position. In other words, get rid of chores that you don’t
want to do and focus on your desire for success.
- Remove any undertaking that makes you feel stagnant. Replace it with
something that can grow your image and increase revenue.
- Hire the right individuals for clerical tasks, sales, accounting and
basic customer service, and you can completely rekindle your attitude toward
your business. Allocate jobs to the best professionals you can find, and
you’ll appreciate the concept that your valuable time is even more precious
than previously thought.
Your role as figurehead should revolve around better developing your original
concept and distributing your enthusiasm to more complex aspects of marketing
and product/service development, as well as management.
Letting go can be the beginning of a wonderful and productive change in your
organization.