How to Delegate with Confidence
Entrepreneurship is all about running a successful business. The problem for most entrepreneurs is that you probably need some help doing it. You feel like you are the ‘bottleneck’ and everything is stuck with you in the way of progress.
If you are going to grow or scale your company learning how to delegate effectively and not abdicate should be one of your top priorities. It’s easy to pass off tasks, but when you do it without instruction you are abdicating. You are doing so with a plan based on the hope that the employee will complete the task and do it well. If you’ve done this, you’re certainly not alone.
We have all been there, too many things to do without enough time and someone willing to take it on. If there’s one thing that’s certain, it’s that it never ends well. If that person who did take on the task, and by chance does it well, leaves without documenting the process, you are back at square one — the task is back with you and there is still no process. That’s where delegation comes in.
How do you pass off tasks with instruction and feel like they getting done the way you want them done? It takes some work but you will be glad once the process is underway. Check out this podcast by Ryan Lazanis about carving out time to work on your business each day — a crucial task! Future Firm Accounting Podcast- First 2 Steps to Freeing up time in your firm
Where to start?
- Begin documenting your easiest tasks that don’t require your direct touch. These can be all things administrative, data entry, and setting up appointments or zoom calls. You could also pick the tasks you like the least or have the least amount of experience in.
- Match the tasks to the right person. This is also where you decide what to delegate to your team and what to outsource outside of your firm. If you are outsourcing any tasks, make sure they are experts in this area and have great referrals
- Provide training. Yes, this takes time but it is important for success and the time you’ll save in the long run will be well worth it. You have the process documented and the right person, now show them how to do it. Then watch them do the process and then let them do it on their own, following your instructions. Check to make sure it was done correctly and you should have confidence it will be done properly going forward.
How can you track if it’s being done?
Before you pass off these tasks, you need to focus on the results and let go of the need to control the process.
- Find a way to check on the completeness of the task and if it is being done correctly. You can set up a project management system like Asana for completeness. The free version of Asana connects with other systems like Google Calendar so tasks always stay in front of you! We use a practice management system, Financial Cents, to track all our tasks and make sure they are getting done.
- So how do you know if the task you pass off to someone else is being done correctly? It depends on what the task is…. For us, we can check on reports to make sure the team is doing their job correctly. To make sure our team has reconciled the bank and credit card statements following our process, we can review the reconciliation report. Are there any transactions that are more than 30 days old? Is there a reconciliation discrepancy? What was the date of reconciliation? This report answers all of these questions and therefore can tell us if the job is done correctly. In a marketing firm, you might delegate the task of posting on social media. Try using a scheduling platform that has built-in analytics that will show you what has been posted, when, and how well it was received by the audience. This allows you to see if your team posted timely, followed the strategic plan for your client, and executed killer posts that had a great engagement!
- Communicate constraints and boundaries. These are actions you want to make sure your team member doesn’t make. Make these constraints and boundaries a part of training. You might want to give parameters on what type of response they are allowed to have with clients or a response time that is appropriate.
Above all, your team needs to know your mission, vision, and priorities. If they are on board with the direction you are going in, they will be highly engaged and self-motivated and take actions that are in line with your goals.
Once you have delegated tasks and have put in place ways to track them, you are on your way to preparation for growth and scaling your company!
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Sometimes it’s hard for business owners to know how to take their businesses to the next level of growth and profitability. If you’ve been stuck at the same level of revenue or profit for a while, it could be because scaling your business is not a skill in your toolkit… yet. Enter a classic management book on scaling your business: High Output Management by Andrew Grove, ex-chairman and CEO of Intel. While the book was written in 1983, it has made a recent comeback in Silicon Valley, but it’s still not well-known outside of the Bay Area. Many people who have read it say it’s the best management book they’ve ever read—life-changing even. In the book, Grove applies the principles of engineering and manufacturing production to management. It’s all about process—developing processes and procedures so you can track what’s going on and measure the results or output every step of the way. Only then can you improve the process so it leads to higher output. Measurement is an important concept in the book. No matter what business you’re in, you can apply the ideas of developing processes, measuring them, and improving upon them in your business. Grove explains how managers can motivate their team members and improve production. He talks a lot about leverage, which enables scaling both positively and negatively, and how it can affect employees’ output. One example of positive leverage is when managers ‘nudge’ employees to enable their work. A negative example is when managers meddle and get in the way of progress. In the section on meetings, Grove breaks the topic down by purpose and lends his ideas on how to run each type of meeting better. He touches on other key topics such as decision-making, planning, motivation, performance reviews, and values. One significant highlight from the book: If you’re motivated to become a better manager and wish to improve the output of your organization, there’s nothing more important than training yourself. Reading this book is a wonderful way to spend time learning new business skills you can put into action immediately.
Creating a budget is one of the most critical steps for entrepreneurs looking to build a financially sustainable and successful business. A well-constructed budget not only helps manage day-to-day finances but also provides a roadmap for achieving long-term goals. To craft an effective budget, entrepreneurs must ask themselves the right questions. Here are some essential considerations: 1. What Are My Revenue Streams? 💰 Understanding where your money comes from is the foundation of any budget. Identify all revenue streams, whether it’s product sales, service fees, subscriptions, or other income sources. Ask: Are my revenue streams predictable, or do they vary seasonally? What are my most profitable products or services? How can I diversify my income to reduce risk? Knowing the answers to these questions allows you to forecast revenue realistically and prioritize high-margin opportunities. 2. What Are My Fixed and Variable Costs? 📊 Categorize your expenses into fixed (rent, utilities, salaries) and variable (materials, marketing campaigns, travel). For each expense, consider: Are my fixed costs sustainable as my business scales? Can I reduce variable costs without sacrificing quality? Am I accounting for inflation or rising costs in my projections? Breaking down expenses in this way ensures you have a clear picture of what it costs to operate your business. 3. What Are My Growth Goals? 🚀 Budgeting without growth goals is like navigating without a map. Ask yourself: Do I plan to expand into new markets, launch new products, or hire more staff? What investment is needed to achieve these goals, and when will I see returns? How can I balance reinvestment with profitability? Aligning your budget with your growth objectives helps ensure that every dollar spent supports your vision. 4. Do I Have a Contingency Plan? ⚠️ Even the best plans can face unexpected challenges. Ask: How much should I set aside for emergencies or unforeseen expenses? Are there risks (economic downturns, supply chain issues) that could impact my budget? How quickly can I access additional funds if needed? A contingency fund, typically 5-10% of your budget, can provide a financial safety net during turbulent times. 5. Am I Leveraging Technology? 💻 Modern budgeting tools can streamline your financial planning. Consider: Should I use software like QuickBooks, Xero, or specialized apps for forecasting? Can automation improve my accuracy and save time? What metrics or dashboards should I track regularly? Leveraging technology ensures you have real-time insights into your financial health. 6. How Will I Monitor and Adjust My Budget? 🔄 A budget isn’t static—it evolves as your business grows. Ask: How often will I review my financial performance (monthly, quarterly)? What key performance indicators (KPIs) will I track? Who on my team will be responsible for monitoring the budget? Regular reviews allow you to adapt to changing circumstances and seize new opportunities. 7. Should I Seek Professional Help? 🧑💼 Finally, recognize when it’s time to bring in experts. Ask: Do I need an accountant or CFO to guide my financial planning? Could outsourcing bookkeeping free up my time for strategic tasks? How can I ensure my budget aligns with tax requirements? Professional assistance can help you avoid costly mistakes and ensure your budget supports sustainable growth. Conclusion Building a business budget requires thoughtful planning and regular evaluation. By asking the right questions about revenue, expenses, growth goals, and risk management, entrepreneurs can create a budget that serves as a powerful tool for decision-making and long-term success. Start with these questions, and you’ll lay a strong financial foundation for your business.
We’ve been in a pandemic for what seems like five years now, right? All joking aside, if you’ve been lucky enough to work from home this past year, then it’s possible that you are going stir-crazy. Or maybe you’re simply ready to shake things up a bit. Working from home has its benefits. Yet, if you are someone who enjoys going to the office every day, chatting with co-workers in person, attending meetings that aren’t all virtual, and having a little spontaneity each week, then we’re here to help. Here are five tips to boost your WFH (work from home) environment.
