Working with a lot of entrepreneurs over the years, one of the biggest traps they tend to fall into is “trying to do it all” on their own or with little help from others. What’s worse is that they paint themselves into a corner of not being able to be replicated so that it’s impossible or nearly impossible for someone else to achieve their results.
This creates a limitation or a glass ceiling on how big and successful a company can become. Does this sound familiar?
How do you overcome this tendency?
Here are 10 strategies to put you back on track and keep your business flourishing.
1. Establish A Baseline: Where Are You Right Now
Action Step: Establish a baseline of all the tasks you perform for your business over a 1 – 2 week period and sort them into 4 categories. Be sure to include non-customary activities that may occur on a monthly, quarterly or annual basis.
- Tasks that are within your core competencies that you love doing and are generating revenue
- Tasks that are within your core competencies that you enjoy that make little or no money
- Tasks that are a learned skill that may/may not make you money that you’d rather not be doing. They take up a lot of your time and energy.
- Tasks you avoid or are not part of your core competencies. They don’t generate money and/or it costs you time/money to perform these tasks.
2. Decide Where You Want To Be
Action Step: As a business owner, decide what role you want to be doing. Take a moment to imagine that your company is as immensely successful as you’d like it to be. With plenty of revenue being generated and high net profits what would you ultimately like to be doing? Make a list of all the things you’d like to be doing in your business and everything else you’d like to hand over to someone else to manage for you.
3. As A Business Owner Determine The Most Important Tasks For You To Continue Implementing & Those That Are To Be Outsourced Or Delegated To Maximize Your Profits
Action Step: Determine which are the most appropriate tasks for you to focus on and keep implementing and those that you need to delegate in order to continue to increase your profits and grow your business.
Keep doing the tasks that have the following 4 parameters:
- You love or are passionate about doing them
- They are based upon your core competencies
- They continue to generate revenue and help your business to thrive
- Only you can do them because of your unique skill set and/or the 80/20 Rule doesn’t apply. The 80/20 Rule is as follows: If someone can do a task 80% as well as you can, delegate it to them. If they can’t do it 80% as good as you can, keep doing it.
Begin delegating/outsourcing out all other tasks (if you haven’t commenced this already.) The first tasks to start delegating are:
- Poorly executed or incomplete tasks that will drive revenue to your business when completed or successfully executed and
- Tasks that will help your business achieve the outcomes and financial objectives that you desire.
4. Identify The Role Of The Individual(s) Who You Wish To Delegate/Outsource Specific Tasks To
Action Step: Identify the role an individual(s) would need to fulfill to take over specific tasks for you. Write out the name of their role, a description of their skill sets and core competencies, what they would be doing etc.
Bookkeeper – to keep the financials of your business current and on track
Marketing Manager – to head up the marketing division of your business
Customer Service Manager – to manage the customer service aspects of your business
Social Media Manager – to be in charge of and coordinate all your social media marketing
Virtual Assistant – to take care of administrative tasks and personal services
5. Create A “Handing Over” Training System For The Role You Wish To Outsource/Delegate
Action Step: Set out the specific protocols and business practices you would like this individual to take over for you in your business. Include in your “handing over” system a checklist of regular tasks, as well as other notable activities, dates and milestones in a 1 – 12 month timeline where applicable.
6. Select The Best Outsourcing Companies And/Or Create A Job Posting And Select The Most Favorable Resumes
Action Step: Once you have determined the job role to be delegated select the best outsourcing companies to outsource these roles to.
You can also create a job posting and post it on job sites where you will get the best responses e.g. ZipRecruiter, Indeed, Fiverr, FlexJobs and Monster. Include social media sites such as LinkedIn.
Select 3 or 4 of the most favorable resumes – do an interview, check references and hire the best applicant who fulfills the majority if not all the qualities you require.
7. Implement The “Handing Over” Training
Action Step: Begin your handing over training for a period of 1 – 30 days depending on the amount of training required and the competency of the individual taking over the role. During the training period provide adequate feedback for tasks to ensure that they are executed correctly and have the desired outcome.
8. Track & Assess Performance Over Time
Action Step: Each quarter for the first 12 months, track the individual’s performance. Track their results and determine whether they meet, exceed or fall short of your expectations.
9. Implement A Correction Strategy When Necessary
Action Step: If the individual did not perform at the level you expected, make a correction to the handing over training system and conduct additional training.
If after additional training they still perform well below your expectations, re-evaluate and if necessary, replace them. Commence the procedure as in Task 6 to find another individual who does perform at the level you want and will provide the outcomes you require.
Action Step: Repeat 1 – 9 (above) when necessary as you business continues to change, grow and evolve.