The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
The Kickass Entrepreneur
Subscribe
The Kickass Entrepreneur
  • About
  • Blog
    • All Blogs
    • Create Wealth (Investing)
    • Entrepreneur Interviews
    • Featured Top Posts
    • Growing Profits
    • Growing Revenues
    • Marketing
    • Positive State of Mind
    • Real Estate Investing
    • Retirement
    • Sales
    • Selling your Business
  • Book
  • Courses
  • Podcast
  • Resources
  • Contact
  • All Blogs

The Delicate Nature of Delegating

  • November 30, 2019
  • 881 views
  • 4 minute read
  • Ashley Jenkins
delegating
Share
Tweet
Share

When you’re an entrepreneur, it is your business. So it’s natural to want to manage every aspect of it yourself because so much is at risk, especially during the first year. However, as your business grows, delegating should become an essential role for you as a leader.

Wearing Multiple Hats: It’s Not Just a Fashion Don’t

While it’s very common for owners of startups to try to do it all, it can hurt their image, both in the community and the marketplace. If you’re simply starting a website, then it’s probably okay to be a one-man band; the customer won’t have a clue that it’s just you. But if your company is doing something like high-end consulting, having a team around you is vital for attracting the right clients. If you find yourself handling complaints, offering customer support, managing your books, filling orders, invoicing clients, marketing, and so on, it’s likely that you’re spreading yourself too thin and could benefit from a talented team.

Extreme multitasking also hinders growth; if you don’t trust your employees to grow by giving them more responsibility, it can seriously shorten your company’s bottom line. Part of your job as a leader is to inspire new hires to become the best at what they do. In my own personal experience, I’ve found that raising the bar of excellence inspires faster growth. I often believe in my staff members before they believe in themselves. As a CEO, this has helped me build a dream team of employees.

The What and How of Handing Things Over

If it’s tedious, de-energizing, or time-consuming, hand it off. There’s no point in wearing yourself out if you can find someone who’s more enthusiastic about the job. If you feel you’re worth $100 an hour, make sure you’re not stuck doing $10-an-hour work. Of course, when your company’s strapped for cash, you might have to do the $10-an-hour gigs just to get the job done. But that should be short-term; your goal should be to have your employees doing the $10- and $20-an-hour tasks while you work on the bigger picture.

When you choose to start delegating, it’s vital that you have at least a surface-level understanding of how to do every task in your business. You don’t need to be an expert or even the best person for the job, but you should understand the lingo of each division in your company. Needless to say, the more you know about each part, the better you can manage expectations, workflow, and employee performance.

Transition to a Great Team

When it comes down to hiring the right person for the job, my biggest piece of advice is to take your time. Don’t make the same mistake I did, which was to hire too many employees too early. When I was nineteen, I started my first business on a serious hiring high, and I ended up with forty employees. As you might imagine, there was very little company profit at the end of the hiring spree.

Here are some other things to keep in mind:

  • Like attracts like. Be an example of the kind of person you want working for you. Don’t present yourself one way and expect to hold your staff to a different set of standards.
  • Give some sweat equity. Try to make sure you find partners first before hiring. Many times, you can find partners who will work on equity before you have to start adding a tally to your payroll.
  • Contract first. When you have more than enough work for an employee to work for a few years, that’s the time to hire him. If you are a bit unsure that he’ll perform to your standards, hire him as a 10-99 contract employee before you make him salaried.
  • Take your time. Conduct thorough interviews and check references. Make sure you’re hiring someone who cannot only do the job, but do the job well.
  • Don’t go crazy with the pink slips. If you have an employee who’s underperforming, try to train, motivate, and give him another chance. When all hope is lost, then fire. But keep in mind that a high turnover rate will demoralize your team.

What to Keep to Yourself

It’s important to mention that not everything in your business should be delegated. In fact, it can be detrimental to hand some things off. Make sure you are the one:

  • Signing legal documents,
  • Closing deals with big clients,
  • Handling big press publications, and
  • Keeping a close eye on company numbers, even with a CPA’s help.

The main point I’d like you to take away is that most of your time should be spent working on your business, not in it. Be a benevolent and observant overlord. Contract a few good people during your startup’s first year, and let them help you out. If you’re skillful in your delegating, it can be one of the best things you’ll ever do for your business.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

Share
Tweet
Share
Avatar
Ashley Jenkins

Ashley is, first and foremost, a mom to an amazing young son and a wife. Ashley has started and sold a couple of small companies over the last many years, and now has decided to take some time off to spend time with her family, and raising her son. Ashley managed a team of 11 staff and intends to start another business shortly. Ashley is an avid saver and investor and is knowledgable about not only entrepreneurship but, also investing.

You May Also Like
entrepreneur
View Post
  • All Blogs

How to Become a More Successful Entrepreneur

  • January 15, 2021
  • Monica Serreon
online presence
View Post
  • All Blogs

Targeting Your Online Presence to Other Locations – Easier Than You Think

  • January 14, 2021
  • Monica Serreon
online business
View Post
  • All Blogs

7 Online Businesses Set to Thrive in 2021

  • January 14, 2021
  • Monica Serreon
The Top 1% of Wealth Canada
View Post
  • All Blogs
  • Create Wealth (Investing)

The Top 1% of Wealth Amounts for Canadians in 2021

  • January 8, 2021
  • Jeff Wiener
marketing strategy
View Post
  • All Blogs

4 Ways To Create A Marketing Strategy For Student Small Business

  • January 4, 2021
  • Monica Serreon
young successful entrepreneur
View Post
  • All Blogs

How to Become a Young Successful Entrepreneur

  • December 30, 2020
  • Monica Serreon
Investing in apartment buildings
View Post
  • All Blogs
  • Featured Top Posts
  • Real Estate Investing

How Do You Make Money Investing in Apartment Buildings?

  • December 19, 2020
  • Jeff Wiener
When to Sell Your Business
View Post
  • All Blogs
  • Retirement
  • Selling your Business

How Do You Know When to Sell Your Business? It’s Not All About the Money

  • December 19, 2020
  • Jeff Wiener

Join 6,472 Entrepreneurs That Get My Business Building and Wealth Creation Posts by Email

I can teach you how to build a successful, profitable business, and turn that into millions in personal wealth.

Thank you for your interest in THE KICKASS ENTREPRENEUR'S GUIDE TO INVESTING. Three Simple Steps to Build Massive Wealth with your Business's Profits. Please check your email to confirm the book download. Form: 400529

There was an error submitting your subscription. Please try again.

We won’t send you spam. Unsubscribe at any time.

Recent Posts
  • man at construction site 1
    4 Common Contractor Mistakes: How to Avoid Them
    • January 27, 2021
  • Fax-Ready Multifunction Printer 2
    10 Factors to Consider When Buying a Fax-Ready Multifunction Printer
    • January 26, 2021
  • cybersecurity 3
    How to Keep Your Company and Employee Data Safe
    • January 25, 2021
  • Girl talking over the phone while using the laptop 4
    Registering a Business: a Step-by-Step Guide
    • January 25, 2021
  • stock trading 5
    What is the Future of Stock Trading?
    • January 21, 2021
Featured Posts
  • how to become wealthy
    The Entrepreneur’s Secret to How to Become Wealthy and Build a Personal Fortune
  • Sell me this pen, Wolf of Wall Street
    Sell Me This Pen. I Tackle the Wolf of Wall Street Sales Riddle. Do You Know the Right Way to Sell the Pen?
  • what net worth makes you rich?
    What Net Worth Makes You Rich? The Average Net Worth to Make it Into the Top 1% and How to Get There
Categories
  • All Blogs (207)
  • Canadian Financial Products (3)
  • Create Wealth (Investing) (55)
  • Entrepreneur Interviews (10)
  • Featured Post for Main Menu (4)
  • Featured Top Posts (23)
  • Financial and Investment Calculators and Economic Data (12)
  • Growing Profits (19)
  • Growing Revenues (79)
  • Growing Revenues (43)
  • Marketing (14)
  • Positive State of Mind (35)
  • Real Estate Investing (12)
  • Retirement (16)
  • Reviews (6)
  • Sales (6)
  • Sell Me This Pen (3)
  • Selling your Business (15)
  • SEMrush (1)
  • Top Products (3)
  • Uncategorized (38)
Follow us
Author
Jeff Wiener
Jeff Wiener
Jeff sold his company to private equity in 2017 and is now semi-retired. Jeff spends time…

    CHECK OUT MY BLOG, AND SUBSCRIBE

    about
    The Kickass Entrepreneur

    Expand Your Business, Improve Profits, Create Wealth

    Expand your business, improve your profits, and create wealth. Each one of the three can be elusive goals. Follow the right steps, and you, too, can create financial independence. It is possible … you just have to take the right steps.
    NAVIGATION
    • About
    • Blog
      • All Blogs
      • Create Wealth (Investing)
      • Entrepreneur Interviews
      • Featured Top Posts
      • Growing Profits
      • Growing Revenues
      • Marketing
      • Positive State of Mind
      • Real Estate Investing
      • Retirement
      • Sales
      • Selling your Business
    • Book
    • Courses
    • Podcast
    • Resources
    • Contact
    TAGS
    apartment BATNA Business business failure business growth business sale Capitalization Rate CAP Rate cash cash flow Creating Wealth Discipline entrepreneur entrepreneurship excel goal setting Growing Business investing investment real estate M&A marketing Marketing KPIs Mergers and Acquisitions | M&A | Entrepreneur Blog Millionaire millionaire next door mistakes MUR Negotiation Peter Principle Profit profitability real estate retirement revenue Revenues sales sales management scaling business Semi-Retirement Blog | Entrepreneur Blog | Small Business Blog small business Stagnant stocks success Thomas Stanley wealth
    RECENT ARTICLES
    • man at construction site
      4 Common Contractor Mistakes: How to Avoid Them
      • January 27, 2021
      • No comments
    • Girl talking over the phone while using the laptop
      Registering a Business: a Step-by-Step Guide
      • January 25, 2021
    • stock trading
      What is the Future of Stock Trading?
      • January 21, 2021
    • workplace
      4 Ways to Protect Your Employees in The Workplace
      • January 14, 2021
    • accounting
      7 Tips for Boosting Efficiency in Your Accounting Department
      • January 13, 2021
    • cryptocurrency
      The Value of Trading and Investing in Cryptocurrency
      • January 8, 2021
    The Kickass Entrepreneur
    • About
    • Coaching
    • Book
    • Blog
    • Contact
    • Privacy Policy
    • Terms
    • Disclaimer
    • Facebook
    • LinkedIn

    Input your search keywords and press Enter.