Monitoring vs Doing it Yourself.
When does an entrepreneur know when to let go of things? When is it time to delegate?
That wonderful scary word “Delegate” Do you have anyone to delegate your work to? Do you trust the person to whom you are delegating the big responsibilities of the company?
No one and I mean no one cares about your business more than you. So what is a proprietor to do?
Let go? How much do you let go? And how do you let go?
I have seen owners let go and the person to whom they entrust their business failed; and then they said,” See I am the only one that can run my business.”
You can’t let go until you train staff and put monitoring and checks and balances in place.
Time: When to do it? When your sales are high enough to accommodate sufficient staff to delegate jobs?
Jobs: List the positions necessary to let go. Customer Relations (Sales), Operations, Financial.
Who: Sometimes employees are good at their job in sales or operations but they are not good at managing people. So make sure the right people are on the bus. (Jim Covey book Good to Great?)
HOW: MONITORING AND HAVING CHECKS AND BALANCES IN PLACE.
Sales (Customer hand off and weekly sales meetings and reports)
Operations (On-site Managers, weekly operations meetings and reports)
Financial (Bookkeeper, Part-time CFO, make sure you limit signing, passwords and transfers of bank money.)
Congratulations. You are a CEO. Welcome to the world of monitoring and paperwork.
(You can still take a walk in the plant or visit the construction site but you should not be fixing the machines and building the home yourself.)
There are perks to being a CEO. Maybe you can start taking weekends off.
You are always available for emergencies.
If you train your staff well, the company should run smoothly without you.
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