Take the Plunge - Delegate

You are not delegating enough. Maybe you are afraid to let go of the work. Maybe you don’t trust anyone else to do it as well as you. Maybe since it’s a task you don’t like, you assume nobody could like it. But not everyone is you. Delegating can help your employees learn and grow. Handing over additional responsibilities can be a show of confidence, and allow your employees to rise to the occasion and shine. Set clear expectations for what success looks like, communicate any boundaries or constraints, and let them deliver!

Who can you allow to shine? 

Face it. You can’t do it all. And even if you could, would you really want to? Let’s dig into the first tip of 128 Tips to Make You a More Effective Leader and take a practical approach to moving through this obstacle.

Identifying what is holding you back from delegating can be the hardest step of the process. Looking inward can be uncomfortable. Being aware of your ineffective delegation habits is a great start. Now let’s get to the root cause:

 I have not delegated this because:

 If you can identify the why, you can then tackle how to delegate more.

Common examples:

• I don’t trust anyone else to do it.
• I can do it faster, better.
• I can maintain control over it.
• It’s boring and I can’t ask anyone else to do boring work.
• Which one do you identify with?

Here is the thing – maybe you can do it better, faster. Maybe nobody in your office can be trusted. But if you hold on to everything, you fall behind, your performance may suffer, and nobody in your company grows. Set clear expectations for success, lay out a communications plan so you are not blindsided, and remind yourself that:

• What you find boring, someone else might find fascinating.
• What you are faster, better at, someone else might also be good at… or exceptional at.
• What you can control by doing, you can manage by delegating.
• When you can’t easily trust, you can put systems in place to mitigate the risks.
• When issues arise, proactively address them and note the lessons learned.

You got this! What will you delegate today?

Hoping to sell your business one day? It may not be as easy as you think!

Baby boomers reportedly own over 60% of closely held businesses today, according to the Exit Planning Institute. Most business owners have a significant portion of their total net worth tied up in their business and will require a successful transition to meet their future financial goals and objectives. The Exit Planning Institute conducted a study suggesting as high as 80% of these companies are not saleable with the team of advisors the owners have in place. As companies grow in size and complexity, often their advisors haven’t changed and thus may not be the right team of professionals for tax preparation, estate planning, cash flow analysis, exit/succession planning or wealth management.

Strategies for Planning Your Legacy

Many business owners think about what will be their legacy and what will they leave behind. Less than 1/3 of family businesses survive into 2nd generation and only 13% into 3rd according to Family Business Succession – The Final Test of Greatness by Craig Aronoff, Stephen McClure and John Ward:

Most leaders who start a business have a passion for the business. They are on a mission to make a difference. As each succeeding generation grows into leadership positions, that initial mission can get lost or lose importance. The strategies may need to change as generations evolve and our world becomes more complex, but the core values that you founded your business on still matter.

Here are some strategies to ensure your legacy:

1. Document the principles and values you founded the business on. Have you learned any important lessons that would be helpful? Any leadership or business tips, advice? Write it down and share it for your next generations to use as a guide.

2. Educate your next generation and beyond about investing, budgeting, and getting credit. Train them on how to finance a business, manage cash flow, and make good business decisions. Show them how and more importantly, why! You have been handling money for decades and it may seem like common sense but it is not. If your successors do not know how to properly manage money you can kiss your legacy goodbye!

You have put a lot of time and effort into your business for decades and you deserve to keep your legacy alive. Take out your pen and paper and get to work!