Is It Time to Let Go?
By Wendy Kram, Entrespect
One of the most difficult challenges a parent faces is learning to let go. Like other parents, I have had to make tough decisions: When should I let my daughter ride her bike around the block alone? At what age should I drop my son off at the movies with his friends? Preparing my children for independence requires balancing my fears with helping them grow into strong and capable adults.
Business owners also must learn to let go. The questions are different—Is it time to delegate the bookkeeping to someone else? Should I turn over the daily account management of my largest client to a staff member?—but the process is the same. Making business decisions like these can keep you awake at night, but letting go is critical to the growth of your firm.
Some business owners gradually let go over time, while others make sudden changes in how their business is operating. Determining the right path for you begins with evaluating progress toward growth goals and redefining your leadership role. Ultimately, you can learn to delegate with confidence.
Evaluate Growth Goals
A business owner who is functioning at a strategic level is able to drive progress toward business objectives. If your firm is not achieving its goals, perhaps your leadership role needs to shift. Take a moment to reflect on your growth goals. What is it worth to achieve those goals? Having a strong vision creates clarity around your role as the driver of success.
Redefine Your Leadership Role
Make a list of everything you do in your business. Now ask yourself: What is the best use of my time with respect to my growth goals? Circle the items on the list that qualify. Add new items that don’t appear on the list. The ones that don't make the cut are the ones that could and should be delegated. If you feel everything on the list is critical, ask yourself different questions: What is it costing me to be involved in this activity? How does that compare with the benefit? For example, if you spend an entire day tracking down a lost customer order, it may cost you a contact with a new prospective customer.
Give yourself permission to lead. When you stand in the viewpoint of “I am the leader,” it’s clear that you should not be intimately involved in most of the daily tasks of the business.
Delegate With Confidence
Delegate? The very word might make you think, “I am the only one who can do this,” or “Someone might steal from me if I stop doing the books,” or “There is no way I could train someone to take over this client.” If delegating brings up this voice in your head, read on: There are ways to minimize the risk.
The first step in delegating is to clearly define the workflow process for a selected function. Next, identify checkpoints where you need to be involved in the process. Third, determine the best resource for the job. Is there someone on your staff who can do it? Can you outsource the task? Can you justify hiring a new employee to take on the responsibilities? Keep in mind that it may make sense to break up your responsibilities by delegating them to multiple persons. Your goal isn’t to create a clone of yourself—it’s to assign tasks to the most qualified and efficient resources.
Once you have made the decision, clearly communicate the process and expectations to the designated person or persons. Monitor the process, but don’t micromanage it. Letting go means you have to trust your staff to perform the work. Don’t panic if there is a breakdown in the process. Work with your team to understand the root cause of the breakdown. Take the necessary steps to prevent it in the future.
Letting go will position your firm for future growth. It will allow you to increase your organizational capabilities, make the firm less dependent on you, and develop your skills as a leader. You might even be able to take a long-awaited vacation with complete confidence.
Wendy Kram is the host and founder of Entrespect(SM), an online podcast for entrepreneurs. She is also the president of Edgestone Consulting Inc. Visit www.entrespect.com to hear the free podcast “Letting Go to Be the CEO,” featuring Wendy Kram and NAWBO members Pam Krank and LouAnne Reger.