If your business is to grow more swiftly then you have to delegate more and more responsibility. Acknowledging that you are not always the best person to do everything can be hard but it is crucial. Here are five ways to help you let go.
1. Your time is the most precious in the business – if somebody else has the capacity and can do the task, then delegate it. The less you are needed the more you can investigate ways to improve the business. And the faster you will eventually be able to exit the business. Try itemizing every task that you do in a week and delegate any that other people can do.
2. Hire to your weaknesses –recognising your own weaknesses enables you to hire people who have corresponding strengths. This will provide you with natural targets to delegate to and a more rounded business generally.
3. Use PDPs to encourage development – when you work with your team on their Personal Development Programmes, encourage them to identify additional responsibilities that they want to assume and work with them to make it happen. As well as reducing your workload it will improve your employee retention.
4. Hire people who are as good if not better than you – if you don’t hire people because they are better than you then somebody else will, and let’s face it you’d rather have the best people on your team than lined up against you.
5. Recognise that the less valuable you are to the business the more the business is worth without you – If you are looking to extricate yourself from the business then remember the less any one individual (particularly an equity holder) is responsible for the success of the business the more valuable the business will be to an investor. It may feel counter intuitive but your business is worth more the less integral you are to its success, so delegate.