Why & How?
In my next few blog posts, I will explore the why and how of “letting go of the vine” or learning how to delegate and elevate yourself to a true leadership position. Why is this important? Most of you know why but I’ll list a few reasons here.
If you have ambitions to grow your firm in the number of clients and revenue, you cannot continue to hold on to everything in your firm. It’s just not possible. You will hit a ceiling very quickly and most likely, become very frustrated with your firm, your role and your life in general. After all, you didn’t become an entrepreneur to get caught in the grind of everyday work. You most likely became an entrepreneur to create a distinct quality of life for you and your family and letting go of the vine is a big jump in getting to that quality of life.
Additionally, when you delegate to your staff, you give them opportunity to take the ball and run with it, to grow, to feel as though what they do makes a difference in the firm. So just how do you start on this path?
First of all, take stock of what you do on a daily basis. I would suggest tracking your time for some period to get a good idea of where your time goes. You will most likely be surprised by what you see. I use Toggl (www.toggl.com) on a daily basis and find it helps me tremendously to focus more on the activities I should be.
Secondly, take a look at those items you do regularly and classify them into some categories.
- I love to do it and I’m great at doing it
- I like to do it and I’m good at doing it
- I don’t like to do but I’m good at doing it
- I don’t like it and I’m not good at it
Anything that falls into #4 should be delegated immediately even if they are “people related”. If you don’t enjoy the HR related activities, don’t do them. You may not be cut out to do it and should hire someone who is. Then, take a look at the items in #3. These items should all be outsourced eventually because even if you’re good at it, doing things that you don’t like to do saps your energy which should be focused on items in #1 & #2.
One final hurdle – you have to rid yourself of thoughts like “no one can do it as well as me” or “it’s faster if I do it myself”. Even though training can be time consuming, it’s short term pain for some great long term gain.
We work with advisors every day on these issues. Give us a call or send us an email to see if we can assist you as well.