Okay, maybe it’s not that dramatic but learning effective delegation is the key to your firm being able to grow and you reaching your desired quality of life. In fact, not delegating effectively will grind your firm to a halt since everything depends on you doing it so actually, maybe it is that dramatic.
Ask yourself these questions:
- Do you trust your staff to do their jobs? If not, is it because you simply cannot trust others to do the work OR are they the wrong person on the bus? If they are the wrong person on the bus, stop right here and give us a call or visit our hiring website (https://tsirecruiting.com/) to talk about how we can help you get the right team on board. Nothing in your firm will work the way it should without the right team members.
- Have you properly trained your staff to do their jobs? Employees need training and feedback and you must take the time to do this to get the benefit of their skills
- Do you understand there is usually more than one way to reach a successful conclusion? Not everything has to be done “the way you would do it” unless it’s an established process. Not letting your employees figure things out for themselves does you and them a disservice.
- Do you frequently find yourself saying “I can do it faster myself”? This one phrase will bring your firm to a grind.
- Are you a micro-manager? I have a quiz on my website (Are You A Micromanager?) you can use to test yourself. If you find out you are one, you must take steps to correct this immediately. Few things will inhibit the growth of your firm or keep you from reaching your ideal quality of life like being a micro-manager. Go back to question number 1 above – if you are micro-managing is it because it’s hard-wired into your DNA, you don’t trust your employees as a general rule or you don’t trust your employees because they are not the right employee? Determining this is important so you can seek out the best solution.
If you can answer yes to questions 1, 2 & 3, you truly want to stop saying “I can do it faster myself and no to question 5, then you are ready to understand what you can delegate. You have a couple of options here. You can time track – yep, you heard me right. It’s a pain but will yield incredible information. We like www.toggl.com – it’s easy to use, you can use it on your desktop or your mobile phone and after two weeks, you’ll have a plethora of wonderful information.
If you already know what you do on a regular basis, you can use Gino Wickman’s “Delegate & Elevate” from his book Traction. It’s pretty simple and you can download it from his website (https://www.eosworldwide.com/eos-toolbox) or create one on your own. Take a sheet of paper and mark off 4 quadrants on the page. The upper left-hand corner is “Love/Great At”, the upper right-hand corner is “Like/Great At”. The bottom left-hand corner is “Don’t love but Good At” and you guessed it, the bottom right-hand corner is “Hate/Not good at”. Track this for a couple of weeks and then examine your results. Anything in the bottom right-hand corner should be delegated to someone else immediately.
Then progress to the items in the bottom left-hand corner. Even though you’re good at it, if you don’t like, you won’t do it as well as someone who might be better at it. Look around at your team. Is there someone who can do this better than you?
Keep the items on the top – these are the things that give you energy. They are why you started your own firm. Once you learn to successfully delegate, you will find you can truly enjoy what you love doing.
If delegation is an ongoing struggle for you, give us a call. We’ve helped many of our Financial Advisor clients overcome this difficult obstacle.
Take care, be safe and thanks for listening.