The art of delegating, is it an art? Or a science? Okay, so delegating isn’t really an “ART”, but it is a necessity to grow your business and your bottom line. The definition of the word delegate is: “entrust (a task or responsibility) to another person, typically one who is less senior than oneself.” It also means “a person to represent others”.
According to an article from SmallBusiness.com there are 28.8 million small businesses in the US alone. 80% (23 million) of those comprise of only 1-owner with no employees while just 20% (5.8 million) have paid employees.
Did you know that half of these small businesses will fail within the first 5 years? Yes, half will make it, but half won’t.
Business today is much different than it was in the past. Social media has brought marketing to an all new level, and to keep current and effective takes a lot of time and effort, and most small business don’t have the resources for that.
The art of delegating isn’t easy…as a business owner its not easy to give work to others that are representing you and your company. But it’s when you step out of your comfort zone that things happen…and having more time, tools and processes are what will help your business grow and be successful.
When you delegate effectively, you’re sending the work to the person who has the right combination of skills and time to get the job done.
Whether you have employees or not, there comes a time that you need to start delegating tasks so your business can grow. It’s hard to break the “I can do it myself” mindset, and there’s a myth that people need to be busy and overwhelmed before they can hire the help they need. It’s actually the opposite…even if your business is growing slowly, as an owner and entrepreneur you need to be focusing on the higher-value activities and leave the low-value work to those who can get it done quickly and efficiently.
Let’s do the math. As we know, time is money. Let’s say you have a consulting business. If you bill $125 hour for your services, ideally you’d like to be able to bill 40 hours a week at $125/hr. But typically you can’t do that, because 5-10 of those hours each week aren’t spent consulting, they’re spent doing lower value work like researching your next market, creating a social media campaign, scheduling your social media posts, finding images for the posts…you get the point.
This type of work is working “in” your business. Let’s say you can bill 35 hours at $125, weekly you could bring in $4375.00. Now let’s say you find someone to fill your 5 hours of low level tasks at $30/hr for easy math. You’re spending $150 week, which frees you up to make an extra $625 weekly. Once you’ve paid your assistant, you’re left with an extra $475 each week or $1900 a month…could you use that extra money?
If you delegate this work to someone who is a non-employee you’re also NOT paying for:
- Sick Leave
- Vacation Time
- Office Equipment
We’ll continue this series in the coming weeks, but in the meantime if you’re thinking about how to get started delegating effectively, take some time to:
- Jot down what you do on a daily basis.
- Look at which of these areas are repetitive.
- Find others areas you can teach someone to do.
You now have a starting point….
If you’re struggling with the art of delegating, give Laura at Elite Virtual Assistants a call. She will help you find the right areas to start delegating and give you more time to things done.