“An eminent leader never gets bogged down in simple details that his employees could be working on – He rather focuses on the bigger picture!”
You can’t sail in more than one boat at a time
This concept of working on it, not in it is rather important for business owners. In the previous chapter, we talked about paying attention to almost everything. Well, adding to that point, don’t indulge yourself in everything.
The definition of a lean startup is highly misinterpreted by many amateur entrepreneurs. They read so many books, articles, and whatnot. The only thing that gets stuck in their head is “YOUR CAPITAL COST SHOULD NEVER INCREASE YOUR REVENUE.” That’s it! They will do whatever it takes to make sure that this equation does not lose its stability. Not for a tad bit.
Though their intention is commendable, however, the practice is quite inappropriate sometimes. During those initial days of making their great idea into a functioning and reputed business, they wear many hats. It wouldn’t be wrong if I say every hat and every department is under them. Not only they supervise it but they are the ones working it too. They push themselves to a much larger extent and to tell you guys, there’s a fine line between working hard and being a micro-manager.
When you try to control everything in a business you are more likely to miss out on the big game. Because the truth is, your job should be running the business. When you realize that and start delegating, your business will grow.
When you are looking for secrets to build massive wealth, you have to broaden your mindset before everything else. As obvious as it sounds, people do not fail to accomplish success because they are too busy in tiny and highly irrelevant events, they keep themselves distracted and before they know it, they have already lost their chance to make it big.
If you want to ensure a high return on investment and make your business a massive hit, you have to comprehend your strengths and play by it. It’s pretty easy to micro-manage everything. You may reckon that you are the most efficient person in the room and you are the only one who can get things done the right way and more professionally than anyone else.
Even if that were true, all the time you spent doing little and irrelevant stuff that could have been done by any Tom, Dick, and Harry is the time that you are not running your business. When you get bogged down in simple details that your employees could be working on, you are not being an effective leader.
As the leader of your business, you are responsible for spotting problems and delegating solutions. You are responsible for setting goals and thinking about the future. The only person in your company who will be genuinely motivated to grow your company is you. Every minute that you spend working on tasks that can be delegated is a minute that you are not planning, strategizing, and building the best business possible.
Being the head of your business you have loads of responsibilities over your shoulders. Not only are you responsible for spotting problems and delegating their solutions but also you are accountable for setting goals and contemplating your company’s future in the long run.
Among all your employees, staff, and clientele, the person who has the most genuine motivation to grow your business is you. So do not spend your time on small tasks that can be delegated in a minute. Be the one who is busy planning, strategizing, and building the best business in the industry in his air-conditioned chamber.
Use the power of delegation.
Delegation refers to the process of allocating responsibility and authority to someone reliable in order to complete a clearly predefined and agreed upon task while you as the leader keep hold of ultimate responsibility for its success. The delegation includes empowering your employees through effective leadership, and maybe directed in any direction, and used in any organization.
A substantial indicator of growth is learning to work on your business, not in it = Successful business owners
Margery Kraus, CEO of Margery Kraus, founder, and chief executive officer of APCO Worldwide, a global consulting firm situated in Washington, D.C. (headquarters) has her own way of defining this concept, she uses the proverb, “roots and wings” to describe this sort of parenting.
When you realize that you are no more a cubical start-up but a multimillion-dollar company and as you initiate your expansion, you have to know your position in the business. It is no longer your job to attend all the calls, fix up meetings, or recruit people. Just teach them the basic process and make them well aware of your mission, vision, and core values. Then give them the authority to manage secondary branches and other departments that you feel do not require your immediate attention.
It is rather crucial for you as a business owner to realize that not everyone follows the same algorithm. Not only should you realize it but in order to witness growth and prosperity, you have to acknowledge it as well. People will do things differently than you might have done but that does not imply that it will not drive results. Who knows, perhaps they could unlock a whole new level of a marketing strategy or something like that. A new viewpoint could expand your business’ reach and spike its growth in ways you would never have reckoned.
Another entrepreneur who compares managing business-like parenting is Hester Taylor Clark. She is the founder of The Hester Group, a multi-million dollar project management company. According to her when you know that your business has grown enough to be given freedom, you shouldn’t hold back.
It is natural to want to cling on to your business too tightly but it also hampers the growth of your company. That is what you need to comprehend. The people you hired should have your confidence and you should trust them enough to let go of certain responsibilities. For instance, you can give up the job of hiring people once you have experts for that. As Hester says, there are people who are much more capable and smarter than me when it comes to hiring new interns. She leaves a headache to them and devotes her time in planning to expand her business.
Pinnacle is one of the leading companies in the IT sector. It is popularly known for supplying contingent IT labor to Fortune 500 companies. What started with $300 (USD) capital investment in 1996 now generates 1 billion dollars of gross revenue and the person behind it is none other than the Fastest-Growing Women-Owned Business in America – Nina Vaca.
According to Vaca, it is about humility and leadership. She further sub-classifies that humility to know that you do not know everything and leadership is to build a team that does know what it needs to know. You do not have to necessarily become the one-man army. Your leadership should be one hundred percent justified. Neither should you detach yourself away from the venture completely, nor indulge in its tiniest details.
Working on your weak points and empowering them would not be condemned until you lose track. Some business owners get so much involved in the process of identifying, categorizing, and mitigating their weaknesses that they tend to overlook the progress rate of the company that seems to be on a downward slope.
Decentralizing the company will only grow to the limits of the talents of that individual. If you wish to accomplish what you call desired goals, you got to help the team to enhance their skills and talents exponentially. It takes a group to move an organization forward, an individual alone cannot possibly do it on his own. Once business owners understand that they are well on their way to accomplish success.
Building that team should be a top priority for any entrepreneur who shifts, from a lifestyle business owner to an empire builder. The most elegant attribute of true leaders is that they are well aware of the fact that they cannot have answers to every question. This rationality is the reason they surround themselves with the right kind of talent and constantly seek their help because they know at the end of the day, it is in the best interest of their business.
Lisa Firestone, founder, and president of Managed Care Advisors believes that delegation offers you more time and it explores hundreds of product options. It might take a little longer for you to trust your employees because it is quite natural that you won’t be willing to hand over your business to any random person. But once you do have trust in someone it can be extensively empowering! You will start noticing growth and success will cross paths with you when you will do what you do best and let others do their job the way they like it. As long as they (your employees) are committed and sincere to the venture, you will prosper.
The key factor to be considered here is making sure that you have hired well. Never select staff out of desperation. Poor staff selection or poor staff retention reflects nothing but a careless attitude towards your business and that is not a healthy practice.
Many times, when their business is booming and producing massive results business owners hire the first person they find interesting without even considering others and this causes their downfall. Hiring friends and family because you do not know how to find the right people is really unprofessional and it can create some serious troubles during most crucial times. The business incorporates hard decisions and you can never let emotions or sentiments dominate the professional decision, for it will adversely affect your business development.
To do that, you have to recognize the traits of the person. Be sure that this is the person you will be handing off your business to. Whether it is hiring employees, unearthing new financing options, or opening up new markets, choosing well is imperative. These are not just employees, these are the people who will bring your dreams to reality.