Why You Need To Learn To Delegate

THE ART AND SCIENCE OF DELEGATION As the owner of a digital agency, you can end up being accountant, sales rep, and account manager in addition to CE0-Why are you spreading yourself so thin? OWNING A SMALL BUSINESS MEANS SACRIFICE Financially: When was the last time you sacrificed your paycheck to float your business? 47% use PERSONAL SAVINGS to pay for aspects of their business What do small business owners do with extra cash? to to to 5, 5. 40% immediately reinvest in the business rather than 17% save for retirement 14% set aside extra cash for personal or family pay themselves investments Personally: When's the last time you sat on a beach without checking your phone? || 86% work on 53% worked 60% of small on major holidays weekends business owners take one vacation a year-but 75% spend that leisure time shackled to their laptops working Despite devoting time, money, and sanity for your business, profits are still plateauing Without strong profits, only 50% of small businesses survive the first 5 years 色 色 色 Only 1 in 4 American small businesses make more than $1 million in sales Are you running around dolng busy work and never focusing on the big picture? You might be suffering from. DECISION FATIGUE: NOT DELEGATING IS STRAINING YOUR BRAIN The more decisions you make, the harder each one becomes When the brain's decision-making powers are overworked, we can become reactive instead of proactive Paralyzed Overthinkers Avoid making choices, creating more work in the long-run Overwhelmed Hotheads Become more easily frustrated and combative Immediate-Satisfaction Seekers Take illogical, impulsive shortcuts to favor short-term goals June Studies show people with the best self-control Structure their days to conserve willpower and limit unnecessary choices Conserve decision-making power for emergencies and important decisions You have a finite amount of decision-making Julce-Don't use it all up by hand writing paychecks or flling the red Swingline stapler 20% of small businesses fail in the first year-but leaders with delegation skills can overcome the odds CEOS who delegate have been shown to generate 33% more revenue than CEOS with low delegation skills DON'T BURN OUT YOUR TEAM: HOW TO DELEGATE Hiring the Right Team "There are just no good people out there" 33% of small business owners have job openings they can't fill 23% cite finding qualified workers as their "Single Most Important Business Problem" The highest percentage since 2000 "It's so hard to keep talented employees" 2015-2017, the number of small businesses with an annual employee Please accept turnover rate of 20% or more this letter as increased almost 3X notice of my resignation Millennials switch jobs more frequently than older generations Average time spent at job Millennials: 1-3 years Gen X: 4-8 years Baby Boomers: 10 years Replacing a single employee can cost 21% of their annual salary – Even more for highly trained or specialized positions Start Hiring: Types of employees to consider Flex Staff: The nature of employment has changed to include diverse teams of staff working permanently, as-needed, and remotely across the globe Full-time and Part-time Employees Benefits Long-term delegation: Can assign permanent responsibilities Company loyalty: Invest their position and the success of the сompany Challenges Benefits: Usually obligated to pay benefits such as holiday and sick pay Constant cost: Must pay a salary regardless of the company's or team member's performance Contract workers, freelancers, etc. CONTRACT WORKERS MAKE UP ABOUT 20% OF THE U.S. WORKFORCE Benefits Hiring flexibillty: Contractors only work on necessity and can always be hired full-time as needed Specialized skills: Save the time it would take to train current employees in a specific task Challenges Less avallability: Contractors may have several other employers and might be booked full when you need them Less commitment: Contractors have less long-term investment in the any, and it's easier for them to cO bail at any time CODIFYING BUSINESS: ALWAYS BE PREPARED FOR DISASTER Successful delegation is only possible when operations are consistent, proactive, and every decision doesn't hinge on one person's know-how Operations/training manual: Defines how things are done and allows employees to operate the business independent of the owner Commonly comprised of Company Overview Mission, story, and history of Company Systems Major system descriptions and key components of operations Training materlal Comprehensive overview and description of instructions and training procedures the business with an overview of its entire organization Once your team is chosen and your business operations are defined, it's time to let go of day-to-day tasks and focus on business growth HOW TO LET GO: GET TIME AND FREEDOM YOU NEED Tasks to Delegate Accounting Soclal media and marketlng Legal Data entry Web design and development Consider Assignments Carefully Match tasks and employees: Choose based on skills and time availability Define expectations: Make desired outcome clear with parameters and targets Acknowledge and recognize: Display gratitude and constructive feedback for jobs well done Codify Company Culture to Allow for Scaled Growth As your business grows, more employees and clients can mean more confusion Make your company's values and goals known to everyone Advice for the micromanager There is no shame in seeking assistance with business development 58% of small business owners would advise new owners not to fear seeking help IF YOU WANT SOMETHING DONE RIGHT, LEARN HOW TO DELEGATE bls.gov/news.release/tenure.t01.htm .bls.gov/bdm/us_age_naics_00_table7.txt smallbusiness.co.uk/delegating-small-business-2541485 nfib.com/foundations/research-center/monthly-reports/jobs-report americanprogress.org/wp-content/uploads/2012/11/CostofTurnover.pdf activecollab.com/blog/growth/hiring-a-contractor-vs-a-full-time-employee nytimes.com/2011/08/21/magazine/do-you-suffer-from-decision-fatigue.html kabbage.com/pdfs/pressreleases/Sacrifices_and_Motivation_Press_Release.pdf hiscox.co.uk/business-blog/10-things-small-business-owners-delegate-often-dont greenwich.com/sites/default/files/2016-Market-Pulse-67-Trends-in-sourcing-talent.17-7002.pdf businessinsider.com/reid-hoffman-explains-why-corporate-culture-needs-to-be-codified-2016-3 smallbizlabs.com/2016/10/most-small-businesses-have-less-than-400000-in-annual-revenue.html OScaleTime DEVELOPED BY N NOWSOURCING franchise.org/creating-an-effective-operations-manual-a-%E2%80%9Chow-to%E2%80%9D-guide news.gallup.com/businessjoumal/182414/delegating-huge-management-challenge-entrepreneurs.aspx smallbusiness.yahoo.com/advisor/the-pros-and-cons-of-hiring--employee-vs-independent-contractor-203736904.html https://blog.bankofthewest.com/wp-content/uploads/2016/07/Bank-of-the-West-2016-Small-Business-Survey-and-Index-Full-Report_PDF.co_.pdf maristpoll.marist.edu/wp-content/misc/usapolls/us171204_KoC/NPR/NPR_Marist%20Poll_National%20Nature%20of%20the%20Sample%20and%20Tables_January%202018.pdf#page=3