Today we are answering the question on every entrepreneur’s mind: How Do I Give Myself A Raise By Delegating Better? And if this question isn’t on your mind, wow- do I have some facts that will change your mind about that!
Are you good at delegating? A lot of entrepreneurs would say “yes,” without really thinking about it, but guess what? Harvard Business Review revealed that 75% of Entrepreneurs suck at delegating. Well, they didn’t say the word “suck” but they meant it. And what are the results from sucking at delegating? Only 112% LESS GROWTH over a 3-year period than an Entrepreneur who has great delegation skills, oh and over 30% LESS revenue, too. So let’s clear out this unnecessary overwhelm of to-dos for you, right now. We can learn to delegate especially when we know it equals a 30% raise or more!
I bet your challenges with delegating started to creep in, right around the time your business started to expand. Which makes sense, right? Happened to me, happened to every single entrepreneurial client I’ve ever had over the past two decades. If anything, the non-delegators are hitting burnout harder than ever, and that’s why we’re talking about it right now. Considering most entrepreneurs start out solo, or with just one or two partners, you can see how this can quickly add up to some serious health and wellbeing challenges.
Even an entrepreneur who gains just ONE employee can start to run into problems due to low-levels of delegation talent. Our innovations, our products, or services— they are our babies. We have a vision for them. And when we are doing everything ourselves, we have ultimate control over how things are being done. Consider this: if you want to push your business beyond the startup phase of growth, then delegation is absolutely vital to your success. Delegation is the difference between being the leader of a successful company, or the leader of a DIY project.
Yes! Your company needs you. It can’t move forward without you. But concentrate your efforts on the wrong aspects, and you can actually slow the progress of your company’s growth.
Here’s why: Because YOU, the brilliant founder—need to be free to work ON the business, and you can’t do that effectively if you’re always tied up with working IN the business.
Effective delegating frees up your time and your talents. It’s a skill that is 100% worth developing, and if it just isn’t in your skillset, then you 100% need to know that now because you’ll need to onboard someone who is excellent at delegating.
The most important thing is that your talents are being given enough time and space to continue to do what you do best: Innovate.
Look, I get it. My naming business was all me for YEARS, and that was fine because I operated as a private consultant. I was a rock! An island! And I was very successful, but when I decided it was time for my business to expand, to become an Inspiration to Millions, I’ll admit it was hard at first to turn over some of that control. I kept thinking it’s faster if I just do it than if I teach you to do it. I was stuck on that hamster wheel for a year or two too long. But that’s only true if you do it once. If you do it 365 times a year, or even once a week, delegating will save you time and clear you up to do what you do best, lead.
It’s easy to understand how an entrepreneur—often defined by being a natural risk-taker, someone fueled by pure determination, is going to also be fiercely independent. Most entrepreneurs single-handedly take their innovations from concept to creation, and this is an important talent that drives entrepreneurial success!
The message here is that it’s perfectly understandable for delegation to not come naturally to most entrepreneurs. But not being aware of your own personal level of delegator talent…well, there’s just no way to sugar coat it: If you’re not a great delegator and you don’t know it—you’re leaving money on the table; a lot of money.
So what are the defining differences between the CEOs who are masters of delegation, and those who are just sort of winging it?
Here are 2 of the 6 key differences. To learn more and gain exclusive access to download the Delegators Chart—Please watch the entire episode!
1. Master delegators strive to be more essential, less involved.
There is a difference between being involved and being essential, and many entrepreneurs confuse the two. It’s kind of the same difference as being busy or being productive. Being involved is about how much time and energy you expend managing all the daily ins and outs of running a business. Being essential is about how well you activate your team to keep things running smoothly without your intervention. Keeping a tight grip on all the daily processes of running your company is going to eventually lead to burnout. Are you holding on too tightly? A good way to tell is to answer this question: If you were to unexpectedly take the next week off, would your business’ priorities continue to advance without you there? If your answer is no, or you’re not sure—It’s possible you are more involved than essential.
2. Master delegators are also master communicators.
Entrepreneurs with a high level of delegation skills provide frequent and engaging feedback about both what is and isn’t working. And they are great at acknowledging good work, which creates mutual trust and respect. Master delegators show interest in the personal growth of each of their team members, based on who they are as individuals. In this way, they not only infuse their team with a strong sense of purpose, but they also familiarize themselves with each person’s strengths and weaknesses. Low-talent delegators don’t provide constructive feedback with the desire to support and facilitate growth. Rather, they are quick to assign blame, which can breed resentments and create a dysfunctional environment for everyone.
Thank you so much for joining me today. If you enjoyed this article, subscribe to my YouTube channel where I release new masterclasses every Tuesday and Thursday. Don’t forget to watch the full episode to gain access to the Delegators Chart. And as always, remember the most important reason to learn how to delegate is so you can Love What You Do and Love How to Do It.