When is it time for a small business owner to delegate? As the leader of a company, it can be tempting to want to take control of every aspect, or the exact opposite – sit back and let subordinates handle the day-to-day operations.
However, there is a moment for both. A quality venture starts at the top with proper management, and it is up to these leaders to set an example and dictate how the company runs. Therefore, it is worth noting a few key examples of when tasks can be entrusted to others, and when they should be handled by owners themselves.
What can be handled by others
There comes a time for every small business when the company is stable enough to allow other employees to take on added responsibility. This could include business banking, human resources, client relations or any number of other items. These opportunities typically let management handle other vital tasks without worrying.
According to Entrepreneur magazine, any task that prevents the owner from growing his or her business should be delegated. Instead, they should focus on long-term growth, and leave smaller duties, like showcasing products, to others within the company. In addition, delegation is also useful when it comes to anything that speeds up cash flow. This could include hiring distributors to manage certain accounts, and make sure payments were made on time and in full.
Moreover, a small business owner doesn't know everything. Entrepreneur magazine explained that areas they may not be experts in should be left to others. This way, the best people for the job are working, so the final product is of extremely high quality.
What small business owners should tackle
While delegating can be ideal for a small business, there are certain items that need to be managed by leadership all of the time. These tasks usually require a large understanding of the company as a whole, and access to a wide range of valuable data.
According to the National Federation of Independent Business, one task that shouldn't be delegated is overall responsibility. What happens within the organization falls on the shoulders of those at the top, and this burden can't be pushed off on someone else. The same goes for the development of other staff members. These new hires have to be able to perform their duties properly, and training in a small business should be handled by leadership. This way, nothing gets left to chance.