Do you sometimes feel like your business can only function if you are in charge of every detail and that the quality of the work is higher when you do it yourself? If it makes you feel any better, there are proven psychological reasons for this sentiment, but that doesn’t mean this is helping your business. This obstinance may have brought you to where you are today, but it will also hold you back from growing further.
There’s indeed a really high price to pay for not delegating: 77% of small business owners have experienced burnout, according to Xero. Another research from ScaleTime shows 86% of small business owners work on weekends, 53% work on major holidays and 75% of those business owners who do take holidays will work from their laptops. But holding on to every task is not only unhealthy, it can also hinder your growth. Here’s why delegating will help you grow your small business
1. It lets you focus on what you’re really good at
Every minute you spend doing your own accounting or trying to do all your marketing yourself is time you spend away from what you’re really skilled at (assuming you’re not an accountant or a marketer!). You will be busy and overwhelmed but not necessarily happy or productive. Focus on your strengths.
Tip: Write down what you’re really good at and what makes you excited about your business. This is what you are meant to be doing!
2. It creates a virtuous circle
When you delegate, you build trust and you give people around you an opportunity to learn. The more they learn, the more confident you will feel letting them take over parts of your business for you.
3. It creates a better work environment
Having your manager’s trust, being given opportunities to learn and being appreciated is every employee’s dream. Hire talented people and let them shine. Share your vision for your business and guide them on the best way to help you get there. Remember you chose that person or agency for a reason. You may have done a bit of everything to get your business up and running, but that doesn’t mean you know best. Be open to other opinions and different ways to achieve the best outcomes.
4. Time is money
It’s not uncommon for small business owners to forget to factor in how much their time and skills are worth it. If you charge your customers £60/ hour for your services and you spend several hours a week away from paying customers doing tasks that a virtual assistant could perform for £18/ hour, then technically you are losing £42/hour.
5. Your best ideas will come to you when you’re not so tired
If you’re working 16 hours a day just to keep your business running, how can you even think about getting more customers and more work? Someone at the edge of burnout can’t think creatively. Freeing up some time will give you the mental space you need to think about the next steps for your business.
Delegating is not about giving up your responsability completely; it is about sharing your vision and letting others help you get there. As soon as you can afford to have help, whether it is by outsourcing some functions or hiring staff, you should go for it!