Running a company requires focus, a trait some entrepreneurs, especially young people, sometimes lack. If you’re one who tends to get distracted by all that has to be done to the point that it impacts what you should be doing, then it’s time to pay attention.
It doesn’t matter what you do or why you do it. If that’s the key task that makes you money, you need to be focused on that, as well as on the task of bringing in more of that. But too many business leaders get bogged down in activities that definitely need to be done, just not by them. Maybe it’s control or obsession or fear, but it’s definitely a common failing. Don’t let it happen to you.
Here are four necessary duties you should already be delegating…
Don’t try to do this on your own. Just don’t. I know you think you can handle it, and maybe you’re right. But you know what? You could be doing something to actually make more work for your accountant rather than wasting your valuable time doing his. Another wrinkle here, when successful businesses run by domineering CEOs implode, there’s very often some sort of tax component. Don’t be that guy.
This includes paying employees, contractors, suppliers, and making sure there’s enough in petty cash to keep the office running. You should not be thinking about balancing the books or keeping up with the day-to-day accounting. Someone else should be doing that so you can focus on bringing in more cash and hiring more people.
This is the time sink that never ends. Business banking can turn into one endless sales pitch and errand run. There’s always something that needs to be done, and technology makes it tempting to handle it yourself. After all, if you can make that deposit from your phone, it’s “easy” right? Well, yes and no. Here’s the main question: Will doing that job make your company money? If not, you need to have someone else responsible for that chore.
So far, all of these have been financial. But there’s one big one that you need to delegate…
Now, we’re not saying you shouldn’t be involved in hiring and firing. You should be because you need the right people in the right places on your particular bus. However, what you don’t need is to be dealing with the day-in and day-out operational aspects of HR. You don’t need your people talking to you about petty office squabbles and insurance plans. Those are necessary tasks that someone else should be managing.
Bottom line here: be willing to give up the tasks that don’t make you money and steal your time. Focus on what makes your business profitable, and leave the necessary grind to people better suited to those jobs.
Roman Temkin is a real estate developer in NYC.