We left off a couple of weeks ago with an introduction to the coaching program I’ve participated in for the last 30 years, and how it has positively impacted my professional and personal life. Today I will cover some of what I have learned in the hope that you might benefit too.
Business owners eventually hit the ceiling of complexity which is the point at which they can no longer make further gains personally and/or professionally. Usually they have run out of their most important resource – time – so they are forced to delegate and/or outsource work to someone else. What do you delegate or outsource? This brings us to the subject of unique ability. Unique ability is defined as what gives the owner energy when he or she is doing that task or part of the business. It also usually gives the biggest bang for the buck or greatest financial return. This means that the owner has to trust someone else, i.e. empower someone else to do tasks that the owner can do but that do not make the best use of their time.
So the owner has to reach into the till and take money out to invest in a new or existing employee or outsource to someone else to carry out those duties. The employee or outsourced person must understand what he or she is tasked with and have the resources and/or training to do it. Assuming these two points are in order then the owner has to circle back to the individual in order to ensure that the person is succeeding. Assuming the person is doing as good or better a job than the owner would, then the owner has just freed up time to either focus more on his or her unique abilities (which should have a positive impact on the financial returns of the business) or take more personal time off. Therefore the business owner has made a good decision. Not only is he or she operating more efficiently but the business owner is more excited about the work they are doing and/or achieving balance in their personal life.
This seems pretty simple but is very hard for owners who want to always be in control or micromanage every part of their business. This is why some companies never grow.
Hiring or outsourcing sounds easy but you don’t always get the right person the first time around; you might have to go through one or more hires to get it right. Successful business owners understand this and recognize it as part of the cost and risk of being a business person.
Hope you’ll join me for the next edition of Intentional Success.
Clifford A. Wiegers, CFP, TEP, Ch.F.C., CLU, B.Comm.
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Securities Investment Services Inc.
The opinions expressed are those of the author and may not necessarily reflect those of Manulife Securities Investment Services Inc.
Mutual funds are offered through Manulife Securities Investment Services Inc. Insurance products and services are offered through Wiegers Financial & Insurance Planning Services Ltd. Banking products and services are offered by referral arrangements through our related company Manulife Bank of Canada.