One of the most important business principles is that which concerns the delegation of responsibilities within a growing business.
Delegation is all about sharing the workload of the organization. As you will realize very quickly, the more you grow your business, the more work there will be. So much that it cannot be done by one man and therefore needs to be shared.
The key here is to know the best time to delegate. You have got to do it at the right time and so determining that right time will be your biggest challenge.
You will find there may be too much work for one person but then again too little for two. So what then?
How to do handle the extra work without hiring, because bringing in a helper at that stage of your business might not be the most cost-effective way to go? That’s why you need to explore other options of getting the job done without working yourself to an early grave.
There is a little animal called Outsourcing. This is a business situation where you engage another specialist organization to perform certain responsibilities for you for a fee.
This will then mean you get the job done with the help of the external Organisation without the need to hire employees. So outsourcing is one option that could be available to you.
However, while outsourcing might be the best option in within specific stages of business growth, you may find that beyond those stages it may start to be too expensive to outsource. In that case, it might be a better decision to hire your own staff to do the work instead.
Therefore you must constantly audit your operations because the more the work you outsource the more expensive it may become. If you find you have to hire staff, please look at an article our on staff recruitment.
NB: There is no one single Outsourcing/Hiring model that fits all businesses. For some businesses it may be cheaper to outsource more as the business grows and for those businesses hiring will not be an option.
Therefore you need to assess to find out which is the best option for your own situation.
The most important point here, however, is that you must not work yourself to the ground. Delegate if you can, or if not Outsource.
Either way, you must learn to share your work when you have to. Your business needs you, so don’t overwork yourself. In the long run, you will find that it becomes counter-productive for you to work yourself senseless.
As a matter of fact, it is a preview for failure. Don’t waste your time on routine tasks that could be done by someone else while allowing you more time to concentrate on running the business. So be savvy, delegate timely.