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ArcaMax

Delegating the Right Way: Part 1 of 2

Cliff Ennico on

--They consider themselves colleagues, not managers or bosses, despite hierarchical management structures.

Let's be frank: Some business owners are completely happy staying small and in control by doing things themselves. And that's fine ... until the time comes to sell the business and retire. Few people will want to buy a business if 50 percent or more of the customers are likely to disappear in the first few months after closing, and that happens when your customers equate you with the business.

By spending all your time working in your business, even if you do a fantastic job, you will find yourself with little or no time to work on your business (to understand this distinction, read "The E-Myth Revisited" by Michael Gerber).

Here are some of the things you could spend more time on if you weren't so busy putting out fires:

--Marketing and promotional strategies to grow the business.

--Developing new products and services.

--Identifying and cultivating new key customers.

--SWOT analysis (assessing your business' strengths, weaknesses, opportunities and threats).

--Essential activities (more on these below).

--Possibly achieving a better work-life balance.

...continued

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