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Delegating the Right Way: Part 2 of 2

Cliff Ennico on

Once you have made up your mind that it's time to start delegating to other people and growing your business, and once you've decided on what to delegate, only three questions remain:

--To whom do you delegate?

--How do you delegate?

--How do you avoid losing control of your business?

When delegating, you can choose among five potential delegates.

Technology. More and more these days, "there's an app for that." On the plus side, technology does not require a salary or benefits, and it runs pretty much perfectly all of the time, except for periodic maintenance.

 

On the negative side, technology is prone to break down at critical times and become obsolete every couple of years. And using technology as a customer interface gives the impression that you "don't care" about your customers.

Partners. Partners are paid out of a percentage of your business's profits and do not receive a fixed salary (although they probably will have a monthly draw to pay living expenses). Because they have skin in the game (if the business doesn't make money, they don't), they are likely to be more committed and will work harder than employees.

On the negative side, once people become your partners, they become hard to get rid of if things don't work out -- you would have to buy them out at whatever the fair market value of your business is at that time.

Employees. On the plus side, you can tell them what to do and fire them if they don't do it well without paying them anything, unless you want to.

...continued

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