Setting Your Business Free Through the Practice of Systematic Delegation

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After owning a business for over twenty years now, here’s something I firmly believe. Your business is worthless until it can operate without you.

Now that may seem a bit harsh to some, but until you’ve created a system that allows others to bring in the business and provide the products and services without the need for you to make it happen, you’re stuck in a job. It may even be a well paying job, but it’s probably not one that you could convince someone else to come in a buy some day.

In many ways, your business is stuck to the degree you can successfully delegate the work you do today to others. Others may mean key employees or it may mean other companies or virtual support staff, but your goal as the owner of the business should be to actually rise to the level of CEO.
We could all argue about what CEO work is, but I’m guessing you spend large parts of your day not doing it. I get that, the printer gets jammed, the package needs to be shipped, the copy must be proofread, and then it’s time to go home.

One of keys to growing your business to the point where you can rise to the level of CEO, the place where you can focus on the highest payoff work, is to adopt a mindset of systematic delegation.
The first step in creating this mindset is to analyze the work you currently do each day and assign a value to it in a way that creates priority.

The value matrix
 I like to do this little exercise with people because is assigns a fictitious monetary value to work that helps with delegation thinking. To me there are four kinds of work we do each day – $5, $50, $500, $5,000. (The actual numbers you use for this don’t matter as much as the concept of differing values.)
The idea here is that some work you do has great value and is likely the work you should attempt to focus on and some work has little value and is certainly the work you should delegate if you are to ever get to the high payoff work.

$5 is stuff you can easily delegate such as proofreading, link checking or many kinds of basic research.

$50 includes stuff that you’re probably not that good at and should pay someone that’s likely better to do, such as getting your site to run faster, creating PPC campaigns or most of your bookkeeping functions.

$500 is the trickiest one of all. This is usually stuff that’s important, expensive to delegate and that you may indeed be pretty good at, but that will keep you from truly getting free. This includes things like writing sales copy, creating key PowerPoint presentations, delivering your services or even making sales calls.

$5,000 is the high payoff work, but it’s also the hardest to accept because the payoff may indeed be off in the distance, so sometimes it doesn’t feel like the most important work. Spending more time in the $5,000 box should be your goal if you’re ever to set your business free to create value. This is innovation work, strategic partner creation, product and service development, masterminding, documenting and delegating your success systems. The items left in this box should be things you enjoy doing, that serve your passion and purpose and that tap your core abilities or you might need to rethink your business entirely.

Draw a box and create four squares, placing one of the above numbers in each box. Now, go through you typical work week and think about the tasks you’ve done or do routinely and put them in one of the boxes according to what you think they are actually worth.

For most people the easy delegation starting point is the $5 and $50 boxes. Right now, commit to documenting how to successfully get that work done by others and start looking for ways to stop doing anything that keeps you in these boxes.

Look at your $500 box and start thinking about items in that quadrant that you could delegate. This will be the hardest one because this box almost always contains things that you enjoy doing or that you don’t think you can ever get anyone else to do as well as you, but this is where the real progress comes from.

The to-delegate list
As you start to adopt this thinking make it a daily habit by combing over your daily to-do list. Write it down and then break it into two tiers – to-do and to-delegate. Identifying the things you’ve come to realize you can and should delegate, but still do on a daily basis, will train you to focus on getting them off your to-do list.

Busy?

The Basics of Business

Creating a successful business that will grow and thrive through its many industry fluctuations is an effort that requires exceptional planning, analysis, and continuous decisions and maintenance. The success is dependent on your understanding of the industry, your product or service and, most importantly, the business itself. There are several business basics that require your attention if you plan on establishing that successful business venture.

Business Plan and Structure

• Business planning is the most important aspect of a successful business. When planning for your business, take into account every aspect of the business. Developing a business plan is the most productive way to complete this process. When planning your business, you will first need to decide on your business' structure. Are you going into the business by yourself as a sole proprietor or will you develop a partnership, corporation or limited liability? Will your business be for profit or not for profit? These aspects are extremely important and will help mold your financing concerns, legal documentation and business filing requirements.

Accounting and Legal

• As you brainstorm and develop your business, you will need to establish your accounting and legal roles. If you are a smaller business, such as a sole proprietor or partnership, you may consider doing your own accounting and bookkeeping and reserving your legal activities for your own personal lawyer. However, if you are structuring a larger company, hire an accountant or banking professional to sit as your designated company accountant. Do the same for your legal representation. These individuals or firms should hold superior qualifications and show clear experience that they can handle your business needs. This will protect your company from inaccuracies that can result in business downfalls.

Management

• Management is also an important part of the business basics. Select individuals who are experienced, qualified professionals who are able to think independently while considering the importance of the business's needs. These team players should lead by example and be able to keep employees motivated and fresh. Keep your management team, and employees, up to date with continued education and product and service reviews. This will ensure that they are prepared to provide your customers and clients with exceptional and informed service and product information.

Sales and Marketing

• Sales and marketing are the generator of your business. Without the sales of your product or service and the marketing of your business, there would be no customers. While the sales and marketing of your business go hand in hand, they are generally more successful when handled by separate departments. Your marketing should focus on how to generate your customer base. Consider what your customer wants, how you can offer it and what makes your product or service different from the rest. Analyzing your competition is part of this process. Familiarizing yourself with the competition will help you determine how to stand out from the rest.

Customer Service and Retention

• Customer service exists in every business that involves a customer or client. How you handle your customers' sales and inquiries will determine if your customer will return and become loyal or stray to the competitor. Serve the customer in a pleasing manner with each interaction and show the customer that you appreciate their business. Develop a process of serving your customer's needs and concerns. Be alert to potential problems and always be willing to assist.

Computers and Technology

• Computers and technology are a driving force in today's business. Business technology helps to organize your files, develop your products and service your customers. Your computers should be up to date and free from viruses and spyware. You should protect your client and customer files from corruption and theft and ensure that your security features are in place at all times. As your business grows and the industry evolves, make sure that your technology does the same. Register for routine maintenance, stay scheduled for system updates and replace your systems as necessary.

Everybody is a Genius....

3 Pieces of Solid Advice From Sir Richard Branson - Virgin Group

This man is the epitome of inspiration. He not only dreams big, but then follows through to see his dreams come to fruition. Find out what 3 pieces of advice he thinks are the most important in life and business here!

Branson’s messages were clear:

• Be proud to say what you work at.
• Don’t do something for the money, do it because you love it.
• Beat people’s expectations in everything you do.

A man who clearly loves to dream, Branson confessed that one of his greatest strengths is fantasizing about the future, an activity that we can all learn to do. Branson himself is proof that visualization (and some action) truly does manifest dreams. A prime example is his Virgin Galactic endeavor, which will send the adventurous (and rich) into space. As I watched the promotional video, I got goosebumps and a sensation of surety that one day I too would take a great expedition into that unknown frontier. See… I’ve already started visualizing my dreams.

Lessons learned from Sir Richard Branson:
1. You only live once, live life to its fullest. The world is your oyster.
2. Create something that will make a difference and continually give back to society. It is your responsibility as a human being to take on responsibility for the world around you.
3. Success doesn’t equal boardrooms and suits. Those are a false formality that may only hinder your progress. Think outside the box and go against convention.

What Are Good Work Ethics?

Ethical work habits are an integral part of the lives of many employees and students. The exact definition of "good" work ethics is subjective, but many people consider certain characteristics as ethical and others as unethical. Good work ethics often inspire others to act in similar ways.

Commitment 

•  Commitment and dedication to work can be considered a good work ethic. Workers show commitment by being punctual, present and attentive. A worker could show commitment by working overtime when needed or by showing company loyalty. Workers show lack of commitment when they are late, absent or distracted while performing job duties. 

Productivity 

•  Many people consider efficient production a hallmark of good work ethics. Productivity doesn't have to mean a huge output; it could mean consistent quality yield as well. Productive workers strive to complete objectives on time and deliver excellent products. An unproductive worker may waste time and other resources and otherwise not live up to her full potential

Perseverance

• The ability to persist and face challenges is a good work ethic know as perseverance. Perseverance can simply mean having a positive attitude every day. It could also mean having the courage to continue working through professional or personal hardship. Workers who are impatient or who give up easily show lack of perseverance.

Organization

• Organized workers are able to structure both their physical environment and their time. Organization is a skill than many people consider part of good work ethics. Workers show that they're organized when they plan and coordinate job duties. Good workers often use organizational techniques to help them handle stress, both on and off the job. Proper planning helps workers be flexible when challenged with sudden changes. Disorganized workers mismanage time, have disorderly work spaces and often fail to make contingency plans.

Creativity

• Creativity doesn't necessarily mean proficiency in art or writing; it can mean finding alternate ways to approach work, combining work with hobbies or enjoyable activities or discovering ways to make work more worthwhile. Creativity is seen as a good work ethic because creative workers help businesses innovate and invent. Workers show a lack of creativity when they fail to share their ideas or present ideas that are plagiarized or unoriginal.

Communication

• Appropriate, positive and consistent communication is another good work ethic. Acceptable communication can be both verbal (listening, body language, eye contact) and nonverbal (phone and email etiquette, proper grammar). Good communication dictates that relevant information be revealed as soon as possible to the applicable parties. Poor communication might be improperly formatted, untimely, unresponsive or irrelevant.

Respect

• Respect is a work ethic shown through positive interaction with co-workers, management and customers. Respectful individuals are tolerant of people's differences and understanding of conflicting points of view. Workers show disrespect when they are intolerant of diversity, rude to others or argumentative.

Leadership

• People who exemplify outstanding work ethics are often looked upon as leaders, regardless whether they hold an official leadership position. Leadership skills include problem solving, conflict management and mentoring. Positive leaders take care to constantly show good work ethics.