Every one of the most successful and most profitable businesses in the world shares a common theme – delegation. In order to be successful you have to be able to replicate your secret sauce, your successful product or service and to provide the infrastructure and support as you expand. It’s quite simple really and this formula applies to the “one-man” entrepreneur operation and all the way up to the IBM’s of this world. Unless you have that formula in place you can’t succeed. Of course you may well survive for a period of time, but in the grand scheme of things you will be just “spinning your wheels.” Somebody else will come along who is a little bit smarter than you and be able to do what you do, a little bit better.
Survival in business these days requires not only book smarts but also street smarts. Being book smart requires you to provide an excellent product or service and a good reason for people or organisations to buy it. This enables you to set up your business in the first place and get it moving, after all. However, you also need to be street smart and this means that you have to be able to foresee difficulties and understand what it takes to expand and grow.
A growing business requires constant maintenance. As you grow, more and more jobs must be undertaken and each of these jobs takes a certain amount of time. Each one of us only has a set amount of hours in any given day and so we can boil it all down to a mathematical equation. As your business grows you personally cannot complete all these jobs anymore and you must outsource.
This is where many businesses fall down. They fail to identify it, when this particular moment arrives and simply modify their approach to make sure that they get everything done that needs to be done, but no more. It’s not as if they’ve refused to expand or grow, it’s that they create boundaries around their organisation preventing them from growing. This is known as a failure to outsource, a failure to appreciate that expansion is not physically or practically possible unless you delegate.
It’s amazing what happens when you finally decide that you have to delegate. It’s a little bit like saving for retirement. If you put a little bit away as an investment on a regular basis it can compound and before you know it you have a substantial nest egg. In business terms, if you allocate some of your funds to outsourcing to a virtual assistant you’re investing in your future. You release valuable time enabling you to expand and grow. Here again, before you know it, you have a nice business nest egg that’s now not reliant upon your efforts alone, but rather is representative of a well-oiled machine.
You may not end up with an IBM sized organisation, but when you finally realise that delegation is crucial, the sky truly is the limit.