Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of how to utilize delegation in order to become a better leader and build up your team. Read on to explore why delegating doesn’t have to be hard, delegating done right, how to delegate as an entrepreneur, how to delegate when you’re a perfectionist and how delegation makes you become a better manager.
The Delegation Dilemma: Why It Doesn’t Have To Be Hard
No one said delegation was easy. But, it’s a risky choice that leaders have to make day-in and day-out. The truth is, delegating tasks can make your job easier (if you play your cards right) and give your employees a push in the right direction. So how exactly do you delegate tasks and are you delegating them to the right person?
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Choosing the task. If your team member can do the task without batting an eye, chances are, the task is too simple. Likewise, if the task is extremely difficult and causes your team member to break a sweat (mentally speaking), the task is too difficult. Find a balance.
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Assigning the task. This is a critical step in delegating and can cause the whole thing to combust if not done properly. As a leader, you need to:
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Clearly state the task and be as detailed as possible.
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Tell them what makes the task a success.
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Give them the run down. What is the timeline, the final deadline, etc.
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Check in regularly. Whether that’s setting up weekly meetings or casually walking by their desk each week. Make it a point to communicate with them for the duration of the task.
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Follow-up. Once the task is completed, your job doesn’t just stop there. No, it continues with creating an after-action review. Provide feedback on the process and don’t forget to say thank you!
To explore how delegating will minimize risks and maximize your impact, read the full article on MorningBrew.com.
The Importance of Delegating: What, How and Why it's Important to do it the Right Way
Getting someone else to do business-critical tasks can seem like a relief. One less thing on your to-do list. However, delegating is more than just offloading responsibilities. The truth is, doing delegation the right way improves your business’s bottom line and:
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Elevates team satisfaction
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Prevents unnecessary stress
Conversely, delegating the wrong way:
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Decreases team morale
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Puts undue stress on your team (and company)
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Reflects badly on your brand
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Costs your business time and money
Delegating the right way sets the responsible party up for success. In fact, delegating is more than just the what, when and why. It’s:
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Taking a look at the current situation.
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Identifying the scope of the project.
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Setting up check-points.
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Making sure you’re still on track.
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Ensuring the assigned person is the right person.
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Planning for any challenges that might hinder the project.
To learn more about the best practices for delegating in the workplace, head over to BusinessLeader.co.uk.
Letting Go Without Sacrificing Quality: How to Make Delegation an Essential Skill
If you’re a perfectionist, delegating might seem challenging. Impossible even. You might hoard assignments, spend time on menial details or micromanage – all which leads to low morale on the team. And a Gallup research team found that companies led by strong delegators achieved higher overall growth compared to companies whose leaders delegated less. So, if you’re perfectionist, how do you let go of the reigns without sacrificing quality?
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Consider the cost. Is it worth what it costs you in terms of lost time, productivity and new opportunities? Assuming responsibility (lack of delegation) for everything is not a strength. In fact, it’s a sign that you’re not ready for more responsibility
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Start small. Start by choosing low-impact tasks that you can delegate first, then work your way up.
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Share responsibility. Approach delegation as a partnership. Invite your employees into the process such as asking them to propose assignments they would like to work on or have them share ideas as to what they can take off your plate.
To understand how to delegate tasks, even when you’re a perfectionist, check out the full article on FastCompany.com.
Becoming a Better Manager - Delegating Done Right
A recent Gallup survey found that 70 percent of a team’s engagement depends on the manager. But in a climate full of uncertainty, it’s no wonder manager are struggling to bring their A game. In fact, you probably fall into one of these two categories:
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Promoted to a leadership role despite having any formal training
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OR An entrepreneur who needs to grow their business fast.
Whatever the circumstance, here are a few ways you can become a better manager.
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Create a clear vision. Set attainable goals that allow your team to become more productive.
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Utilize communication. Establish ongoing formal and informal interactions with your team; this allows you to stay in the loop and offer support when needed.
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Deliver regular updates. Conduct performance reviews so that your team understands what goals to hit.
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Motivate your team. Employees want to feel recognized and appreciated. By providing flexible work options, ongoing training and generous paid time off, you’re increasing team morale.
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Delegate effectively. Delegate the right tasks to the right people. As Harvard Business School Professor Amy Edmondson once said, “One of the leadership challenges is to set direction, to set that aspiration, and to recognize that you don’t have the answers yourself.”
Becoming a better leader doesn’t happen overnight – it takes time and the above tips to make it work. To learn more about how delegation plays a role in becoming a better manager, head over to Forbes.com to read the full article.
Need some help delegating tasks? We can help you with our customized business solutions.
