For small business owners, especially first-time business owners, delegation doesn’t come easily. This is because owners want to do everything to get it right, and they might not have the experience to avoid micromanaging tasks they have delegated to their workers.
A new infographic by ScaleTime titled, “The Art and Science of Delegation” shows you how to effectively delegate so you can grow your business and avoid burnout by doing everything yourself.
The Importance of Delegation
The effects of burnout are very real for small businesses. According to Xero, more than three in four or 77% of small businesses said they feel the effects of burnout at work some of the time.
The data from the survey reveals those over 50 years of age report a burnout rate of 59%. The number goes much higher for those between 35 to 50 years at 84%, and for millennials, those 18 to 34 years old, it goes up by 10 percentage points to 94%.
Doing Too Much
Ask a small business owner if they are doing too much, and the answer will most likely be no. According to the infographic, owners are spreading themselves too thin financially and personally.
The infographic rightfully says, “Owning a small business means sacrifice.” And when it comes to financial sacrifice, 47% said they have used their personal savings to pay for some aspect of their business.
What would they do with extra cash? Forty percent said they would invest back into the business right away without paying themselves. Only 17% said they would save for retirement and 14% would set it aside for personal or family investment.
As far as their personal lives, most of them don’t have one, at least not much. An overwhelming 86% work on weekends and 53% worked on major holidays. When it comes to a vacation 60% said they take a yearly vacation, but of these 75% spend it working on their laptops.
In pointing out these stats, the infographic is showing small business owners are not delegating many of the tasks of their company. By hiring the right people and delegating those tasks to them, you can have more time for your personal life and effectively manage your finances.
The Benefits of Delegating
The infographic highlights the importance of delegations by showing that leaders who delegate increase revenue for their organization and they can improve the odds of their business staying open longer.
Not surprisingly this includes hiring the right team, but small businesses are not filling key positions and they are having a hard time finding qualified workers.
Thirty-three percent said they can’t fill an opening and another 23% stated finding the right person is the “Single most important business problem.” ScaleTime says these are the highest percentage since 2000.
The New Workforce
A mix of full and part-time workers, including contract or freelance workers is the way to go. This will allow you to delegate different types of responsibilities to the right person.
Some of the tasks you should delegate, according to the infographic, are accounting, social media marketing, legal, data entry, and web design and development.
Take a look at the infographic below so you can learn how to let go by delegating the tasks that keep you tied to your business 24/7.
Images: Andertoons, ScaleTime