Business Development: Ways to Delegate & Lower Overhead
Why is it important to think about business development?
Business development works by making and executing plans, which require money to implement. Some businesses have a lot more capital than others, enabling them to be able to execute on larger-scale projects and/or for longer periods of time.
Some business plans require a lot of execution and never get anywhere, while others seem to just flow together very well. Some businesses try to take shortcuts in the planning stage (for example by copying from someone else), which often does not work out well for them.
In this article, you’ll understand:
- What to consider when creating a business plan
- The importance of delegating tasks
- Properties of leaders who delegate well
- Business development: recruiting top talent with low overhead
Original Story: Lower overhead, Business Development Strategy
What to consider when creating a business plan
When you create a business plan, it is important to think about how likely it will be for the thing (or things) that you are planning on making money from to come into being. Sometimes the plan changes midstream as you come up with new ideas.
Business can be a lot of fun and it is very satisfying to see your ideas come into being, but business can also be stressful and at times discouraging. If you work hard enough by spending dedicated time and effort on something, eventually your idea will get done.
Importance of delegating tasks
As your business grows and it gets more difficult for you to manage alone, as the leader and as an individual, you’ll need to think of all possible situations and act accordingly. This is where delegation comes in.
Delegation is a sub-division of leadership. It’s about allowing the leader to focus on one particular task at hand, and have other helping hands take care of the rest.
If you look at the history of leadership, there have always been times where delegation was necessary. In modern times, it’s not just survival that requires delegation. It is a complex system of needs and wants in the business, in the industry, and in the market that require the leader to delegate tasks.
In modern times, we have complex systems of government, businesses and social structures. All these require the leader to delegate tasks appropriately.
Properties of Leaders Who Delegate
Leaders who delegate properly know how to regularly and fairly measure results.
Each person on your team will have unique skill, talents and tasks. Finding a way to measure each member of your team’s performance fairly is essential. This can be achieved by ensuring that each member knows their value in the team, each must be aware of their role and know how they affect the success of the team as a whole. Regularly measuring results, sharing the information of the team and touching base with each individual is key.
Leaders who delegate properly create an open and honest environment.
While it is a given that each team member is expected to function and execute their tasks with excellence, it is also important to foster a culture where you are open to new and innovative ideas that may boost performance. It is important for your team members to know that their opinion is valued and that you are open to hearing them. In creating this open and honest environment, a leader who delegates well allows room for the innovation and fresh ideas to grow and to work. Delegating can foster new opportunities for your team to be more inventive.
Leaders who delegate well provide the resources needed to foster growth and excellence.
Regardless of cost, effort and time, if it is needed to improve and achieve goals, then it is worth it. As long as it will play a role in achieving goals, then it will never be a waste.
Leaders who delegate well do not micromanage.
This can be very difficult especially if you are used to being involved in all aspects of your business from the get-go. Letting go and trusting your team can be a scary prospect. However, by being specific about what you want done and what the goals are and letting your team take care of how to get there, you not only encourage them to work hard towards attaining the goals you set, but you empower them.
Leaders who delegate well motivate.
They give recognition where credit is due, they actively participate and track progress of each member and they encourage those who may be having a difficult time. They treat all members of their team with genuine care not just for the work they are doing but for their wellbeing as well.
Delegation can be challenging
… Especially when you have a business that you have poured your passion into. However, if you are going to be a good leader then you have to ensure that you are not wasting your time doing things that are not in the best interest of your business. Recognizing that all tasks are important, but do not have to be necessarily done by you personally can be challenging.
Business development: recruiting top talent with low overhead
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