Any seasoned investor will advise that the key to growing and maintaining a successful real estate investing business is to adopt a business model that incorporates the concept of systematic delegation: To accomplish goals in less time and achieve more through effective delegation, so you may run your business and your business does not run you.
To be truly effective, you must develop the habit of effective delegation of responsibility. To leverage another’s time, labor, and expertise. Doing this inures to the success of your business not only by their willingness to assume tasks that you need to have done, but by their very presence and what they bring to the table. This delegation frees you up so you may maximize your value added presence to the business success as well.
You are your business leader and visionary, the very soul and heart of the business. You need to understand and appreciate why an effective and systematic delegation of responsibility is not only an essential part of you being an effective leader for your business, but it is an instrumental component of your business success. You, as the business visionary, must first recognize the important benefits of delegation and then how best to assign, implement, and manage that delegation.
When you master the art of delegation, you save time, achieve more in less time, and enhance your success quotient and your business credibility. Running any business is a function of resource and time management which business consultants often refer to as the scope of the business model. To most effectively implement your business plan, you have to know when and how to add resources, add time, or to cut back in the scope of operation. You need to know and appreciate your options. What tasks are you most suited for is a consideration. Other considerations are what tasks you need to delegate and supervise, what tasks you may delegate and never need to supervise, and finally those tasks you may put off or eliminate entirely. You need to appreciate the value of working smarter, not harder. Working harder at some point becomes counter productive, a time slayer, and a mismanager of resources leading to a diminished effort, and in doing so, ignoring higher value added activities. You need to know what activities are the most critical for you to spend time with and those others can be tasked to do. Those tasks you can delegate and supervise allow you to see that they are done well. timely, and efficiently. They also have the advantage of allowing you to pursue those value added activities your business needs for you to address. Still further, they allow you to outsource those tasks to those better equipped to handle them or do the work better than you can.
To master the art of delegation, it is critical to delegate properly. You must have the capacity and wherewithal to identify the right person for delegation. That right person is the one who has the requisite skill to accomplish his or her tasks well and in a most timely and effective manner. Those tasks need to be clearly defined, presented, and taught, if necessary, and there needs to be a complete meeting of the minds as to how the tasks need to be accomplished and within what time frame. You need to monitor the progress and provide oversight and feedback whenever appropriate. The tasked performance may need to be evaluated and fine tuned.
Then there is the benefit of delegation for the members of your team. If every aspect of the delegation is effectively implemented, those tasked to perform will benefit from greater self esteem, job enhancement, and make those team members more valuable, successful, and versatile for your business success.
Collectively, the team’s success will enhance the business productivity and bottom line with greater efficiency, more cohesive teamwork, balanced and focused workloads, closer communication and sharing of ideas with greater team interaction. This allows you greater retention of the premier team members, you want them and they want to stay.
By inspiring and enabling others to leverage their time, expertise, and talents to meld together with your own, this allows you to grow the business exponentially, rather than just barely treading water in a lesser very pedestrian form. It allows you to turn your business vision into a very successful reality. It allows the entire team to come together and collectively have a meaningful and rewarding shared purpose. Effective delegation enhances the business values and the business environment. All members of the business team can benefit from the founder’s shared vision.
Business consultants will counsel that effective delegation makes you replaceable which should be the goal of any business visionary and leader. Effective delegation allows you to grow your business exponentially. As you work smarter, you will find you have more not less time to seek other business and non business pursuits.