As a business manager, you’ve probably already learned about the magic of delegation. After all, effective, well-placed delegations are a cornerstone for highly successful entrepreneurs. But did you know that savvy leaders tend not to delegate a few key tasks?
After all, passing key business processes to other members of your team could prove catastrophic. Failing to front some elements of your business yourself can certainly send an unprofessional image. But which jobs do savvy leaders typically avoid delegating, even as their companies grow? Keep on reading to find out.
Savvy Leaders:
1 – Strategic Thinking
As you’ll know if you’ve completed a master of business administration online or in person, strategic management is essential for success and may include everything from your chosen markets to your company-wide mission. While you won’t want to entirely eliminate your team from decisions like these, they’re certainly not something that you can simply hand over.
Why? Because strategy is effectively the structure of your business. It impacts your public image, your business processes, and your growth trajectory. All of which should align with precisely what you had in mind when you started your company. If you want your business to follow your intended course, then you’ll need to tackle the true strategising yourself, even as your company grows.
2 – High-Level Financial Decisions
Entrusting reliable team members with company credit cards can be a great way to save time, impart trust, and generally keep your business running smoothly. But bear in mind that most managers have a cap on employee cards, which means that only they can be at the helm when it comes to the highest level of financial decision-making.
This restriction makes sense for a number of reasons. For one thing, managing large financial commitments yourself means that you’re never at risk of losing a substantial amount of money based on someone else’s poor decisions. In other words, it stops rash employees from having the power to sink the ship! You’re also in the best position to oversee everything from financial forecasts to budgets and existing outlays. As such, you’re the only person with an overarching idea of what you can realistically spend without major risk.
3 – Key Relationship Management
Entrusting your team with certain client accounts is essential, but most managers tend to keep their highest-profile, or most lucrative, client accounts on their own books. At a practical level, this is best for ensuring that your most respected clients always receive top-notch treatment. On a personal level, failing to care for those clients yourself simply looks unprofessional.
After all, having a direct line to management is a privilege that can also help to build on all-important trust and respect. If you always send someone else in your stead, you send the clear impression that those clients simply aren’t important to you. And that’s the fastest way to send them elsewhere.
Delegation is a crucial part of any company’s daily processes, but don’t make the mistake of passing up on these key tasks!
