5 Tips for Better Delegation (Not Abdication)

It’s no secret that I struggle with social media as a way to promote my online classes and consulting practice.

As I often remark, there are three skills for success: operational, financial management, and marketing. If you’re in business, you’re probably good at the operations. Most people struggle with one of the other two (marketing or financial management).

For me, it’s been marketing. I have no problem admitting it, and have turned to experts to help me.

You, too, have probably turned to experts to help you compensate for your weak areas.

In fact, it can be considered a strength to acknowledge where you struggle and reach out for help!

The key is to delegate, and not abdicate.

In other words – even if you get help, it’s still your business and you still need to be involved.

Let me give you an example as it relates to my business and marketing.

A few years ago, I hired a marketing firm to manage my social media. My goals were to increase the number of follower and the overall engagement. I shared my account information along with a few photos and let them take over. They’re the experts, right?

After 1 year, my number of followers had barely increased and my overall engagement was flat, a disappointing result. I decided it wasn’t worth the expense and took over my social media management again.

Since I took over my account… the content has been a little (okay, a lot) less polished. But I could share, in real time, what I was hearing from you and what I think would be helpful for you as you grow your business.

After less than 2 months of managing my own social media, my following has grown by 40% and the overall engagement is 4x.

Why weren’t the experts able to get better traction? Because I abdicated. I gave them my login info and walked away. I deferred to them and trusted that with their experience they would know my audience and what would be interesting to them (to you!).

But they didn’t know you the way I do. They’re not talking to you every day, hearing about your hopes and dreams and struggles. They didn’t have that insight to create content that would be engaging to a very specific audience. I still cringe at the instagram post that highlighted the difference between capital and operating expenses. I mean, it’s important, but doesn’t really inspire engagement.

I abdicated; I did not delegate.

If I had delegated, I would have shared ideas with them as to what I thought would resonate. I’d have insights into why some posts might be engaging and others might not. I’d have taken a more active role in oversight. I would have “owned” it, just as I own every other aspect of my business.

Why am I sharing this?

Because I know many farmers abdicate their bookkeeping and financial management. They pass along all their receipts and QuickBooks info to their bookkeeper, and they don’t look back. Instead, they focus on what they’re good at and what they enjoy.

And at the end of the year, when these farmers look at their numbers, they have no idea what happened, nor what they need to change to improve profits.

Abdication vs. delegation.

To be clear, you can’t reasonably manage all aspects of your business. Especially as your business grows, you’ll need to delegate some responsibilities to your team and/or trusted advisors.

But the key word here is delegate (not abdicate). You still need to retain control of your business.

What does that mean in terms of bookkeeping and financial management?

Here are 5 ways you can keep a keen understanding of your numbers while still delegating the day to day management.

1. Work with your bookkeeper to set up your chart of accounts in a way that makes sense to you. Be sure to group together your operating/production costs, and keep them segregated from your overhead and selling costs.

2. Meet monthly (at a minimum) to review your numbers. Ask for a Profit and Loss for the year to date. Look at each line item as a percentage of sales.

3. Look closely at any expense that’s more 5% of revenue.

4. Ask questions! If a number doesn’t make sense to you, ask your bookkeeper. They can drill down to tell you what’s included in each line item.

5. If your chart of accounts, or other reporting isn’t giving you the information you need, talk with your bookkeeper to make the appropriate changes. And be as specific as possible.

As I learned from working on my marketing – it will be hard and uncomfortable at first to stay engaged. And you’ll be frustrated at how long it takes to get things done and get better. But you will get better; and it will get easier. The only path forward is through the discomfort.