The five things you should never delegate out as a business owner. At least as a start-up business owner. Hi, guys. I’m Syama Meagher, CEO of Scaling Retail. And you know what? I like to delegate, I would delegate everything if I could. But certainly, there are some key decisions and key things as a business owner you don’t really want to delegate out, right? And why is that? Well, you need to make sure that you have a good eye on where the direction of your business is going and while you may not be the best person to be doing all of these things, you need to have a clear and cohesive understanding. So let’s talk about what these things are.
Number one, understanding your cash flow and your finances. Number two, being able to do all of your hiring and know who the key personnel is. Number three, you’re going to want to be able to really dictate that company culture. Number four, make sure that you’re doing all of the big changes and making the big investment decisions within the business. Number five, you want to be welcoming on board all of your new employees, right? You definitely want to be the person to do that.
So let’s unpack this a little bit more. So the first step. Obviously, finances are a big deal. Hopefully, you have an amazing bookkeeper, a great accountant, maybe, you even have a controller or someone within your business right now whose managing the finances. But you, as a business owner, have got to have that all-seeing eye and understanding exactly where money is going within the business, what the profitability is between your products, what you’re selling on a seasonal basis, you need to understand how your marketing is impacting your sales, you need understand how your marketing is impacting your merchandising. Your finances, guys, are a huge piece of the pie because this is what allows you to continue to grow your business. If you do not have your finger on the poles of what’s happening internally with your books, then you’re not going to be able to make a lot of good business decisions about allocating resources, right? So your understanding of finances and cash flow is paramount.
Now, a bookkeeper is great, but if you’re getting your books 30 days after the month is over, well, you can’t really make decisions on that, right? It’s great for tax-keeping purposes. It’s great for understanding tax planning purposes. But you’re really going to want to have someone on a day-to-day basis, if you have the budget, to really help you reconcile and understand your accounts payable, accounts receivable, so you know what’s going on internally, so you can make sure that you can pay your employees and, maybe, even be able to re-invest whatever surplus capital you have on-hand into some bigger and better initiatives. How will you know when it’s time to make those changes? You won’t unless you have an understanding of your finances.
Now, the second thing. Do the hiring and firing for your company. If you were in the beginning stages of your business and you do not do the hiring for your company, you’re not going to be able to really test and see if this person is going to be a good fit with you. Remember, as a small business, it is super important that everyone on your team is on-board with your vision. No hiring manager or anyone working for another head-hunting company is going to truly be able to convey exactly what it is that you are doing and what you’re going for. So make sure that you’re doing all the hiring.
It is also important, guys, that you’re making sure you’re doing the firing. Even if you have someone who’s the manager is reporting some direct reporting to the manager and you’re managing the manager, be there when you’re manager does the firing and be a part of that process. Let that employee know just how valuable they were to your business for whatever period of time that they were there. Remember, previous employees, as well as current employees, are going to be able to spread the word of your business, right? It’s not just simply your marketing activities but businesses get a reputation. So make sure you are cultivating what that reputation is.
Also, employees have to be a good personality fit. So what do I mean by that? Well, if you’re hiring someone who is very core to disseminating the information about your brand on let’s say, social media, you certainly want to make sure that this person truly understands what the core values of the business are. It’s a relationship, right? You don’t just hire people to do things, you’re hiring a team to be with you for a long period of time, hopefully.
Now, this kinda falls in alignment with that, but the third thing is really developing company culture. Now, company culture is so critical. You need to be the one that really dictates the company culture otherwise, guys, company culture is going to dictate you, and your personnel and the people you hire are going to dictate the internal working environment. But if you set the company culture, if you set the trustworthiness, the ability for people to speak freely, the ability for people to bubble up ideas, if you make people’s voices heard, trust me, you’re going to create company culture that people want to put in practice because it feels good. So you should be the one in control of that.
Now, the next thing you want to make sure never to delegate out is really big business decisions, big corporate internal changes, even if you’re a small business. Big small corporate internal changes. The reason why that’s so important is even if you hire a consulting firm, right? Even if you hire someone else to come in, or you hire me to come in and say, “Hey guys. Here’s what I think you should be doing, here’s what I think would work, etc.” You need to be the one to say, at the end of the day, these decisions make sense for the business, I’m going to incorporate them, I fully understand the ramifications of that. You don’t truly want someone else to make those big business decisions unless you understand what that means. So you need to take over the ownership of execution of big business changes.
Now, lastly, guys, and this kind of goes back to the idea of who you’re hiring, and the hiring and firing, and all of that, there’s nothing better than the CEO of a company to be the person to welcome in new staff, right? There’s nothing better than to have someone who’s there no matter how big the company is or how small it is to have the person whose setting the tone and setting the vision really be able to communicate directly with those employees. Now, of course, if you’re a huge company, perhaps, or coming into a meeting and you’re going to meet five to ten people, but I love when I hear people like Gary Vaynerchuk say that he makes time to spend a few minutes with each new hire, simply to get that face-to-face connection. It doesn’t have to be long and it doesn’t have to be about big and esoteric ambitions or ideas, but it needs to be meaningful, right?
All right, guys. We got our five things. Understanding your finances, hiring and firing your staff, greeting your staff and making that connection one-on-one, we’ve also got understanding your company culture, which I think is just so valuable and important. And last but not least, we also have making those major changes within the company, right? Those major changes have got to be dictated by you. So guys, well, I’m a such a super fan of delegating things. These are simply things that I don’t think I’ll ever be able to delegate because they are so important to cultivating the right team, to making the right decisions, and to really setting the business forward on the most ideal trajectory.
All right. Talk to you guys soon. Please shoot me an email at email@example.com. Leave a comment below. Make sure to subscribe. And please follow us on Instagram, Twitter, and Facebook. We are where you are. Thanks. Bye.