How to Lose an Entire Day’s Worth of Revenue

You wear many hats as a small business owner that it’s sometimes impossible to keep up with everything that you need to get done. Unfortunately, some things slip through the cracks and can be detrimental to your business causing you to lose an entire day’s worth of revenue.Revenue

Last Friday, my hairstylist was forced to close her business because she forgot to renew her permit. She was so busy working in her business that she forgot to work on her business. So, last Friday she cancelled all of her appointments and spent the day waiting in line to renew her permit. Not only did she lose revenue for that day, but she also lost repeat and referral business due to the inconvenience she caused her clients.

As a smart business owner you know how important it is to delegate. A little preparation can save you from overlooking important aspects of your business, which can cost you money. Here are a few steps to get you in the right direction.

Choose which Tasks to Delegate

You should examine the tasks that only you can do and those that you can delegate. The obvious choices for tasks you should delegate include those that you don’t have the skill for and tasks that you hate doing. For example, if you have no personal interest in expanding the online aspects of your business such as social media, SEO and the like, then find someone who can do those tasks. If you’re not experienced in financial accounting strategies, hire someone who can assist you in maximizing your resources.

Pick the Best Person for the Job

Delegate responsibilities to the best person that you can find and afford. Be sure to observe their characteristics and choose the person who delivers results, not the one that acts busy. The person that you choose should be able to perform the tasks more efficiently and with more focus than you. When you surround yourself with people who can perform tasks exceptionally you’ll find that your business improves overall.

Provide Instructions

Think back to when you first started and the guidance that you got or wish you had, then relay that to the person that you’ve hired. It’s important that you are clear and concise without being overbearing or insulting. Keep instructions brief and to the point, and allow room for improvements. Clear communication is key.

Set Realistic Completion Dates

Establish milestones and deadlines for the tasks that you delegate. You’ll want to have a way to check on progress. You’ll also want to be kept informed on a regular basis and if any issue should arise. Have an open door policy or be easily accessible should a problem arise. The earlier a potential problem can be identified, the easier it will be to solve.

Be Thankful

Be sure to provide both verbal and written thanks for those who have accomplished their tasks on time and to your satisfaction. This will inspire confidence, loyalty and encourage high performance. It can also become the basis for your performance reviews and mentoring.

With proper delegation to those that you trust, you’ll build a stronger, healthier work environment where your business improves over time. By hiring the right people, you can delegate with confidence and focus on the things you enjoy most.

What other things can you delegate to ensure that you never lose an entire day’s worth of revenue over something that can easily be delegated?

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