How Tightly Do You Hold the Reins?

The idea of having “everything under control” is appealing, but when someone is thought of as “controlling,” it can have a negative connotation. Control is a funny thing — the right amount keeps things on track and helps us succeed (and it’s worth noting that it’s very common for successful people to be at least somewhat controlling), but holding the reins too tightly can hold the growth your business back.

Are you holding the reins too tightly? I invite you to ask yourself the following questions:

  • Are you handling items that you know could be delegated to someone else?
  • Have you ever held off on training a team member on tasks because you believe you can do them more quickly and effectively?
  • Are you unwilling to make changes that would allow lower level tasks to be completed without your involvement?
  • Are you working long hours attempting to catch up on those lower level tasks you don’t truly need to be doing?

When we think about financial advisors, this “controlling” attribute can manifest in swiftly taking action that make sense to enhance their game and take care of their clients. These advisors deliver. There’s peace of mind — everything’s good, there’s a feeling of confidence and security: “Everything is my way, and it’s working.”

However, the reality is that there’s only so much time in the day. Micromanaging all of the details related to running your business ultimately creates a ceiling for the growth of your business. No matter how great we think we are at multitasking, or how little sleep we get per night, there is a limit to how much we can do. Failing to delegate effectively inhibits your ability to be the rainmaker, resulting in less time to attract and bring on new clients and take care of your existing clients.

Once you’re ready to take steps toward delegating, here are a few important points to consider:

  • Delegate as much as your team can handle.
    • Communicate with your team and have a solid understanding of their bandwidth and if/when they can they take on more. Oftentimes the lead advisor isn’t aware of the status of their team’s bandwidth, and that they actually have more or less capacity than they imagine.
  • Set up a team accountability structure so you have a system for tracking completed tasks.
    • Depending on your needs, this might be a spreadsheet or a project management tool tracking to whom you delegated the task and when it should be completed, enabling you to quickly see the status of the work.
  • Commit to additional training if needed in order to support team members effectively taking tasks or projects off your plate, and your comfort level that the work will happen as you would like.
    • If they need additional courses or training to work at a higher level, you may want to consider making an investment in their education, thus supporting your ultimate game in expanding your business.

When you’re ready to grow your business and would like support to ensure your success through the process, I invite you to reach out to me: susan@susandanzig.com

And for more on delegating, I invite you to read this previous post.

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