Delegate your business responsibilities
Most business owners tend to do everything themselves. This is most true for small and family Filipino run business. But if you have a medium sized company or you employ quite a number of employees. It is better to delegate some business responsibilities to your employees.
But most Pinoy businessmen will find it difficult to delegate some responsibilities. Some might feel that Iam the owner, why should I delegate my responsibilities? They will perhaps think that it is more troublesome for me to explain what I want and how to do it rather than just doing it myself. Or if someone else can do a better job than me, they might consider starting their own business like mine and be your competitor. These are valid arguments but once they recognize that these tendencies as flaws in their management techniques because in forming a company, what you are really doing is forming a team of people who will help you accomplish your goal, which is of course more profits from your business.
In delegating responsibilities, it is not just delegating anything to anybody but to delegate effectively by choosing the right people who to delegate your work is very important. It is not productive to delegate insignificant jobs to key personnel or critical jobs to incompetent people. Take corrective action when something goes wrong, make you employees accountable for their action and decisions but be willing to allow a reasonable margin for error. Make sure that your employees realize that it is you who have the final say in anything. Don't tell your employees how to do their work but tell them what needs to be done.
Labels: Business Advice