It is important that as the leader exercise proper control over your business. However, if you exercise too much control you could hurt your business. But it can be tough to let go. Here is how it can happen.
You started your real estate business with a great vision. You spent much of your time working IN the the business making sure that everything was in compliance, the money gets collected and the bills get paid.
You must attend to every detail and, if you forget one thing, it could be a disaster. At this time you have limited opportunity to see the big picture because of all of the minutia. Sometimes this is a case of not enough time to get it all done. When you stop the business stops. It's your baby. But you can't do it alone and you recognize the need to hire people of a team.
Now once you do that you will need to let go to grow. Continuing to do everything is defeating the whole purpose of hiring help. For example, the new employee may ask a question or offer take on a project. “Don't worry“, you say, “I'll take care of that. It's involved.”
Before long you are complaining that the new person is not working out because you have to do everything. Whose fault is that?
You are still working in the minutia. After all, the new person should know what needs to be done. You're not a babysitter. Besides, you're still too busy working on the minutia of the business details. What happened to train and delegate with confidence?
If you are that owner here is how to fix it. Engage your new person from the very first day. Explain, train, encourage, and ask for input. Once you are certain that he or she understands encourage him or her to make decisions on his or her area. Encourage the input. Then monitor. But gradually let go. Learn to look at key measurements that indicate the employee is on track such as number of calls answered, complaints resolved, orders processed, customer feedback and other key areas related to business outcomes. Don’t watch over every detail.
Instead of watching the details and the minutia keep your eye on the direction of your company and your overall results. Set up overarching monitors and measurements to check the direction and success of your business. This measurement is your dashboard. Keep your eye on the dashboard instead of every little detail. Your dashboard helps you make sure that your people are performing the activities related to positive business outcomes. When you see a key measurement of business change you can ask your employees why and ask how it will be corrected. You maintain control, but you are not controlling. You have more important things to do such as promoting the growth of your business.
Get out of the way. Get out of the details. Let go, let them drive and watch your stress level decrease and your business grow. For a similar post on our web site see LEADERSHIP AND CONTROL.
or call 914-953-4458.