4 Tasks You Can Delegate to Grow Your Business
To grow your business, you need to focus on what’s important and this generally means prospecting and meeting with clients. There will be a host of routine tasks that don’t require your continual, personal, input. Hopefully, you work with an assistant.
Identify your non-revenue generating activities – as well as activities that lie outside your core competencies – and delegate them. Here are 4 tasks you should be outsourcing – leaving you free to take on key areas of your business.
#1. Administrative tasks and paperwork
Not only does administrative work take up a lot of time, it’s often better handled by someone expert in this area. From scheduling and event planning to research and document preparation, it will benefit your business to outsource. If you don’t require a full-time, in-house assistant there’s always the option of hiring a virtual assistant.
#2. The non-personal side of your client relationship management
Your business depends on your clients and they come with a lot of information like address, email, birth date, etc. In order to ensure you’re providing them with the best quality personalized service, you need to optimize that information.
As you take on more and more clients, it’s impossible to remember every aspect that pertains to each individual client. However, it’s keeping on track with the smallest details that can make the biggest difference. Here’s where it pays to invest in technology in the form of a customer relationship management (CRM) system.
A CRM will help you remember when a client’s birthday is – or the date their child graduates from college. Once alerted, you can get on the phone and congratulate them, a simple act that says you care about them on a personal level.
You can also use a CRM’s data analytics to get detailed reports about your sales goals and view performance metrics. As well as send out automated replies. These days, speed is of the essence and people demand prompt replies – which is particularly difficult to do if you’re a one-man band. Investing in a good CRM system can help take the burden off you and ensure your potential clients get speedy answers to emails, as well as remind you about important calls.
Obviously, compliance is an essential task and one that has to be done diligently – however it’s complex area and one where complexities are only likely to increase. Previously compliance was a task that could be handled by someone with other responsibilities. Today it requires a more specialist skillset. This is why it makes sense to delegate it to an expert compliance officer. This will give you the peace of mind you’re operating in line with the ever-increasing rules set down by the regulator.
#4. Social media
Effective social media can help you reach potential customers and promote your brand. According to Forbes 85% of financial advisors use social media to drum up new business, so a meaningful online presence is a must. But choosing the right channel and building a presence on social media can take up a lot of time – especially given the constant updates and new features. Unless you’re particularly adept at all things social-media related, you may find you’re getting poor results and wasting your time in vain.
Hiring someone to manage your social media presence and follow up leads could pay you dividends, leaving you free to concentrate on other essential tasks. If you decide to work with a freelancer, make sure you ask for referrals, preferably with experience in the financial services industry.
Don’t overburden yourself or feel you need to be in control of everything all of the time. This will only lead to burnout and take your attention away from the core tasks you need to be focusing on to grow your business.
Hire people, delegate, and invest in automation to keep your business running. Identify what you shouldn’t be doing, i.e. the things that aren’t making you money. Delegating isn’t easy but if you master it, you’ll move from being a financial advisor who runs a practice – to a CEO of your own advisory firm. And good CEO’s don’t run around putting out fires all day long – they delegate.
You know by now that running the business gets in the way of growing the business. Hiring someone to whom you can delegate non-revenue producing so that you can focus on growth is not an expense. It’s the best possible investment you can make. It’s an investment in yourself.