Meeting Topic
Why are you doing what you’re doing?- Raelene Rees
You need a job/work to make an income to live the life you want. How’s that working out for you? It’s time to re-evaluate!
You may have just started out and progress is slow, or maybe progress is too fast and you aren’t coping. You may have been going a few years now but stuck in a rut, lost sight of the original plan. Or maybe you’re one of the OG’s still doing it because that’s what you’ve always done.
So lets take stock:
How much profit do you make each year – is it enough? Or could you reduce your hours to give you more me-time?
What is the value of your business? You might be surprised here. There is definitely a market for small businesses already set up as that is the Hard Bit, especially if the business can be run from home as this means low overheads for the owner. When you sell your business the goodwill component is tax-free so this is a great reason to get your business pumping to the maximum.
Increasing the value of your business is achieved by increasing turnover, reducing overheads. You may need to take staff on to assist with additional work, but you will reap the benefits of leveraging off their work. Staff costs are higher than just the cost of their wages as you will include HR advisory, cost of additional assets required eg computer, phone, and possibly car; ACC levies & insurance will probably increase.
Is there a life span on your business? Is technology going to overtake what you do? Is now a good time to get out while profits can still be made by new owner?
Be aware that baby boomers are probably in the process of retiring – you don’t want to end up with your business for sale at the same time theirs all are.
Also, what is the lifespan of your clients? Are they going to all retire soon? Meaning your turnover may take a hit – although not everyone retires at the same time. Same applies to your staff – are they all approaching retirement, are you going to find yourself looking to replace key personnel.
Can you operate your business as you get older? Is it a physical job that is now tiring? It may be good to get staff trained to assist you sooner rather than later.
Is it just time for a change? You could reinvest your proceeds of sale from your business into something else. Or it could become part of your retirement fund, that you can invest to support yourself in your later years.
Talk with your accountant, as there could be hidden taxes on exit from your business such as depreciation recovered on sale of assets, also Retained Earnings balances that need to be paid out by way of dividends.
Plenty to think about!
If you’d like to discuss this further contact Raelene Rees at Raelene Rees Chartered Accountants www.reesaccounitng.co.nz
Next Meeting Topic
The Hidden Superpower of Delegation by Glenda Lewis
Maybe you’re thinking, “Delegation? That’s for people with big teams or fancy titles. I can handle this myself!” Let’s challenge that thought for a moment. Whether you’re running a small organization or leading a large corporation, delegation isn’t just important—it’s a game changer. In fact, the smaller your team, the more critical delegation becomes to maximize efficiency and growth.
Delegation transforms a “do-it-all” leader into an empowering one. It’s not about avoiding responsibility but about sharing it in a way that benefits everyone. In fact in doing things all yourself, or finishing off tasks that you previously delegated, takes learning opportunities away from your team! Who wants to be a diminishing leader? No thanks!
Why Is Delegation Important?
- Reduced Workload: Say goodbye to burnout and hello to working smarter, not harder.
- Improved Retention: Delegation gives your team learning opportunities and chances to show their superpowers. This shows you trust them and can help people to stay longer.
- Time Mastery: With fewer tasks on your plate, you can focus on higher value work. On average we spend 8 hours a week on things we could delegate. How much faster would your business grow if you spent those 8 hours on strategy?
Delegation also benefits your team – it allows team members to step up, tackle new projects they are passionate about, and allow you to help their career development.
Mastering the Art of Delegation
So, are you ready to sprinkle some of that “delegation gold dust” over your business? Here’s how:
- Prepare
- The aim of delegation is to set them up for success, not to delegate something as quick as possible. Ensure you are very clear on what you are delegating, what you want the end result to look like, and whether you are delegating a process, or just one task.
- Define
- Give them background, tell them clearly what this task done ‘successfully’ looks like (including showing them examples), and approximately how long you are expecting the task to take.
- Deadlines
- Give them a firm deadline and explain why it’s important.
- Clarify Authority
- Be explicit about the authority they have and don’t. Do they have authority to talk to the customer? Spend money?
- Checkpoints
- Schedule 1-3 progress updates to ensure you know things are on track.
- Repeat Back
- At the end of the conversation allocate 5-10 mins and ask, “What’s your understanding of what I’ve asked?” This ensures clarity and alignment.
Pro Tips for More Effective Delegation
- Start Small: Start with less critical tasks to build confidence.
- Match Skills to Tasks: Assign tasks that leverage team members’ strengths.
- Encourage Ownership: Empower your team to take responsibility and find solutions independently. Never take a delegated task back!
- Record the session: If you are delegating over video record it and send it as a reference in case they have questions.
The Long-Term Payoff
The next time you’re tempted to shoulder everything yourself, remember delegation isn’t just about freeing your time—it’s about empowering your team and setting your business up for long-term success.
And ask yourself…”If you don’t delegate this task, what learning opportunity are you taking away from your team?”
It’s time to embrace the power of delegation and watch your business soar!
Glenda Lewis is a Leadership CFO – a financial geek who specialises in driving performance and financial management through people and finances. To find out more book a discovery call with Glenda –https://calendly.com/glendalewis/30min
