The Importance of Delegation Within Small Firms.
Every person working in a professional environment knows how frustrating it can be to deal with tasks that are outside of their core role. Although these tasks may be the responsibility of a coworker, it’s normal to adopt the “just get it done” mentality, lose focus on what we’re great at, and become distracted.
In advisory firms, this occurs when owners’, advisors’ and employees’ roles become confused and responsibilities become opaque. Employees develop overlapping duties and this can breed frustration and under-performance across the entire team.
One way to address turmoil and keep team members focused on their strengths is to designate project managers where he or she is accountable for delegating tasks and overseeing progress. By appointing a project manager, a sense of ownership is created because that person’s name and reputation is at stake. This puts increased pressure on the manager but also increases motivation for success and promotes independent thought, problem resolution, and teamwork. Also, by trusting people to “own” a project, the strongest leaders are highlighted and can be called upon when future projects arise, further improving efficiency.
Successful project managers, rather than worrying about titles, should focus on uniting employees’ strengths with their daily tasks. When each staff member has the appropriate responsibility, they understand the importance and impact of their role. It is also key that project managers ensure employees have the freedom to make decisions within the parameters of their position.
A bit of freedom helps ensure that employees feel invested in their work place and promotes innovation.
A common mistake when delegating is focusing too much on individual undertakings, thereby obscuring larger goals and limiting employee growth. A successful approach should also involve communicating how every task is connected and vital. When each person understands how their works affects the success of a project or a firm, collective growth and achievement are inevitable.
Especially while your business is growing and becoming more successful, the small office culture must be maintained. It’s important to remember that working in an independent advisory firm has a family feel with a high-touch, personal lifestyle. Employees enjoy the intimacy and togetherness of a small office and have chosen this work environment over that of a large, corporate firm.
Building a successful firm starts with clients and assets but only evolves into a business when the team buys into the overall vision with passion, purpose, and teamwork.
Rich DeSalvo, COO
Where Fiduciary Freedom is First
Advisory services are offered through F3Logic, LLC, a registered investment advisor. Securities offered through Independent Financial Group, LLC, a registered broker dealer. Member FINRA/SIPC. IFG is not affiliated with any of the entities listed. Additional advisory services may be offered by the respective entities listed as permissible by state law.