Burnout”Even the most talented, ambltlous, and energetic entrepreneurs are apt to run out of gas If they nsist on tackling all major aspects of a company’s operation. Some small business Indeed, some small businesses”especially single-person enterprises like freelance graphics design or editorial services”may be able to handle all significant aspects of a company’s operation for years on end. But for the vast majority of small and mid- sized businesses enjoying a measure of growth, owners sooner or later must face the reality that they cannot undertake all duties and responsibilities.
Misallocation of Personal Resources”Small business owners and entrepreneurs who do not delegate ften run the risk of using too much of their time on routine tasks and not enough time on vital aspects of the company’s future, such as strategic planning, long-range budgeting, and marketing campaigns. Damage to Company Image”Business owners who do not empower their employees, insisting instead on attending to all relevant aspects of his or her business themselves, run the risk of inadvertently suggesting to customers and vendors that the company’s workforce is not competent and/or trustworthy.
Damage to Company Health”this should be the bottom-line consideration of all entrepreneurs running their own business. If micromanagement s slowing processing of work orders, hindering development of new marketing efforts, or otherwise causing bottlenecks in any areas of a company’s operation, then it may be eating away at the company’s fundamental financial well-being.
Small business owners are encouraged to evaluate whether they are perhaps falling into the trap of micromanagement. Consultants and entrepreneurs cite the following as major warning signs: Taking work home in the evening or working long hours of overtime Failure to give important tasks the amount of attention that they warrant Basic company documents (like business plans) are not updated for long periods