Delegation is key if you want to grow your business and take a step back, but the most dangerous thing you can do is let go without ensuring accountability.
There is a key strategy I use for delegation. It is called a KPI.
For some people, KPI is a dirty word, while for others it is the key accountability system they need to let go of things with confidence in their business.
So what exactly is a KPI?
It is a Key Performance Indicator and when set correctly, it will tell you how your business is performing and how people within your business are performing those delegated tasks.
Best of all, there are many different KPIs you can choose to implement, and they aren’t all numbers!
The key to setting a successful KPI is to make sure that it:
- Helps the people in your business excel at their job and assists in identifying when they need support. It should not be used as a tool to scare people.
- Tells you how your business is performing in specific area such as customer service, sales, employee satisfaction, marketing, etc.
I would like to insert a word of warning here: be careful about incentivising people based on KPIs, especially if you are new to using them.
KPIs have been around for a long time and many businesses that measure their staff on KPIs also pay bonuses based on them. While this can be a great way to incentivise your team, staff who are money motivated may sacrifice other values within the business to achieve them, so exercise caution when linking payments to KPIs.
But let’s talk specifically about delegation. Growing your business is scary, especially when you first consider passing on work to someone else who will be representing your business and your brand.
You can make this transition easier by first identifying your four or five core values. Your business values are what make your business exceptional, so being able to clearly communicate them to someone taking over aspects of your role is super important. As an example, at Vision Beyond Business our values are positive impact, honesty, quality, customer service and growth mindset.
It then becomes easier to identify appropriate KPIs.
For example, a great KPI for customer service could be that you want to achieve an average rating greater than 4 out of 5 for all customer service surveys. This sends a signal to management to investigate any results lower than 4 and identifies that there is an area requiring improvement if the result is consistently lower than that.
A good KPI for staff might be based on productivity, billable hours, number of customers served, or error rates.
Delegation is difficult, so your objective in setting KPIs should be to let your staff grow and develop independently, while enabling you to feel confident that the job is being done to the standard you would set for yourself.
Need some help to set KPIs in your business? Please get in touch and we can help you get on track.
Director & Business Coach