I don’t know what it is about CPAs that makes us such poor delegators. Perhaps it’s because we are simply “control freaks” and don’t want to let go of the technical aspects of our practice.
Or maybe it’s because we believe that no one else in our firm can do it as well as we can.
Whatever the reasons, lack of delegation WILL get in the way of building your practice.
Delegation is a prime management skill that will allow you to allocate your time and energy toward other projects. It also helps to develop employees for advancement.
The best way to understand the cost of not delegating is to look at it from the standpoint of “opportunity cost”.
That means the real question is what type of work are you NOT able to do because you are tied up with the technical work?
One practitioner I spoke to told me he spent most of his time doing the accounting and tax work because he was so good at this type of work that it just didn’t make sense to delegate it to anyone else.
So I took him through a process of thinking about it differently.
I explained that he needed to understand the opportunity cost of being fully engaged in the accounting and tax work. This meant he did not have time to bring in new clients through teaching, speaking and other client-generating activities that he actually loved to do.
Once he saw the opportunity cost in dollars, he brought in some help so he could devote a few mornings and evenings to speak to local groups.
When I last talked to him, he shared with me that he had already signed up a few monthly business clients thanks to his speaking activities, and that this had also rekindled his enthusiasm and energy to take his practice to the next level.
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