"Rich people invest in time, poor people invest in money" - Warren Buffett
One of the ways for entrepreneurs to learn how to invest in time is by learning how to delegate.
In this article I will tell you what Warren Buffett says about his experience with this essential part of every business and management. In one of his interviews he said:
"As soon as I could afford it, I hired Fede .
After a few years in the business it became quite difficult for me to deal with time, which was fighting for attention between my family and my personal life.
So I took Fede to run errands, to shop for food – basically, tasks that are insignificant and unimportant, but taking time.
Time that I needed to do business, time that instead of being at my disposal, kept me away from the core of what is essential for me.
I gave her my trust without any reserve.
I gave her my credit card, a key for my house and everything else that she needed in order to make my life more effective. She was incredible.
But it wasn’t long before I realized that there were several things I had to get familiar with when delegation was concerned!
In the beginning I would give her a shopping list and when she was coming home with the "wrong " brands, sizes and kinds, I realized that I failed in my communication with her.
I would tell her: "No, these are not the ones I wanted, I told you to take the others, those with some red and yellow on the label ... "
I remember the time when we both burst out laughing because we recognized immediately my mistake. You couldn’t expect from her to know these things.
My vague descriptions were of no use in this case to address the problem with the bag with items that I really want, not those that were on the table.
That was my "aha" moment. I realized how many details I had to mention just to have a simple list of purchases fulfilled.
Fortunately, my delegation skills have improved significantly since then. "
As an entrepreneur, a manager or a leader, you well know the benefits of delegation , but you have to learn to do it well – in the right way !
7 great benefits of delegation according to Warren Buffett :
1. Most things in life can be learned. But learning takes time.
Ask yourself a simple question: Is learning how to execute a task a better use of time than learning to delegate it?
Presumably our tasks get quickly outdated.
An important task today may not even exist in 5 years. Knowing how to delegate, we will always have at hand valuable skills at the time.
2 . One can’t be an expert on anything.
Every minute you spend on an insignificant task is the minute that you don’t spend on being the best in the field you’ve chosen.
…a wasted minute that drives you away from having success in your field.
3 . Your entrepreneurial journey will never go far,
... it will never surpass you unless you learn how to delegate, delegate well.
Yes, you have something to offer the world and more people will benefit from it only if you learn how to delegate. There is nothing much for a man to achieve or complete when working in the style of "one man show".
Your business will grow in a direct proportion to the amount of time and money that you can afford to spend on delegation.
4 . The more money you make, the more you have to delegate.
In the initial phase of every business in which the goal is money, there are quite few opportunities to delegate. You will probably have to do everything alone, which is what makes each and every startup so difficult in the beginning.
Think of delegation as an inverted funnel where the sharp top is your start – the spot you are at the moment.
The more you grow, the more the funnel of delegation will widen.
More and more people and tasks will be a part of your wider funnel until it gets really productive and you focus on your main activity .
5. Start thinking about this important issue from now.
What kind of activities can and should be performed only by you and what kind of tasks can be done by someone else ? As time passes the answer will change.
You will not always be accurate in answering that question - people come and go. But mental exercise on that matter should start immediately and be constantly practiced.
Read also → 5 effective methods to help you manage your employees!
6 . If you have poor performance due to delegation, do not blame the executоr, blame the delegator !
Yes, probably you will be to blame. As you saw at the beginning of the article, Warren Buffett himself is not ashamed to admit his mistake in this respect.
Know practice well and explain it even better to the practitioner - in detail! Even delegating most ordinary purchases from the grocery store has its own specifics.
7. Finally - always cherish your time more than your money.
This is an essential characteristic of all successful entrepreneurs, of all wealthy people. The more successful you become, the more valuable your time will be.
Cherish it, stand up for it, keep it.
The Rise to success and wealth
Someone’s sitting in the shade today because someone else planted a tree a long time ago. - Warren Buffett
On your way of "climbing to success", you will have to learn how to compromise constantly - sometimes with time, sometimes with money. You will have to learn to manage carefully these two extremely important resources.
Sometimes it's hard to move away from the mentality of compromise to "time is always more valuable". But since your income, as we hope, will grow, you will definitely have to switch it.