As an entrepreneur, it’s easy to fall into the trap of believing you need to manage every aspect of your business. From accounting to marketing to operations, business owners often feel compelled to do it all. But according to Jog Bondoc, Registered Financial Planner, this approach can be detrimental to both personal well-being and business growth.
“Your number one and most important role as a business owner is to make money for the business,” Bondoc explains, as told to Financial Adviser PH. “If a task is not directly contributing to that role, you’re better off delegating it to others.” Many entrepreneurs fall into the trap of trying to wear all hats—thinking they’re being efficient by handling everything themselves. But the reality is that this approach stifles growth.
Bondoc notes that doing everything yourself is inefficient, especially when you’re spending time on administrative tasks that don’t directly drive revenue. “Remember, your 100% effort dedicated to doing administrative tasks is just the same as the 10% effort of ten people,” he says. This is where delegation becomes crucial.
By trying to handle everything, business owners are spreading themselves too thin. Bondoc advises focusing energy on high-value activities, such as developing the business strategy or expanding the client base. Tasks like accounting, logistics, or human resources should be delegated to experts. “You don’t have to be an expert on everything,” Bondoc stresses. “Hire experts and learn their language so you can effectively communicate your vision for the company.”
Breaking free from the need to control everything may require a mindset shift. Entrepreneurs must recognize that their time is better spent on strategic activities, and hiring the right talent to manage the day-to-day operations is essential. Doing so not only empowers the business but also frees up time to focus on the areas that will truly drive success.
As Bondoc puts it, the key is understanding that growth is about collaboration, not just solo effort. Delegating effectively can lead to a more efficient, scalable, and successful business.
