The Money Blog

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Are you delegating or abdicating in your practice?

delegate leadership practice management Mar 18, 2021

Most of us understand that we should delegate most tasks for maximum efficiency and throughput except the ones that only we can perform. However, the most common mistake of Delegation is Abdication, which is defined as blind trust plus giving up control. 

So, how are we supposed to delegate without trusting and giving up control? 

Well, the key here for Abdication is BLIND trust without a system of checks and balances for control. 

Here are some examples: 

Entrusting the billing clerk with all the billing without knowing the hows, whys, ifs, ands or buts. 

As clinicians, we are so busy providing the best patient care that it is tempting to just “delegate” the billing tasks to a clerk. However, are the billings optimized or even proper? How about billing rejections or reductions from the billing source (Provincial Health Care or otherwise)?  Who is there to follow up and remedy the situation so that they do not become write-offs or, more accurately, free labour?

Entrusting your hard-earned money to a Financial Planner/ Broker/ Life Insurance Agent. 

They may have some titles behind their names or work for a reputable financial institution. However, do you understand their remuneration schedule and thus their motivations?

A wealthy mentor said he would ask how much these representatives have invested in the products they were selling. Then he would just match that amount! 

Here’s an interesting saying: “Wall Street is the only place where Thousandaires teach Millionaires how to make money.”

Blindly trusting risk-averse accountants for entrepreneurial advice. 

I trust my chartered accountant 100%. However, as professionals, their mandates are to provide the best tax advice and to protect you against unwarranted audits. Their job is not to give you investment advice or instruction on whether or not you should engage in a risky business venture. 

Assuming your favourite staff has your best interest in their heart. 

Sure, they may be kind-hearted, nice, and conscientious. However, at the end of the day, they’re paid to do what they’re supposed to do within their job description. They’re the Entrepreneur or Visionary. Nor should they be making the difficult decisions on your behalf!

The secret of not abdicating is to gain literacy and strategic understanding of the workflow and function of those you work with while still making the final decisions based on a well-thought-out accountability matrix.

Ask yourself:

What areas of my professional life should I delegate more?  

What roles or controls have I abdicated?