Welcome to the last category of management tasks that we will consider for delegation. Over the last 4 months, we have looked at how to delegate tasks in a way that ensures there is ongoing accountability. This is critical to your role as CEO as without that accountability you can never feel confident that you are receiving the information you require to effectively guide your practice.
In our final instalment on this topic, we will look at those tasks you will NOT delegate! At least not at the outset.
These are the tasks that truly get to the heart of your business – strategy or financial decisions you need to take charge of and which you simply cannot put directly into the hands of another team member. Not even your COO (that crucial office manager).
These are the top level strategic decisions a CEO must be responsible for.
In keeping with our focus on HR management, let’s assume you are considering a huge expansion that would entail hiring a number of new team members. Perhaps you envision opening a second practice location. Or maybe you want to grow in your existing location.
Either way, you will be looking at adding a new associate, admin team members, DA’s and hygienists – the whole nine yards. The costs of this added labour to go along with the capital costs of building and equipping this expansion will be significant. As CEO, you need to be in charge of this process.
But that does not mean you have to be make these decisions alone!
Yes, talk to lawyers, accountants, bankers – anyone required to perform your due diligence on such a big investment. You need professional advice to consider the potential liabilities of proceeding, whether you have the cash flow to carry it, and, of course, whether the present value of the revenue you will earn from this expansion exceeds the present value of the costs.
Understanding your staffing decisions, the cost of onboarding these new team members and their salaries is also a critical element to your decision. Perhaps you may seek input from your COO to help guide you in this aspect of your decision.
Similarly, your COO may help research the best options for equipping the expansion, the costs of doing so, and the training required to use that new equipment effectively. Onboarding such a large expansion of time members simultaneously will require a plan. Your COO may again help create such a plan.
Have team members help you assemble information you need to make the decision. Review the information they provide with a critical eye – one that allows you to ask questions about things that may have been missed or may require further consideration.
But at the end of the day, you have to be the ultimate decision-maker! This is your investment. This is why you earn the big bucks.
These are the big decisions a CEO just cannot delegate. So put those on YOUR “to do” list for management tasks.
About the Author
Shawn Peers is the President of DentalPeers. DentalPeers is one of Canada’s oldest, continuous operating buying groups exclusively for dentists.
