Mark Strome – 7 key Factors Business Owners Should Consider When Delegating Authority

In the initial stages of a business being formed from scratch, entrepreneurs prefer to look into each and every aspect of their companies. They manage their employees effectively, maintain the financial accounts, promote sales, and monitor the inventory levels. Most of them also have to formulate and implement the relevant business plans for attaining short and long- term goals of the company. With the expansion of their commercial operations, business owners soon realize they cannot handle everything. They need to delegate at least some of their responsibilities to their employees; otherwise, they will not be able to take prompt and decisive decisions when the need arises. This affects customer service and might harm the future development of the company.

Mark Strome – What should owners consider when delegating responsibilities to employees?

Mark Strome is an esteemed businessman and famous philanthropist from America with 20 years of invaluable experience in the above fields. He specializes in hedge funding, investment management, and securities portfolio. Many of his corporate clients are grateful to him for enhancing their wealth over time. In fact, many experts consider him to be one of the most prominent pioneers of the hedge fund market in the USA. He is responsible for the establishment of many successful companies in both the public and private sectors. Currently, he holds the positions of Chairman, Chief Investment Officer and Founder in Strome Investment Management.

The need for delegation

He explains business owners need to delegate some of their authority to their employees. Taking this step not only reduces their overall workload but also empowers the people they hire. It also aids in the employees’ personal development, enhances their confidence and team spirit. With time, business leaders notice their employees become more responsible in carrying out their duties. As efficient leaders, owners need to know who they can trust to diligently complete a particular task. Only then can they focus their attention on the core areas of their business. When delegating responsibilities-

1. Owners need to assess their employees’ relative strengths, abilities, weaknesses, and intelligence before allocating tasks,
2. They should identify which of their employees prefers to work independently or work in collaboration with others,
3. Business owners need to offer proper explanations for selecting certain employees to complete specific tasks,
4. They should allow the employees to complete the tasks in their own way while issuing instructions,
5. They should provide their employees with all the necessary tools and training to complete their tasks,
6. They need to assess the work their employees perform and provide impartial feedback, and
7. Finally, business owners should be thankful to their employees for their efforts.

Mark Strome sums up by saying delegating responsibilities help boost the employees’ trust and commitment to their employers in the company. Business owners also notice an increase in their confidence and overall efficiency. When delegating responsibilities, they should select the right people for the tasks so that both the short and long-term goals of the company are attained without hassles at all!