Why 90% of CEOs Fail at Delegation—and How Crushing This One Skill Can 10X Your Business Overnight
Take the Ritz-Carlton, for example. Every employee is empowered to solve customer problems on the spot with a $2,000 discretionary budget. Why? Because they understand the lifetime value of a happy guest far exceeds the cost of a quick fix.
You can apply the same principle. If you’re asking a team member to research options for improving event logistics, set a 10-hour time budget. This avoids either an overly superficial or excessively exhaustive approach and helps them prioritize appropriately.
What to do when team members get stuck
Even with clear delegation and budgets, team members can hit roadblocks. In those moments, they often fall back into the habit of asking: “What should I do?”
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