U.S. entrepreneurs overlook growth by neglecting to delegate – survey
NEW YORK, UNITED STATES — A new survey from virtual assistant company Time Etc suggests entrepreneurs are overlooking opportunities for business growth by spending too much time on administrative tasks instead of delegating.
The survey of 251 United States entrepreneurs found that those who regularly delegate administrative work saw significantly higher revenue and profit growth compared to those who don’t delegate as much.
Expert delegators, defined as those who regularly hand off administrative tasks, saw average revenue growth of 143% over 2 years – nearly double the 80% growth reported by non-expert delegators. Expert delegators also saw an 85% increase in profits over the past year versus 74% for others.
“Delegating tasks is a skill, and one that often requires trust before it has been established, which is why many find it difficult,” said Time Etc CEO Barnaby Lashbrooke.
“But, if you’re running a business, never be under the illusion that you’re better off doing administrative work yourself.”
On average, entrepreneurs spend 36% of their workweek on administrative tasks like invoicing, data entry, ordering supplies, and event planning. Nearly a third spend 25-50% of their time on such tasks.
Top reasons entrepreneurs cited for not delegating more were feeling it’s faster to do tasks themselves (25%), having no one to delegate to (17%), and trust issues (12%).
Time Etc concluded entrepreneurs could unlock more growth by focusing energy on high-impact tasks and delegating administrative work.
With $22.7 million in revenues, Time Etc assists over 22,000 entrepreneurs worldwide by pairing them with experienced virtual assistants. The company is ranked 274th in the Time Doctor OA500, an objective index of the world’s top 500 outsourcing companies.
