Let’s dive into the often-overlooked aspect of being a high-earning “employee” in your own property management company. It’s a scenario many entrepreneurs encounter: you’ve created the company from the ground up and made it up as you went along. You now have a good understanding of how to run a property management company but it’s all in your head. You can do just about anything that the company needs you to do and that’s the problem.
This is a double-edged sword. On one hand, you know how to do it all and why it needs to be done. You have the knowledge and power to run a good property management company and have essentially become a linchpin in your business’s growth. You have a hard time delegating or creating a Championship Team because it takes longer to train someone on a task than to just do it yourself so you forego hiring help. The financial gains of going it alone can be attractive yet the unseen expenses of playing the superhero employee are not to be underestimated.
Reflect on these points:
Time Equals Money:
Your time is valuable, but it’s currently exchanged for a salary. Imagine reallocating those hours from routine management to strategic planning, business expansion, or even some well-earned downtime.
Burnout – A Silent Alarm:
The relentless pace you’re keeping can lead to exhaustion, stress, and eventually, burnout. This not only affects your health and personal relationships but also the health of your business.
Capping Your Growth:
Being mired in day-to-day operations hinders your business’s growth. Delegation and team building are critical for scaling and reaching long-term objectives.
Personal Happiness on the Line:
Continuous work can lead to neglect of personal life and well-being, causing isolation, discontent, and a sense of unfulfillment.
So, what’s the way forward?
Evaluate Your Workload:
Reflect on your tasks. Which ones can be delegated or outsourced?
Cultivate a Reliable Team:
Employ competent individuals for specific roles, freeing you for more strategic tasks. The sooner you start to build your Championship Team the sooner you will have one.
Establish and Maintain Boundaries:
Learn to delegate and take time for yourself. It’s vital for recharging.
Play to Your Strengths:
Focus on what you excel at and enjoy. Delegate the rest.
Systems and automation can streamline operations, saving time.
Your wellbeing is invaluable. Don’t let your business break you. Prioritize self-care and lead a fulfilling life.
Transitioning from a “super-employee” to a strategic leader is challenging yet immensely satisfying. By investing in yourself and your team, you can craft a business that thrives independently, allowing you to focus on what’s most important. Embrace control, delegate, and build a business that supports both your personal and professional growth. The key is to discover what resonates with you, your personal, and your business goals.