What do you do when you want more freedom from your company?

Chad Silverstein

If you’re a regular reader, you’ve noticed by now that I keep talking about this one guy…

Chad Silverstein, owner of Choice Recovery.

Choice Recovery is a Columbus, Ohio based collections agency that manages over 4500 clients and has consistently been rated in the top 10 places to work in Columbus.

And there’s a very good reason I keep talking about Chad and his company…

 

Chad has accomplished what many entrepreneurs keep failing at…
freedom from his company.

For years Chad struggled with the same thing most entrepreneurs do – he was an over-worked entrepreneur with a glorified job and a company that was too dependent on him.

“I was in the weeds of the rat race.” reminisces Chad.

He thought he had to do it all, control it all, and he was trying to. Which meant he was working more hours for his company than he wanted to. More hours than anyone else did.

But Chad managed to break free and build a thriving company that doesn’t demand so much of him and continues to grow even though he’s let go.

What did Chad do so differently from the entrepreneurs
who are still chained to their companies? 


Learn the delegation strategies Chad used to build a
thriving company that WASN’T dependent on him.

CLICK HERE

To register for our FREE workshop

“How to Delegate 50% of Your Job, Even When it Seems Impossible”


Chad used four of Brand Launcher’s time management strategies…

#1: DO IT

These are your big ROI (Return On Investment) activities. Things that focus on your core competency. The things that are worthwhile and valuable are your HABUT. Do them, work hard, and enjoy. This should become where you eventually spend 80% of your time.

Chad identified three things for his “Do It” list…

First, he functions as the company visionary. This is his number one responsibility, the one activity he gets the best ROI on his time.  His goal is to come up with 20 new ideas a week that work towards his goal of building the strongest collections culture in the country.

Second, Chad’s networking is very productive for the company. So he invests time in personally networking within the Columbus community to build Choice Recovery’s presence.

Third, he performs visionary financial work that focuses on the larger picture. He used to be involved with day to day account entries, but realized that it didn’t leave him enough time to do what mattered most… overseeing the bigger financial picture.

“I get busy doing things with professional vision when I get to the office. My schedule is full, but everything I’m doing is what I want to do.”

#2: DELEGATE IT

This is easily the most difficult time management strategy for most entrepreneurs.

Yet, it’s probably the most important. You cannot free up your time to focus on the things on your “Do It” list without first identifying what belongs on your “Delegate It” list.

This may take a while. But when you implement the right strategies and delegate effectively, you’ll be able to:

  • Implement a Training Plan to develop the skills of all your people
  • Recruit and hire new people with new skills
  • Outsource work to specialized service providers

As we saw with Chad, he delegated his daily financial transactions. He now has someone doing Quickbooks to leave him time for higher level CFO work.

“I had to give up sales, administrative team HR issues, and legal compliance issues to find time for my personal work. The only way I could do it was through baby steps. And to learn how to trust my team.”

He jokingly remembered when the marketing staff sent him a catalogue for company shirts. It was so tempting to get caught up in the color, look and design. He struggled, but delegated it.


Learn the delegation strategies Chad used to build a
thriving company that WASN’T dependent on him.

CLICK HERE

To register for our FREE workshop

“How to Delegate 50% of Your Job, Even When it Seems Impossible”


More impactful was delegating the entire company’s work schedule to … the employees.

“I had insecurities about the time I spent in the office. My employees had to punch in, but I didn’t. I felt guilty about leaving early and coming in late.” Chad explains.

“Now, I’ve given my team an open 40-hour work week. They can build their own schedule. Everyone is much happier and it’s a big win for our company culture.”

What happens when team members fail?

A critical part of delegating effectively is accepting that mistakes and failures will happen. Chad came to the important realization that his employees were no more perfect than he was. And that giving them room to make mistakes was as valuable to them as his own mistakes were to him.

“I encourage people to fail and to learn from mistakes. They don’t get in trouble for making mistakes.” says Chad. “For example, if someone makes a mistake and causes a lawsuit, they don’t get fired. If they do it twice then they get in trouble! They should tell everyone what they did so that others don’t make the same mistake.”

#3: DIGITIZE IT

Automate the task so it can be taken over by some kind of technology. A simple example is reducing the amount of time with e-mail with a spam filter that forwards (delegates) unnecessary email to someone else in your company.

Chad relates that too many emails gives him anxiety. “It’s a big problem for my freedom. I don’t like to have unopened emails.” So Choice implemented ASANA – a project and task management software online – for internal communication within the company to eliminate the amount of emails in his inbox.

“You can communicate with your team in one place – without getting a long email chain. There’s one chat room. All new ideas get posted and it cuts back thousands of emails. ASANA keeps communication more clear and everyone is connected.”

#4: DUMP IT

What if you simply stopped doing some things? Just stop. It can be very liberating. Are certain tasks truly vital for the health of your company? Be open to asking the question. And to hearing the answer.


Learn the delegation strategies Chad used to build a
thriving company that WASN’T dependent on him.

CLICK HERE

To register for our FREE workshop

“How to Delegate 50% of Your Job, Even When it Seems Impossible” 


 

How did Chad implement the 4 D’s so effectively? 

Chad recognized that he needed to trust his team…

“I really needed to trust my team. I made transitions slowly – baby steps. I gave things away slowly and when I saw that people could do it, I gave away more. The baby steps compounded into large jobs,” Chad says.

But he also recognized that his team needed to trust him and the new company culture…

“Training and giving up control is directly correlated to competency,” he affirms. “Intertwined with competency is trust. We do trust building team meetings twice a month. I create a locker room, campfire type feel. We’ve had 212 team practices since 2010. That’s 212 bricks in the building.

“When we hold team practices, the team has to ask me two questions or the practice is not over. And the two questions have to be hard.

“For example, ‘Chad, what keeps you up at night?’ Or ‘Why do you want to do that so badly? It’s going to bring on anxiety for the team.’ Or ‘Why are you feeling anxious?’’

Chad feels that the biggest compliment is that visitors to these meetings don’t know which person is the CEO.

What was the one thing that Chad found most helpful in implementing the 4 D’s?

“Leadership needs to be learned.” says Chad. “I didn’t have structure to see the big picture.”

For Chad personally, implementing the 4 D’s required a coach. As he put it,

“At the root of all leadership training is having someone kick my butt.”

He didn’t have structured strategies before he began working with a Brand Launcher mentor. And he says it was his mentor that got him to the point of keeping busy with things that align to his values. With his ability to now say no to things he used to say yes to.

“When I had someone come in and challenge me to think differently, I attacked blind spots. There were things that employees were too scared to tell me.  I was doing out of instinct and emotionally.” Chad remembers.

“For example, one of my leaders on collections team needed to have a courageous conversation with team member. I wanted to be involved in discussion. I was acting like a control freak and it was a big failure. I needed to delegate and trust my leaders to do without me. That impinges on my freedom.”

And that’s why I keep talking about this guy… he had the courage to let go so his company could grow.

Taking you from where you are to where you want to be.

Jon


Learn the delegation strategies Chad used to build a
thriving company that WASN’T dependent on him.

CLICK HERE

To register for our FREE workshop

“How to Delegate 50% of Your Job, Even When it Seems Impossible”


By | 2017-06-07T12:10:19+00:00 September 15th, 2016|Featured Press, Press Release|0 Comments