Administration Trap? What is it? Yes, it’s important to hire. Yes, it’s important to delegate. Yes, team makes all things possible.
BUT there is something that many financial advisors aren’t prepared for when they start hiring.
The administration trap.
Let’s first dig in and define what administration is.
- It is managing duties, or rules, or responsibilities.
- A a secretary is an example of someone who does administrative work.
- Filing is an example of administrative work.
It’s the role of an admin officer to make sure the right things get done, in the right way, at the right time and by the right people.
In the earlier days of our business journey – before we hire – the administration part is pretty easy because we only have to do it ourselves!
But as we grow, and with each new hire… more and more routinary tasks and filing of paperwork need to get done and it overwhelms you when your time is mostly spent doing admin stuff!
Aside from these, we still have other roles to fill like planning, strategizing, marketing, sales, customer service, etc. Systems and structure need to be created to make all these work seamlessly in your organization.
Put simply… The bigger the business becomes, the more there is to manage and administer.
The question is – who is doing the administering?
Is it still you?
This is the administration trap.
It’s a rude awakening for many financial advisors, business owners, and CEOs because: a) they didn’t realize how much work administration, filing, other similar routinary tasks actually are, and b) they aren’t very good at it!
They find it tiring, frustrating and draining. It’s taking up so much of their time that they can’t actually focus on growing their business and doing what they do best.
When you don’t purposely hire someone to help here then administration will fall on YOUR shoulders. Doing all things on your own is not the best thing for growing your business.
Check us out at https://yourvirtualservices.com/services/ so we can take administration off your shoulders – let’s talk.