1. Admit it.
The first step to losing the label is admitting you may have micromanagement tendencies. This means that you not only admit it to others but, most important, to yourself.
2. Solicit feedback from your managers and staff.
Once you recognize that you may be a micromanager, you will want to figure out if your actions are harmful to you and your staff or merely necessary for the greater good of the organization.
3. Identify the root cause of your micromanagement tendencies.
If you find that you display tendencies that are causing harm in your relationships with your staff and maybe making you an inefficient member of the organization, you may want to explore the reasons you micromanage.
4. Seek advice, guidance and training.
Once you are more aware of the root causes, you will be able to seek the advice, guidance and training necessary to change.
5. Develop an automated workflow system.
With the technology available, advisors can now easily automate tasks and track their completion, which allows them to step back from constant oversight.
6. Delegate, don't dominate.
A true workflow management system should contain the three elements of control, assignment, accountability and documentation. If employed within a software-type environment, these three can be highly developed and observed by management without constant oversight. Studies have shown that when workflow management systems are properly applied, consistency, firm growth and firm capacity can be significantly increased. Time management can also be improved, and perhaps most important of all, tasks are far less likely to fall through the cracks.
David L. Lawrence, RFC®, AIF®, is co-founder and president of Global Practice Network, a technology and consulting firm that provides financial practices, broker-dealers and independent firms with comprehensive, profit-driven efficiency consulting, technology solutions and resources. Global also offers Collaborative Data Solutions and support services. For details, visit www.globalpracticenetwork.com.