Successful entrepreneur David Fix explains why even the most hands-on leaders need to understand the art of delegation.
YEC Member Spotlight: David Fix, GM, Don Farr Moving & Storage
David Fix currently is the CEO of several moving companies and the owner of his own. He was born into a family business and has actively worked in the moving and storage industry for over 16 years. Follow him @dafix77.
Who is your hero?
What’s the single best piece of business advice that helped shape who you are as an entrepreneur today, and why?
“Inspect what you expect!” In business, it’s easy to become overwhelmed with the challenges of running a company. However, you need to constantly keep an eye on everything. While you should trust employees to complete their daily tasks, it’s still your responsibility to make sure everything you expect to have completed is completed — from the most important project to the smallest detail. Set goals and spend time reviewing them. The worst feeling in the world is realizing that a member of your team hasn’t been keeping up with what you thought they were. Stay on it.
What’s the biggest mistake you ever made in your business, and what did you learn from it that others can learn from too?
One of the biggest mistakes I have made and occasionally continue to make is taking on tasks I could be delegating. We have all heard that “the best way to get something done is to do it yourself,” but this may keep you from the important tasks only you can really handle. Try to assess what needs to be completed and delegate other employees to do things they can help you with — no excuses. Teaching someone may take more time than doing it yourself, but spending that extra 10 minutes will save you more time in the long run. Stay on task or you will quickly find yourself buried with work.
What do you do during the first hour of your business day and why?
Honestly, the first thing I do is look at the business bank accounts. My company has several accounts, each with a different purpose. By reviewing them each morning, I get a quick glimpse into how things are going. Because I’m in the relocation industry, my company has employees all over the country. It takes fuel to get the guys there and pay for other expenses on the road. Observing the accounts also ensures I know where my trucks are and where my money is going. The banking industry has made it very easy for me to manage our accounts to help save, spend and transfer money to a debit card for a driver who may have had a breakdown. Start the day knowing where your money is.
What’s your best financial or cash-flow related tip for entrepreneurs just getting started?
Talk to your bank. Find out options for managing your money and setting up lines of credit and other loans that may be available to you. The last thing you want to do is juggle credit cards.
Quick: What’s ONE thing you recommend ALL aspiring or current entrepreneurs do right now to take their biz to the next level?
Be different and do it your way!
What’s your definition of success? How will you know when you’ve finally “succeeded” in your business?
My definition of success is being able to comfortably retire one day knowing that you have worked hard your whole life and can enjoy the benefits.