Delegating authority is essential to effective management and organization. Whether youre managing a Fortune 500 company, a small home based business or a household full of kids, your success and well-being depends on knowing how to delegate.

Most people try to wear too many hats and end up totally stressed out trying to keep up with their to do list. Delegating empowers you. You can not only get a lot more done, but it sets you free to get the right things done. And that can make the difference between success and failure.

Time is money and the secret to effective time management is to prioritize your goals and intentions and make sure you get the most important things done. Delegating allows you to do this. If your time is worth $20 an hour, it makes no sense to personally be doing a job that you can hire someone else to do for $10 an hour. The same principle can be applied in your family. Children can do jobs around the house for a weekly allowance or simply for the privilege of living at home.

And dont get caught in the trap of thinking If I want to get this job done right, Im going to have to do it myself. Always remember the management guru Peter Druckers axiom Its more important to do the right thing than to do things right.

Effective delegation begins with finding the right person for the job or, if necessary, finding the right job for the person. Communicate clearly what the job responsibilities are, the results you expect and whats in it for the person doing the job.

As a CEO, manager or parent, youre still ultimately responsible for the results. Successful delegation, however, expands your power, your effectiveness and your productivity. Rather than spinning your wheels, you can focus your valuable time on the really important priorities like helping your company or your family to get what they want. And thats the fun job.