There is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing out assignments. It is more an exercise in understanding and accepting our own strengths and limitations.

In this fast paced world, we must choose what activities it makes sense for us to do ourselves, and what it makes sense to let go of. None of us can be an expert in everything - not because of any lack of intellectual ability, but more because we lack specific exposure or experience. We must learn to accept this fact and be OK with it.

How do you fill gaps in your expertise? Let's consider a real life example. My own areas of expertise lie in business and operational management, understanding people and coaching. This is my business. When I wanted to create a single web-page to market a workshop I was developing I had to make a decision. I have (very) rudimentary skills in web page creation. While all of software I need is at my fingertips, question is "Do I really have time to learn it?"

I ask myself: "Should I spend several hours - probably a whole day if I'm being honest - learning to grasp software and design my own web-page" Or should I spend some money and hire somebody who already knows software?" Then all I need to do is supply content.

I am tempted to go it alone - after all, I love technology and knowing how to use it (that's my ego talking!). But at end of day, my time is better spent working on other aspects of business. So I outsourced job.

In making your own decisions, key is in determining what you need to know, want to know, must know, and already know. And how your time would best be spent.

Find Experts and Build Partnerships Jack of all trades, master of none. The old adage holds a lot of weight in today's entrepreneurial environment. No one can possibly run a small business alone.

Anyone who has their own business will know that they could never have gotten it off ground without help of at least an accountant and a lawyer. Perhaps you also needed a graphic designer or administrative assistance.

Wouldn’t it be nice to get some of your money back that you have invested in developing policies, procedures and processes for your organization? Well, you can with recently restored tax credit.

$7.6 Billion in Tax Credits are Available

In September 2004, President Bush signed $146 billion tax cut bill restoring recently expired business Research & Experimentation Tax Credit. The 18-month renewal of research and experimentation tax credit, which expired June 30 2004, was most expensive item with an expected $7.6 billion cost through 2014.

Process Improvement Qualifies

If you are spending money on ISO 9000, six-sigma, lean manufacturing, TQM, or any other initiative focused on improving your products or processes, then you could qualify. This includes software purchases, training courses, labor, and of course purchase of any Policies, Procedures and Forms products or services.

An Immediate Source of Cash