In-Demand Speakers Delegate to Elevate Their Thought Leadership Business

Delegating is harder. Diversifying is even harder.

As a thought leader on the verge of growth, giving up “the doing” part of the business is challenging. Countless hours have been spent developing sales pitches and perfecting talks. Determining what services or products to offer was practically an MBA itself. Understanding and documenting best practices and standard operating procedures took forever. The thought of giving ownership to new team members can lead to sleepless nights. 

But if delegation and, ultimately, diversification of products and services never happens, how can any thought leadership business grow and serve the greater good?

The 2023 State of the Industry Report by Speakerflow surveyed thought leaders from around the globe, with 80% of participants based in the United States. The report found that more thought leaders are investing in their businesses and abiding by the concept of “delegate and elevate” even more. 

Here are three key takeaways from the 2023 report that all thought leaders should consider. 

The Bigger the Team, The Larger the Impact:

Walmart would never be the mega-corporate leader it is today without Sam Walton’s hard work, ideas, and dedication. But even Sam knew that he could not grow the business without a little help from his friends. 

This is true of many thought leadership businesses today. Consider the graph below: 

As a thought leader and team of one, revenue is limited by that one person’s ability to do all the things. If a thought leader attempts to work the front AND back of the counter, they are essentially the creative force and the operations professional at the same time. That limits creativity, the number of sales calls, and overall visibility in the marketplace. 

Thought leaders with larger teams make a greater impact on the target audience they serve and by default, make exponentially higher revenue even with a small team. 

Delegate the Systems and Processes:

Ever have a hard time staying in the creative “zone of genius” when emails, phone calls, and social media posts are never-ending? Business owners often find themselves wrapped up in administrative tasks, with less time focused on revenue generating activities. 

Growing small businesses struggle when it comes to delegating work. Essentially, when does a growing thought leader start to outsource time-consuming administrative work?

According to the U.S. Chamber of Commerce, consider outsourcing administrative tasks when the business can no longer accept new work and when doing administrative tasks affects revenue. In other words, the business would make more money by accepting new work than keeping non-related tasks in-house. 

In fact, the 2023 State of Industry report highlights that the number of thought leaders hiring a team (outsourced or employees) has increased by 22% since 2021. The most common outsourced activities include bookkeeping and administrative tasks, website management, and social media management. 

Diversify Revenue Streams:

Offering a variety of products and services to existing and potential customers is a smart decision. Diversifying revenue streams and price points avoids market/economic fluctuations and expands the target audience. It also keeps current customers close by; they won’t have to look elsewhere for related products and services that they might need in their buying journey. Plus, the more a business offers, the higher the annual revenue. 

What types of products and services do speakers offer to their target audience? The 2023 State of Industry report found the following:

While keynote talks and addresses rank at the top of the list, consider diversifying product offerings to establish credibility in the marketplace. For example, authoring a book or offering an online course gives thought leaders other avenues to reach additional customers. It also gives them the opportunity to speak on topics near and dear to their hearts – where they are often subject matter experts. Share the wisdom and watch the customer base grow!

Clearly, thought leaders don’t grow their business overnight. It takes careful planning – a solid business and marketing plan provides both short-term and long-term strategies to meet objectives. As the 2023 State of Industry report highlights, successful thought leaders “delegate to elevate” their business, which allows them to focus on their “zone of genius” and expand their reach. 

As a thought leader, are YOU ready to expand your reach? If so, comment on how you delegate or plan on diversifying your products and services. We would love to hear from you!