Delegating Profit and Loss Responsibilities

Delegating (not abdicating) P&L responsibility to your management team gives people ownership and accountability. They will think and behave more like business owners. My service department was spending several hundred euros every couple of months on rag cleaning. They saw the numbers, bought a washing machine, and now clean their own rags. It has saved the company more than 1500Euros annually and the team is proud! It was hard getting to a place where I could give my management team P&L responsibilities for their functional areas but it has made a huge difference to the bottom line as well as freeing up some of my time to focus on other strategic activities.