The Biggest Time-Wasting Mistake CEOs Make

Summary

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Podcast Summary: EntreLeadership

Episode: The Biggest Time-Wasting Mistake CEOs Make
Host: Ramsey Network (Dave Ramsey & John Felkins)
Guests: John Felkins (Head Coach, EntreLeadership), Randy Reed (CPA Firm Owner)
Release Date: April 27, 2026

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Main Theme / Purpose

This episode tackles a classic leadership dilemma: How business owners, especially CEOs and founders, unintentionally become the bottleneck in their own company’s growth by holding on to too many operational tasks. Through a real coaching conversation with Randy Reed, owner of a successful CPA firm, John Felkins explores the mindset shifts and actionable strategies needed to delegate, elevate, and create sustainable business growth. The episode is a deep dive into the “biggest time-wasting mistake” – refusing to let go and delegate, and why that keeps even experienced leaders stuck in the weeds.

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Key Discussion Points & Insights

The Growth-Control Paradox (00:05–01:07)

• Many owners want growth, but “hesitate the moment growth costs them control.”
• Real-world example: Randy Reed runs a thriving CPA firm but remains bogged down in technical work, limiting leadership capacity.
• The core problem isn’t team competence—it’s the owner’s reluctance to delegate.

The Owner's Time Split—And the Ceiling on Growth (01:11–02:54)

• Randy shares the evolution from the firm’s humble beginnings to doubling in size.
• He regularly falls back into “technician mode,” especially during busy (tax) season, neglecting business development.
• Current time split: Only 15-20% is on owner-level work. Ideal would be closer to 60–70%.
• Quote:

  “There is an upper cap on the growth if I don’t spend more time growing this.”
  — Randy, 02:51

The Catch-22: Freeing Up Time for Business Development (03:07–05:03)

• To grow, Randy needs to delegate technical, billable work, but fears paying for new hires before new revenue is secured.
• John reframes: It’s a “catch-22”—you need time to get higher-value work, but can’t get that time without delegation.
• Debate: Should Randy add client-facing staff or strengthen business operations with a dedicated support person?

The Delegation Calculation: The Real Cost of Doing It All (06:14–07:20)

• Randy books his own appointments and handles admin tasks, citing willingness—not necessity.
• John makes it stark: Randy’s billable rate is $300/hr, but he does $30/hr work.
• Quote:

  “Every time you spend an hour doing something that a $30 an hour person could do, you’re burning at least $270.”
  — John Felkins, 06:59

• Randy estimates 10+ hours per week are spent on such tasks—essentially a $2,700 weekly opportunity cost.

Overcoming the Guilt of Delegation & The CEO Mindset Shift (08:34–09:19)

• Empathy for leaders who don’t want to ask others to do “their work.”
• The point isn’t about ability—it’s about maximizing the owner’s impact.
• Quote:

  “It probably feels a little weird to ask somebody else to do this stuff that you’re perfectly capable of doing. But that’s not the point.”
  — John Felkins, 09:16

• The solution: Fractional/flexible help (e.g., vetted assistants) to offload non-expert tasks.

Industry Trends & Opportunity (09:20–10:37)

• Industry aging out; many CPA firms are closing or consolidating.
• Randy’s firm has capitalized by acquiring smaller practices.
• The mindset shift: Instead of fearing idle payroll, see hiring as a platform for rapid business development, given favorable market conditions.

Final Challenge: Accountant In Business or Businessman Owning a Firm? (10:37–12:01)

• John’s core question reframes the leadership journey for Randy and listeners:
• Quote:

  “Do you want to be a businessman that owns an accounting firm or an accountant that’s in business?”
  — John Felkins, 10:52

• Randy aspires to be the former, recognizing the need to let go to scale.
• Emotional barrier: Old habits urge caution; new opportunities require courage and delegation.

Memorable Closing (12:01–End)

• The key lesson: “The skills that built the business won’t be the skills that grow it.”
• Coaching and external accountability help owners see and break through self-imposed ceilings.
• Quote:

  “Real owners don’t just do the work. They build something that works without them.”
  — Dave Ramsey, 12:12

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Notable Quotes & Moments

• “If you’ve ever said, ‘It’s just easier if I do it myself,’ this conversation is going to challenge you.”
  — Host intro, 00:40

• “How many times would you like to trade me $300 an hour or $300 cash for $30? As long as you’ll do it, right?”
  — John Felkins, 06:43

• “That’s easier to jettison than some of the bigger [tasks].”
  — Randy, 06:14

• “You’re a guy who wants to grow an accounting firm in an industry that’s going the opposite direction. And so that opportunity is huge.”
  — John Felkins, 11:53

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Key Timestamps for Important Segments

• 00:05 — Introduction & episode framing: Growth vs Control
• 01:11 — Randy’s business history & doubling in size
• 02:22 — Discussion of owner vs billable time split
• 03:07 — The challenge of freeing up owner time
• 06:14 — The true cost of handling your own admin
• 09:20 — Industry trends and acquisition strategy
• 10:37 — Central identity question for business leaders
• 12:12 — Dave Ramsey closing: The owner’s evolution

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Takeaways

• The biggest time-wasting mistake CEOs make: Failing to delegate low-leverage work.
• Transitioning from “technician” to “owner” is essential for scaling a business.
• Delegation isn’t abdication; it’s a strategic decision for growth.
• The skills needed to start a business aren’t the ones that will grow or sustain it.
• Courage to step back and invest in support staff is a decisive leadership move.

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This episode is a must-listen for business owners and leaders who feel stuck on a growth plateau. It challenges core beliefs about time, control, and what true leadership looks like as a company scales.

Transcript

[A]

A lot of business owners say they want to grow, but they hesitate the moment growth costs them control. Randy reed runs a $2 million CPA firm with 14 team members. He's experienced, he's trusted, and he knows exactly how he wants things done. Which is part of the problem, because even with a solid team around him, Randy still finds himself buried in. That pulls him away from bigger leadership responsibilities, not because no one else can do it, but because letting go feels risky. Today, Entree leadership's head coach, John Felkins, sits down with Randy to unpack what's really keeping him in the weeds and why. Sometimes the biggest ceiling in your business isn't capacity, it's you. If you've ever said it's just easier if I do it myself, this conversation is going to challenge you. Check it out.

[B]

Well, Randy, thanks for coming and hanging out today.

[C]

Sure. Thanks for having me.

[B]

Well, tell me what's going on on your business? What do you got in mind?

[C]

So we have a CPA firm. My dad started the firm from the living room of the house I grew up in back in the 70s. And the last probably seven or eight years, we've grown to about double the size that we were.

[B]

Well done, by the way.

[C]

Thank you. I'm running into some challenges throughout the day, having to bounce back and forth between being the technician, the billable hour, get the work done for the clients versus running a business. And also you combine that with the seasonality of our business when it's tax season and we're swamped, the business owner side has a tendency to. As much as I fight it, I get into technical billable hour mode and I forget because that's what I've done my whole career. So that's where my comfort zone is. And I forget about the business owner side.

[B]

What would you say the split on your time is now? And let me say, I understand in your world, you got wartime and you got peace time.

[C]

Correct.

[B]

So let's set wartime aside for a second. Just on average, throughout the year, what would you say the split is between.

[C]

I would say it's probably been getting closer to 15 or 20% owner time.

[B]

Okay.

[C]

Which is much better than it has been. But I don't feel like it's enough.

[B]

What do you think could be enough?

[C]

There are times when I feel like it should be probably 60 or 70% owner. So I'm starting to get a clear vision of okay. Even with the size team we've grown to, there is an upper cap on the growth. If I don't spend More time growing this.

[B]

So I hear you saying around the 60% mark, what would have to happen in your world to make 60% of your time available to just work on the business instead of in it?

[C]

Finding the right additional team member or members.

[B]

To do what?

[C]

To take on more of the billable work that I do.

[B]

Okay.

[C]

Which then leads to having the capital available to pay them.

[B]

Okay.

[C]

We are moving that direction. It's just I think I would like to move there quicker than we've been able to.

[B]

I get that this could be a sensitive question, but not dollars and cents. But in terms of your comp strategy, is everybody's salary or do you commission or they're percentage.

[C]

Most of the folks are hourly and they do make overtime.

[B]

Okay. But when you talk about capital to bring somebody else on, I'm assuming you, you correct me, they would pick up the billable hours. Is. Is it covering your. Your pay?

[C]

That's the actual covering my pay as the business owner then.

[B]

Okay.

[C]

Because we. There would be some. In my mind, we're trading out. Okay. They're producing the billable. So now they're taking the money that I'm producing.

[B]

Right, exactly.

[C]

So now I'm just overhead.

[B]

Right. Do you have the margin now in the business to pay you out of the. To cover your pay from that margin?

[C]

Not completely.

[B]

Not completely.

[C]

Right.

[B]

Okay. What would it take, do you think, to get there?

[C]

As I continue to make that transition and I free up my time to focus on the business, as I'm doing less traditional billable time, I will also have time to spend with the relationships that we already have, which will bring on other work that's more valuable. The higher profit margin work.

[B]

Okay.

[C]

That's what typically happens.

[B]

Okay. That feels like it's a little bit of a catch 22 because how do you free up time to do business development when you have to free up time to do business development? Am I hearing it right?

[C]

Yeah, that's a very good question. I don't know the answer to that.

[B]

One, what are some ways maybe you could do it?

[C]

I guess another way to look at it would be instead in addition to adding team members that do the billable work, maybe there needs to be more support on the business owner side.

[B]

What's your general?

[C]

I need a support person or two that are my right hand people that run the business with me.

[B]

Yeah. Yeah. Run it with you.

[C]

Maybe I don't need to be at 60%. Maybe I am at 40 or 50% and they're picking up.

[B]

Yeah. How much support staff do you have

[C]

now the team has two and a half support people out of 14 people.

[B]

And how many do you have?

[C]

I don't have a full person. I share those people. That's where I'm kind of going with my thought. Maybe I need a person.

[B]

So you're leading a 15 person team and you're booking all your own appointments, you're booking all your own travel.

[C]

Not all of them, but a lot. Yes, I see where you're going. Yeah.

[B]

How much?

[C]

That's easier to jettison.

[B]

Yeah.

[C]

Than some of the bigger.

[B]

Well, not only is it easier, but let's think of it this way. As an accountant, you have a billable rate. Is that public? Can you share what your billable rate is just for the fun of it?

[C]

$300 an hour.

[B]

Okay, $300 an hour. How much do you think you'd have to pay somebody to book your appointments?

[C]

A lot less than $300.

[B]

Let's just come up with a number for the fun of it.

[C]

Call it $30 an hour.

[B]

$30 an hour. 30. How many times would you like to trade me $300 an hour or $300 cash for $30? As long as you'll do it right. Yeah. And I'm not going to ever want to do that. That's a bad deal for me. But every time you spend an hour doing something that a $30 an hour person could do.

[C]

Right.

[B]

You're burning 300. You're burning at least $270.

[C]

Yep.

[B]

What percentage of your week do you think is spent on that stuff?

[C]

10 hours a week? If I had to guess.

[B]

Okay.

[C]

And that is a guess.

[B]

But okay. 10. 10 hours times 315. Maybe 15. Mm, that adds up.

[C]

Yep.

[B]

We'll get right back to the episode. But first, do you remember when you only worked 40 hours a week? Now that you're in leadership, you do that by Wednesday afternoon. Look, you want to be a part of something meaningful. You want to make an impact and still have a life. But as your company grows, your calendar fills up. Meetings stack on top of each other, and you're doing more work than doesn't require your expertise. You don't have time to lead anymore. That's where Belay comes in. Belay matches you with qualified US based executive assistants, marketing assistants, and accounting professionals. Real people who can help you protect your time. So you can delegate what doesn't require your leadership and focus on the work only you can do. Because growth doesn't come from doing more. It comes from doing what matters most. If you're ready to build a business that runs without running you into the ground, download Belay's free resource, the 40 hour CEO work week planning guide by texting ENTRE to 55123. That's ENTRE 255123. Now let's get back to the episode. So 300 for 30 is not a good business deal, is it?

[C]

No.

[B]

No. So one option is just work with somebody fractionally. That's why we work with Belay. They can provide you with. With an assistant to help you do all that kind of work. And they're vetted and they're great to work with. But whether you do that or something else, I think figuring out how to maximize your time by not doing that, and listen, that's a common thing. That's why I knew to go that route, because I've talked to a lot of people and you're a normal, fantastic business leader who's humble, not afraid to do anything. You'll take the trash out, you'll book the appointments, you'll do whatever it takes. And it's just not the best use of your time. And it probably feels a little weird to ask somebody else to do this stuff that you're perfectly capable of doing. But that's not the point. Right?

[C]

Right.

[B]

Let me ask you this, and maybe this is a little bit of a diversion, but I've talked to CPAs, the industry right now. What is the trend in the industry with small boutique firms and people that have been doing this work for a

[C]

long time, they're leaving the profession. They're leaving, they're retiring, they're dying.

[B]

Right. So what's happening?

[C]

Which is one reason we've grown. We've taken on three or four smaller practices in the last eight or nine years.

[B]

Right.

[C]

When my dad started the practice, and when I joined him in practice, it was much smaller. And there was always that struggle of, okay, trying to time it perfectly when you bring on the next person that the next piece of payroll.

[B]

Right.

[C]

Because it's so seasonal, great, we need them during busy season. But then, oh, now we gotta pay them for six months until. But I'm starting to feel like the tide has shifted so that if you can find the right person. I've said this to a couple people recently within our team. If we find the right people to join the team, even if we don't have the work for them, I feel like we can pretty easily go get the work, at least right now, because there are fewer and fewer young people coming into the profession and a lot of CPAs are aging out.

[B]

Yeah, but here's the thing. Here's. I would kind of leave you with a challenge or think about this in terms of a challenge. And that is the decision that you have to make is do you want to be a businessman that owns an accounting firm or do you want to be an accountant that's in business? What would your answer be to that?

[C]

I would rather be a businessman who owns an accounting firm.

[B]

I think you can go get help to make yourself more efficient. Go acquire some of these firms or pick like, whatever you've done in the past, whatever's comfortable for you, and grow the thing and get the people to help you build it.

[C]

I appreciate the encouragement.

[B]

I think you can do it.

[C]

Sounds great.

[B]

But. What? But what?

[C]

I don't know that there is a but. You're confirming the. I guess the dreamer in Randy that, okay, that maybe is possible, which I do think at times. And then the tide shifts and I start thinking like the old. The old thinking of now we got to play it safe here.

[B]

Yeah, I get that. But just think about it, Randy. You're a guy who wants to grow an accounting firm in an industry that's doing the. That's going the opposite direction. That's going the opposite direction.

[C]

Exactly.

[B]

And so that opportunity.

[C]

Huge.

[B]

Is huge.

[C]

Yeah.

[B]

You got this.

[C]

All right, man.

[B]

Thanks.

[A]

Thank you. What John challenged Randy on is something a lot of owners avoid because it forces you to confront your own habits. At some point, you. The skills that built the business won't be the skills that grow it. And if you don't make that shift intentionally, you'll stay busy. But capped. That kind of clarity is hard to see on your own. That's why coaching matters. If you're stuck in the weeds and you know it, one of our coaches would love to help. We'll leave a link in the description for a free 30 minute consultation. Because real owners don't just do the work. They build something that works without them. I'm your host, Dave Ramsey, and this is entree leadership.