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Does this sound familiar? I can assure you that you are not the first to experience a budget blow out due to an approval process that got out of hand.
The move to a new role is a challenge for anyone, including your team, and there is often the temptation to continue doing the work you used to do as well as take on the new role. As much as you feel you want to follow what your boss is expecting from you it is your skill in managing yourself, as well as both up and down here that will set you free.