Any well-run and mature business shouldn’t depend on its owner to operate efficiently and effectively. As a business owner, you do not have to be constantly working in your business. Think of it this way: If your company depends on you specifically to be a workaholic to make it a success, how valuable could it be to a potential buyer? Instead, you should be working on your business. This means refining your operations, making it more efficient, and training the right team of people to support your business’s purpose and value to customers. To create a business that runs without you, here are four guidelines to follow.
Do what you are passionate about
We’ve talked before about finding your why, as described by Simon Sinek in his best-selling book. Finding your why is also key to building a self-running business. To have a business that others care about, you need to find its purpose. Once you know your “why,” you can attract likeminded employees and focus on serving your ideal customers.
Build outstanding processes
You need talented people to help your company be what you’ve envisioned and fulfill its potential in the marketplace. But employees come and go across companies as they fulfill their ambitions, change career course, or look for new challenges. What needs to be consistent are your processes, which should be ever-evolving toward greater efficiency and creating better outcomes. You want a self-perpetuating system of constant improvement. That means implementing, measuring, and refining the various aspects of your operations.
Trust Your Employees
Once you’ve built and standardized your processes, you need to put them in the hands of your employees. Delegating requires trust, and that can be hard to give when you’re used to being hands-on and doing everything yourself. But when you trust your employees, you empower them to apply their talents in support of your business. Learn to let go of the tasks that you think only you can do. While it’s fine to keep control of the company strategy, leave their tactical implementation to the talented people you’ve hired.
Do Not Accept Defeat
Not every decision you make will be the best one at the time. But struggles are not a reason to throw in the towel. If it’s worth doing, it’s worth the effort and the occasional setback.
In return for having a business that operates without the owner, you will be able to reap the benefits of its success.
Contact us for a complimentary coaching session
ActionCOACH Tampa Bay is composed of professional business coaches that help business owners create strategies that help their companies grow. We’ll help you create the processes that will grow your company. We don’t waste your time with motivational speeches. Rather, we share the personalized coaching that will help you with all aspects of running your business.
Our experts at ActionCOACH Tampa Bay are dedicated to assisting you with:
- Connecting with your “why”
- Hands-on implementation processes
- Tactical application of your strategy
- Financial guidance
Contact us today and let’s create a self-running business that works for you.