Published: May 14, 2020
We’ve heard it said many times before and may even have thought it ourselves occasionally .…“if only there were more of me in the business.” ….or “why do I have to get involved with everything?” ….or “this place would fall apart if I wasn’t around!” If any of those things ring true, then even the most successful business is unlikely to realise its true value and full trading potential into the long-term. In a nutshell: your business is more valuable if it can function without you!
One of the biggest things that stop Small and SME businesses from growing at pace, is the management’s inability to let go of day-to-day tasks. A proactive way of dealing with this is to simply separate the task from the person. Let’s explore one of the basic principles…
A business is simply a system or series of systems designed to provide a service to its customers in the most efficient and profitable way possible…. orders in, orders out and all the bits before, during and after! Of course, people have to run ‘the system’, but for fear of stating the obvious, it’s people that have to create these systems too. The secret to freeing up your time as a director or business owner, is to separate the task from the person, by creating systems of working that others can understand, operate and be responsible for in your absence. It’s the only way that you can successfully free up your time, maximise your value and – more importantly – maximise the value of your business.
For many business owners, freeing up their time is often easier said than done, as they are usually required to wear multiple hats and juggle multiple tasks. However, finding time to work ‘on your business’ instead of ‘in your business’ is a key driver to success. Many entrepreneurs start their business out of vocation, i.e. because they are naturally gifted at something and want to make money from that talent. Unfortunately, this doesn’t always translate into being good at running a business and everything that goes with it…. accounts, marketing, HR, sales, admin etc. Some of these functions can be outsourced, whilst others will require you to employ people. Either way, it’s important to understand your own strengths and weaknesses, so that you can employ people who are naturally gifted in areas of the business where you are weakest; to support you in being more productive in the areas where you are strongest and freeing up your time to grow the business strategically ‘by design’ – working on it, not in it!