How Long Could Your Business Survive Without You At The Helm?
Published: March 29, 2022
In many businesses, the life force, drive, ambition and vision flows through the business owners and directors. So what would happen if you weren’t there?.. Have you thought about succession planning?
The article below provides a 2-minute read on how to maximise the value of your business by making time to work ON it instead of IN it.
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!
Letting Go To Grow
One of the biggest things that stop Small and SME businesses from growing at pace, is often the owners’ inability to let go of day-to-day tasks. A proactive way of dealing with this barrier to growth is to learn how to separate the task from the person. Let’s explore one of the basic principles…
The Value Of ‘Systems Thinking’
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.
Working On The 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!
To find out more about how to free up your time as a business owner and director, or to ensure that your senior leaders have the skills to run the business in your absence (next generation, heir apparent, business succession etc), download a copy of our Another Level Business brochure and discover how Enrichyou can help develop your team to achieve long-term business growth and commercial sustainability.
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