As a business owner, it's easy to get caught up in the day-to-day operations of your business. After all, you're invested in the success of your business, and you want to ensure that every aspect of it runs smoothly. However, as your business grows, it becomes crucial to shift your focus from working IN the business to working ON the business. This strategic shift can help you reclaim valuable time (for family time or forgotten hobbies?) and maximize your impact as a business owner. An added benefit – the less owner-dependent your business, the more attractive it is to future prospective buyers!
One of the key reasons businesses don’t sell is owner dependency. If the business can’t run without you, the result could be an unsalable business. Or, if sold, the buyer could require you to stay on for an extended transition period after sale.
I know, I know...letting go of control is easier said than done. I struggle with loosening my grip on the reigns, too. But let’s explore strategies that can help free up your time to focus on higher level activities that add value to your business and create a business that can run without you.
Delegate and Empower: One of the first steps to working ON your business is to delegate tasks and empower your team. Trust your employees and allow them to take on responsibilities that were once solely handled by you. This not only frees up your time but also empowers your team, boosts their morale, and encourages them to take ownership of their roles. Establish clear expectations, provide the necessary resources and support, and hold your team accountable for their performance.
Build a Strong Management Team: Surround yourself with a capable and empowered management team that can handle the day-to-day operations of your business. This includes hiring the right people, providing them with the necessary training and resources, and fostering a culture of accountability and continuous improvement. With a strong management team in place, you can confidently delegate tasks and focus on higher-level activities that add value to your business.
Implement Systems and Processes: Efficient systems and processes are essential for the smooth functioning of any business. It’s also where many businesses fall short! Spend time creating and implementing standardized operating procedures, workflows, and reporting mechanisms. Automate repetitive tasks where possible to save time and reduce the risk of errors. Streamline your business operations and create a scalable foundation that can support your growth plans.
Invest in Professional Development: As a business owner, it's important to continuously invest in your own professional development. Stay updated with the latest industry trends, attend relevant workshops, seminars, and conferences, and network with other business owners to gain insights and learn best practices. Sharpen your leadership skills, enhance your knowledge, and broaden your perspective to become a more effective business owner.
Set Boundaries: Working ON your business requires discipline and setting boundaries. Avoid getting sucked back into day-to-day operational tasks unless it's absolutely necessary. You can do it! Define specific times and days when you will be available for tactical discussions and emergencies and communicate those boundaries clearly to your team. Learn to say no to tasks that don’t align with your strategic priorities. It’s easy to be pulled into things that you can answer quickly and do more efficiently than others, but it’s not the best use of your time and doesn’t allow the business to run without you.
Learn to Let Go: As a business owner, it can be challenging to let go of control and trust others to handle certain aspects of your business. However, it's crucial for your growth and sanity. Identify tasks that can be delegated, and gradually let go of them. This will not only free up your time but also allow your team to grow and develop their skills. To help facilitate this shift, we encourage business owners to take multiple weeks at a time away from the business to see how the team operates. Gradually, this time can increase as the team develops.
Regularly Evaluate and Adjust: Transitioning from working IN to working ON your business is an ongoing process. Regularly reflect on your progress and identify areas that need improvement. Seek feedback from your team and other stakeholders and be willing to make necessary changes to optimize your time and impact.
It’s a lot to digest but remember that this transition is an ongoing process that requires regular evaluation and adjustment. Embrace the change, trust your team, and keep your eyes on the bigger picture of long-term success. With strategic focus and intentional efforts, you can achieve the goal of getting 25-30% of your time back to focus your energy where it has the most value, ultimately propelling your business to new heights of success!
BUSINESS OWNER BOOT CAMP
We're offering our highly rated Owner Roundtable series as a one-day event! Building a VALUE based business that is transferable.
June 7, 2023 | 8:00AM-4:00PM
+ optional Social hour Green Bay, WI or via Zoom
Limited to 10 participants, so register today!
Jayne McQuillan, CPA, MBA, Certified Exit Planning Advisor (CEPA) is the owner of Journey Consulting, LLC
Our firm is focused on providing business owners and their businesses with strategic planning, exit planning, financial expertise, and organizational improvement. We use a holistic approach within all of our services by aligning leadership with business strategy and outcomes.
Schedule your free consultation call today!