Entrepreneurs start businesses to achieve professional, personal and financial independence. They yearn to travel, relax, give back and enjoy their lives as much as possible. They dream of creating greater wealth, freedom and happiness — to control their own destinies.
For many, however, this remains only a dream because they lack the mindset, processes and people to make it a reality. A number of key factors contribute to a business not being able to run effectively without the owner’s constant hands-on presence. Understanding these factors and making the necessary adjustments will position you to achieve your dreams.
n The business lacks structure, processes and a system of practical procedures. To achieve your goals and create the freedom you desire, it’s imperative to put in place a system of simple and effective processes and operational procedures to effectively deal with the situations that inevitably arise. The success of your company depends on it. Business owners are often surprised and always delighted to discover how easy these processes and procedures are to create as well as how appreciated and liberating they are to everyone involved.
n The owner is the only team member who can handle all aspects of the business. If you’ve created a situation in which you’re the only one who can effectively run your business, then by necessity you’re tied to daily operations. Your success here lies in hiring individuals with positive attitudes who are competent and caring and then providing them with ongoing professional development so they’ll excel.
n The owner micromanages and fears giving up control. If you’re an owner who believes no one else will run your business the way you do, you’re correct. After all, you’re unique and so is your perspective of your business. Still, there are individuals who could do an excellent, if not an even better, job than you. It’s possible to learn how to appropriately relinquish control. It’s easier once trust, competent team members and effective delegation are in place.
n The owner hasn’t built a team that can effectively run the business in his or her absence. The fear associated with releasing day-to-day operations can be overcome by building a team that can run the business — and run it well — without the owner’s constant presence. When the success of your business depends solely upon you, you trap yourself into a job. Conversely, when you build a competent team and spread out the responsibility for the success of the business through a team approach, everyone benefits. That includes the owner.
n The owner has neither mastered the art of delegation nor understands the value of empowering the team. Learning to delegate tasks and projects to your team members is liberating for you and empowering for them. It’s only a question of becoming proficient at the crucial components of effective delegation. Every business owner I coach is amazed at the freedom they gain, the ownership their team members take on and how much smoother the business runs once effective delegation is implemented.
n Managers aren’t competent enough to run the business. A powerful component of delegation is it enables the business owner to discover who’s capable of taking on a job and who isn’t. Say you already have a manager or managers in place. Through planned and effective delegation and careful observation on your part, you discover they’re not capable of effectively running day-to-day operations. You have two choices: develop them or replace them.
Countless businesses thrive under the day-to-day leadership of managers and team members while owners provide general oversight, direction and new ideas. This could be your reality, too, as you release your fears and build a powerful team that can handle the daily operations.
While there’s much to consider in developing successful hands-off leadership, qualified business coaching and training can place the thriving business of your dreams within your reach. As you adopt a more powerful mindset, hire potential leaders, offer quality professional development to team members who are willing to excel (and let go of those who aren’t) and offer ongoing assistance in developing their potential, your dreams of greater freedom, happiness and success will be realized.