Business owners typically dream of freedom, wealth, and happiness as they exert greater control over their destinies. They start ventures to achieve financial, professional, and personal independence, then use that independence to give back, travel, relax, and enjoy their lives to the fullest extent.
These dreams never come true for many business owners, though, because they lack the mindset, processes, and people to make them a reality. A number of key factors are required to enable a business to run effectively without the constant presence of the owner. Understanding these factors and making the necessary adjustments will position you to realize your dreams.
The owner micromanages and fears giving up control. If you believe no one else will run your business the way you do, you’re correct. You’re unique, and so is your perspective of your business. Still, there are others who could do an excellent, if not better, job than you. Relinquishing control appropriately can be learned and is made easier once competent team members, trust, and effective delegation are in place.
The owner hasn’t mastered the art of delegation or realized the value of empowering team members. Learning to delegate tasks and projects to team members liberates you and empowers them. There are crucial components to effective delegation at which one must become proficient to do so effectively. 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.
Managers aren’t competent enough to run the business. Another benefit of delegation is it enables business owners to discover who’s capable of taking on a job and who isn’t. If you already have a manager or managers in place and, through planned and effective delegation and careful observation on your part, discover they’re not capable of running the day-to-day operations effectively, you have two choices. You can develop them or replace them.
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, you’re tied by necessity to its daily operations. Your success here lies in hiring caring and competent individuals and providing them with ongoing professional development so they can excel and become leaders in their own right.
The business lacks structure, processes, and a system of practical procedures. It’s imperative to put in place a system of simple and effective processes and operational procedures to effectively deal with the situations that will inevitably arise. The success of your company depends on it. Business owners are often surprised and always delighted to discover how easy these are to create as well as how appreciated and liberating they are to everyone involved.
The owner hasn’t built a team that can effectively run the business in the owner’s absence. The fear of relinquishing control over day-to-day operations can be overcome by building a team that can actually 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. When you build a competent team and the responsibility for the success of the business is spread out through a team approach, everyone benefits, including the owner.
Countless businesses thrive under the day-to-day leadership of their managers and team members, with the owner providing general oversight, direction, and new ideas. As you release your fears and build an empowered team that can handle daily operations, this can be your reality, too.
There’s much to consider in developing successful hands-off leadership. But with qualified business coaching and training, the thriving business of your dreams is within your reach. Adopt a more powerful mindset. Put in place necessary structures, processes, and systems. Hire potential leaders — and let go of those who aren’t — and offer leaders ongoing assistance in developing their potential. Your dreams of greater freedom, happiness, and success will come true.