Most business owners start their companies with the intention of creating greater wealth and freedom. They have a dream of achieving financial independence and using this to travel, relax, give back and enjoy their lives as much as possible. However, many never realize this dream, even if the business is successful in generating financial abundance, simply because they lack the mindset, managers and team to make it possible.
Several key factors contribute to a business not being able to run effectively without the owner’s constant hands-on presence:
• The owner is a micro manager who fears letting go of the reins. If you are an owner who believes that no one else will run your business the way you do, you’re right. After all, there is only one you and your overall perspective of your business is unique. Even so, this does not mean that there are not individuals who could do an excellent, if not an even better job, than you. Countless businesses are thriving under the day-to-day leadership of their managers, with the owner providing general oversight, direction and new ideas. This can be your reality too, as you release your fears and build a powerful team that can handle the daily operations.
• The owner is the only one currently on staff that can handle all aspects of the business. If you have created a situation where you are the only one that can effectively run your business, then you will be tied to the daily operations by necessity. Your success here lies in hiring individuals that are competent, and who care about you, your company and the customers you serve. Integrity, motivation, passion, a caring perspective and a true willingness to learn are invaluable attributes that you want to look for when adding leaders to your team.
• The owner has not mastered effective delegation and team empowerment. Learning to delegate tasks to your team members is liberating for you and empowering to them. There are crucial components to effective delegation that one must become proficient at in order to do it well. Without exception, every business owner I train is amazed at the freedom they gain, the ownership their team members take on, and how much better their business runs once strategic delegation is implemented.
• Current managers are not qualified to actually run the business. A powerful component of delegation is that it allows you, the business owner, to discover who is capable of taking on the job and who is not. If you already have a manager (or managers) in place and – through planned delegation and careful observation on your part – you discover that they are not capable of running the day-to-day operations effectively, you have two choices: Train them, or replace them.
• The business lacks structure and a system of practical procedures. In order to achieve your goals and create the freedom you desire, it is imperative that you have a system of simple and effective operational procedures in place to effectively deal with all the situations that will arise. The greater success of your company depends on it. My clients 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 has not built a powerful team that can run the business in their absence. All fear associated with releasing day-to-day operations can be easily 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”. Conversely, when you build a powerful team over time, and the success of the business is spread out through a team approach, everyone wins.
While there is much to consider in developing successful hands-off leadership, with qualified business coaching and training, the thriving business of your dreams is within your reach. As you adopt a more powerful mindset, hire capable leaders, train coachable team members that are willing to excel – and let go of the ones that aren’t – and then work with them to develop their potential, your dreams will come true!