Most business owners start their companies with the intention of creating greater wealth, freedom and happiness. They dream of achieving financial independence and using this to travel, relax, give back and enjoy their lives as much as possible. But many owners never realize this dream, even if their businesses are successful in generating financial abundance, simply because they lack the mindset, managers and team to make it possible.
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.
The owner is the only one on staff 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 to daily operations by necessity. Your success here lies in hiring individuals with positive attitudes who care and are competent and then providing them with high-quality training so they can excel. Integrity, motivation, passion, a caring perspective and a true willingness to learn are invaluable attributes to look for when adding leaders to your team.
The owner is a micro manager who fears letting go of the reins. If you believe no one else will run your business the way you do, you’re right. After all, there’s only one you and your overall perspective of your business is unique. Even so, there are individuals who could do an excellent, if not an even better, job than you.
Countless businesses thrive 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 daily operations.
The owner hasn’t mastered effective delegation and team empowerment. Learning to delegate tasks to your team members is liberating for you and empowering for them. There are crucial components to effective delegation that one must become proficient at to do 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. Most likely, there are tasks you can release to another qualified individual or group at this time.
Current managers aren’t qualified to actually run the business. Another powerful component of delegation is that it allows the business owner to discover who’s capable of taking on the 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 — you discover they’re 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. To achieve your goals and create the freedom you desire, it’s imperative you have a system of simple and effective operational procedures in place to effectively deal with situations that will inevitably arise. The greater success of your company depends on it. My clients are often surprised and always delighted to discover how easy these procedures 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 his or 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 and the success of the business is spread out through a team approach, everyone wins.
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. As you adopt a more powerful mindset, hire potential leaders, offer quality coaching and training to team members who are willing to excel — and let go of those who aren’t — and offer them assistance in developing their potential, your dreams of greater freedom, happiness and success will come true.