Most business owners start their ventures to create greater wealth, freedom and happiness — to control their own destinies. They dream of achieving financial, professional and personal independence and use this to travel, relax, give back and enjoy their lives as much as possible.
Many owners never fully realize their dreams even if their businesses generate financial abundance simply because they lack the mindset, people and processes to make it possible. A number of key factors contribute to the inability of a business to operate smoothly without the owner’s constant presence. Understanding these factors and making the necessary adjustments will position you to achieve your dreams.
The owner has not mastered the art of delegation and team empowerment: Learning to delegate tasks and projects to your team members liberates you and empowers them. There are crucial components at which one must become proficient to delegate effectively. Business owners I coach are amazed at the freedom they gain, the ownership their team members take on and how much smoother their businesses run once strategic delegation is implemented.
The owner is the only one 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 coaching and training so they can excel.
The owner is a micro manager who fears letting go of the reins: If you’re an owner who believes no one else will run your business the way you do, you’re correct. After all, there’s only one you and your overall perspective of your business is unique. Even so, there could be others who could do an excellent, if not better, job than you. Relinquishing control appropriately can be learned and made easier once trust, competent team members and effective delegation are in place.
The owner has not yet assembled a team that can effectively run the business in his or her absence: The 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 competent team and the success of the business is spread out through a team approach, everyone benefits.
The business lacks structure, processes and a system of practical procedures: To achieve your goals and create the freedom you desire, it’s imperative you implement a system of simple and effective processes and operational procedures to effectively deal with the 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 are to create as well as how much they’re appreciated by and liberating to everyone involved.
Current managers aren’t qualified to run the business: Another benefit of delegation is that it enables business owners 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 effectively overseeing day-to-day operations, you have two choices: Develop them or replace them.
Countless businesses thrive under the day-to-day leadership of their managers, with owners 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 operations.
While there’s 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 potential leaders, offer quality professional development to team members willing to excel and let go of those who aren’t, your dreams of greater freedom, happiness and success will be realized.