Most business owners dream of wealth, freedom and happiness — the opportunity to exert greater control over their destinies. They start their companies to achieve professional, personal and financial independence and often use these to travel, relax, give back and enjoy their lives.

For many owners, however, this remains a dream because they lack the mindset, processes and people to make it a reality.

A number of key factors contribute to the inability of a business to run effectively without the owner’s constant presence. Understanding these factors and making the necessary adjustments will position you to realize your dreams:

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 daily operations. Your success here lies in hiring competent individuals with positive attitudes and who care and then providing them with ongoing professional development so they can excel and become leaders in their own right.

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 right. You’re unique, and so is your overall perspective of your business. Even so, it’s likely there are individuals 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 understands the value of empowering the team: Learning to delegate tasks and projects to your team members is liberating for you and empowering to them. There are crucial components to 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 their business runs once effective delegation is implemented.

The business lacks structure, processes and a system of practical procedures. To achieve your goals, it’s imperative you put in place a system of simple and effective processes and operational procedures to effectively deal with situations that will inevitably arise. 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.

Managers aren’t competent enough to run the business: One enlightening aspect of delegation is it allows business owners to discover who’s capable of taking on the job and who’s not. If you already have a manager or managers in place and through planned and effective delegation and careful observation you discover they’re not capable of running day-to-day operations, you face two choices: develop them or replace them.

The owner hasn’t built a team to 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 to run the business — and run it well — without the owner’s presence. When the success of your business depends solely upon you, you trap yourself into a job. But when you build a competent team and the responsibility for the success of the business depends on a team approach, everyone benefits, including the owner.

While there’s much to consider in developing successful hands-off leadership, qualified business coaching and training can help you achieve your dreams of a thriving business. As you adopt a more powerful mindset; implement necessary structures, processes and systems; hire potential leaders — and let go of those who aren’t — and offer them ongoing assistance in developing their potential, your dreams of greater freedom , happiness and success will be realized.

Countless businesses thrive under the day-to-day leadership of managers and team members while owners provide general oversight, direction and new ideas. This can be your reality, too, as you release your fears and build a powerful team to handle daily operations.