Previously we talked about how to have a “real” business that isn’t totally reliant on the owner. One of the key areas to reduce this reliance is to hand over control.
Control can be broken down into 2 parts – knowledge and authority. If you have all the knowledge and/or authority for every process in your business, then you will be a constant bottleneck for each process. End result is long hours, high stress, no flexibility for time off, drawn-out processes and a frustrated team.
Some control is obviously a critical part of an owner’s role but you can’t control everything. If you want a real business, then you should be doing the following:
– Set-up systems and procedures to give the knowledge to the team on processes within the business.
– Nominate levels of authority within the systems and the team to delegate control down from yourself.
– Set safeguards for you to keep a control of key areas and high-level control over the business.
– Provide the team with training on the above and your expectations.
– Monitor and manage the above and your team’s performance.
With control comes responsibility. To protect your business and reputation you can’t hand over control without delegating responsibility and we will discuss this in our next article.
The key to all of this is about taking the burden from you in areas where your time isn’t most valuable being spent. Getting this right has incredible upside for you and your business.
If you aren’t sure how to identify areas to hand over control or how to implement any of the above then contact a trusted advisor.