One of the most common complaints we hear from business owners is that the business is too dependent on them and often they are right. The problem with this is if you want to take time away from the business it all falls apart.
The reason that a business relies so heavily on the owner really comes down to 2 key areas – control and responsibility. If you can impart these onto your team and your systems you will be able to reduce the reliance on yourself.
We will provide a bit more detail on these key areas over the next couple of weeks but as an overview:
– Control comes down to who has the knowledge and who has the authority. If you have all of the knowledge on how to do something then it isn’t going to get done without you. Likewise if you are the decision maker for certain parts of the process then how can it progress without you?
– Responsibility is all about that care-factor that ensures things happen to a certain standard or that they happen at all. You don’t want to be passing on control without passing on responsibility.
If you are looking to reduce the reliance of the business on you as the owner then talk to your trusted advisor about the key areas in your business to address and how to go about it.
If reducing your stress levels or being able to go on holidays aren’t enough motivation for you then recognise that your business is worth more to a potential buyer if it isn’t so reliant on you. So do something about it.