Today we ask the question “Do you own a business..or does it own you?”
How long could you leave your business for, and there be no impact at all on the profitability or how it functions?
If your answer is a few weeks, or even less, we would suggest that, in fact you don't own a business at all.
This is a very common challenge that leaders are keen to rectify. Business owners start with a lot of enthusiasm about what they are going to create. But before we know it, it isn’t fun anymore. It is overwhelming and totally consuming. Managing the people, the money, the sales, the marketing and everything else.
So how do we change this?
Making regular and focused improvements in each of the five business pillars, can transform your business.
The First Pillar of business – People
Do we have the right people in the right seats doing the right thing at the right time? These can be difficult decisions but having the wrong people in the team, can kill culture and hold everyone back.
The Second Pillar - Systems and processes
Make sure that you have good systems and that the business processes are documented, with all staff trained in them. This will ensure that everything happens efficiently and consistently.
The third is financials.
We need to know that we've got sufficient backing to actually run our business efficiently. Setting up and managing the financials well, can overcome one of the biggest limiters to business growth and survival.
The fourth one is sales and marketing
For most owners, they have limited experience in this area. If they attempt to do this themselves it can be all consuming. This is an area that requires investment, either in systems, people or outsourcing.
The Fifth and overarching Pillar – Leadership
Leadership is something that we find is rarely well displayed.
A lot of us fall into the trap of managing and because we are limited for time and so consumed with the running of our business, we tend to fall towards micromanaging.
Leadership is about creating and showing the vision, and actually engaging the team on this journey, giving regular updates on their contribution and progress towards it.
These are the five key things that you need to focus on, to create a business that isn’t totally dependent on you. You can create a business that allows you to take an extended holiday and that actually runs and grows without you.