Have you ever felt trapped behind a desk, feeling that your business relies solely on your constant presence? It’s a struggle many business owners face, believing they have no choice but to sacrifice their time, health, and personal life for the sake of their company. Today, I want to challenge that notion and introduce you to building a business that runs itself.
Owning the Business vs. Running the Business:
The author Guy Kawasaki once said, “Entrepreneurs who don’t understand this will fail. They won’t be able to stop working ‘in’ their business, and they will never be able to build a business you can sell someday.” These words struck a chord with me when a client expressed fear of being chained to their desk because they were the business. However, a distinct difference exists between being the business and running the business.
An employee owns their job, while a business owner is an investor. What would you be looking for if you were to buy your company today? As the owner, your role should focus on strategic decision-making, growth initiatives, and ensuring the company’s vision is realized. Empowering your team to own of their roles and responsibilities creates an environment where the business can thrive independently.
The Increased Market Value of a Self-Managing Company:
Imagine the appeal of a fully functioning, self-managing company to potential buyers. They would be willing to pay a premium to step into a business that requires minimal intervention and can generate consistent results. By building a business that runs itself, you increase its market value and provide job security to your employees. When your team knows what to do and can operate effectively without constant supervision, their confidence grows, and their positions become indispensable.
The Benefits for Your Team and for You:
Your team is the lifeblood of your business, and it’s crucial to recognize their value beyond executing tasks. When you pay your employees, you’re compensating them for their time and investing in their ability to free you up. By fitting the right people to the right jobs and empowering them to take ownership, you create a supportive ecosystem that allows you, as the business owner, to focus on high-level strategic endeavors. This improves the efficiency of your operations and gives you the freedom to pursue personal and professional growth.
Three Practical Actions to Experiment with for the Next Week:
- Delegate and Empower: Identify tasks that can be delegated to capable team members and empower them with decision-making authority. Trust their expertise and give them the self-sufficiency to execute their responsibilities.
- Develop Systems and Processes: Create standardized systems and processes that clearly define roles, responsibilities, and workflows. Document best practices and provide training to ensure everyone understands and follows these guidelines.
- Foster a Culture of Ownership: Encourage your team to take ownership of their work by providing them with opportunities for growth and recognition. Foster an innovation and continuous improvement valued environment.
Conclusion
Building a self-running business is not an unattainable dream but a strategic approach that can unlock your company’s full potential. By shifting from being the business to running it, you can increase its market value, provide job security for your team, and reclaim your freedom.
Take the first step today and experiment with these practical actions over the next week. watch the positive impact they have on your business. If you seek more tailored guidance, don’t hesitate to contact us. Let us help you diagnose your situation and guide you toward a self-running business that allows you to thrive.
Schedule a free discovery call. Let us diagnose your situation and unlock your self-running business’s potential.