5 Ways To Manage Your Business To Run Without You
Some business owners focus on growing profits, while others prioritize sales goals. However, setting up a business that can thrive and grow without the owner is the ultimate goal. Such a business allows the owner to have control over their time and choose projects and vacations freely. Here are five ways to achieve this:
1. Give Them a Stake in The Outcome: Create an ownership culture by being transparent about financial results and allowing employees to participate in the company's success. This encourages employees to act like owners even when the owner is not present.
2. Get Them to Walk in Your Shoes: Encourage employees to think like owners by asking them what they would do if they owned the company whenever they bring questions or problems to you.
3. Vet Your Offerings: Evaluate all products and services based on how easy they are to teach employees to handle. Consider stopping sales of offerings that heavily rely on the owner's personal involvement.
4. Create Automatic Customers: Move away from being the primary salesperson by implementing a recurring revenue business model where customers buy from the company automatically.
5. Write an Instruction Manual for Your Business: Develop an employee manual or Standard Operating Procedures (SOPs) that provide clear guidelines for repetitive tasks. Consider creating instructional videos for training new hires and ensuring a smooth transition when an employee leaves.
By "you-proofing" your business, you can create a valuable company and enjoy a balanced life. The business will be free to scale up without being dependent on the owner, making it more attractive to potential buyers in the future.