How to create a self-sufficient business that doesn’t rely on you
Picture it: a business that operates just as well (if not better) when you're off on another holiday, or when you decide to surprise your kids at school. Fanciful? It doesn't have to be.
I argue that the key to business success is to build a business that’s sellable, valuable and desirable – and a huge part of that is having a business that doesn’t rely on you.
Imagine: you’re freed up to ‘operate in your genius’ so you add maximum value to the business (and enjoy maximum flexibility and fun)... your people have room to shine... all while adding to the sales value of your business? That’s a pretty sweet deal if you ask me.
But it’s easier said than done. How do you get there?
First: you need to let go. This can be the hardest part for many owners. The business is their ‘baby’, and their identity is closely aligned with this idea they’ve grown and nurtured.
Some owners might feel disempowered by not being “the boss” and calling all the shots. But keep your eye on the prize: one day selling your business for a huge cheque. And in the short term, you’ll finally get the lifestyle freedom you went into business for in the first place, while still reaping great financial rewards. That’s what I’m talking about!
Next, you need amazing people – this is at the heart of any move to 'sacking' yourself. (Once you attract them, you need to: provide training; clearly communicate what constitutes ‘success’ in their role; give them clearly defined processes to follow; and foster an awesome culture they can thrive in. These will be addressed in future posts.)
Add in a focus on attracting the right type of customers, and things really start happening!
With the right people and processes in place, your business can function without you. Maybe not as well; maybe better! Either way, it will function. If you get it right, you can build a business that works better when you’re not there getting in the way. Picture a business like that!
The answer is to use your time more effectively – to work smarter (leverage your people), not harder (doing it all yourself). By improving your operations (better harnessing the power of your people) to achieve a long-term strategy (building a highly valuable and sellable business), the synergy created will enable you to achieve a far better result than you could on your own.