It can take a long time of trial and error to learn how to grow a business in a way that allows you to remove yourself from the equation. However, if you, as a business owner, ever want to exit on your terms, then you need to make yourself inessential to your business’ success.
If you want to grow a business that will be able to run without you holding the steering wheel, then you need to evaluate and redesign processes and systems. In this short guide, we will take you through the exact steps to make your business function without you.
Here are 5 steps you need to take to ensure that you can step out of the daily operations of your business so you can then sell it.
Step 1. Track where you are spending your time
As a business owner, you are involved in different areas of management and operations. To have a clear picture of the day-to-day contribution of your work you need to track time spent on:
- getting work done (actual work),
- managing people (leadership and delegation), and
- business improvement (design and growth).
Only then can you start to change your work routine and design a company that will run without your involvement.
Step 2. Identify the activities that contribute most to your company’s success
Out of all the tasks you identified in step 1, there are core activities and functions that are critical to your company’s growth and success. Identify these activities and ignore the rest for now.
How much time are you spending on these?
How do they contribute to sales and profitability?
What knowledge, skills and processes are related to these activities?
It is important to determine the real value of key activities and the effort associated with them. Try to create a map of the tasks, the time needed to complete them, skills required and other resources involved.
Step 3. Document required resources for repeatability without you
Each one has their own way of doing things and executing work-related tasks. Often, the process of completing a task gets left undocumented and, therefore, non-transferable without our involvement.
If you want to create a business that runs without you, then you need to document the exact steps, systems, and resources needed to get a job done. Use screen-captures and notes to describe existing processes, rather than producing detailed manuals.
Step 4. Redesign systems and processes
So, you finally got around to documenting your work processes so anyone on your team can follow the way things are done. Along the way, you probably found ideas to make processes more efficient.
In any case, your goal in this step is to redesign processes in a way that allows other people besides you to take on the task.
Determine the skills needed, steps the project owner should take, new systems or resources needed and team communication that is necessary along the process.
If you’d like to discuss how you should prepare and position your business to be more marketable without you, please contact us today.
Step 5. Outsource and delegate
In order for your company to work for you, you need to make yourself redundant and, ultimately, replaceable. That may sound a little strange but it’s true.
Now that you have a clear picture of where exactly you spend your time, how important these tasks are to your business’ success and have redesigned more efficient and transferable processes, it is time to delegate.
Do you already have staff in your company with the skill-set that you need? If not, make sure you wither train and empower your team or hire the right people for the job.
Keep essential daily functions on other people’s hands without your micromanagement. Outsource other processes, in which you were involved, but are not crucial to growth and profitability.
Make yourself replaceable
Working hard is admirable and essential for success. But when it comes to preparing for the future of your ownership, it is smart to make yourself inessential. If the company cannot succeed without your contribution, then you are likely to find yourself, as an owner, with limited exit options.