Want A Great Formula To Ensure Your Business Thrives?
If you struggle giving up control in your organization, you’re not alone! Let’s face it, most business owners have a difficult time giving up control, even small pieces at times! This is understandable, (though rarely useful).
Your company (or department) is your baby and you have labored over her for quite a long time. Being afraid is understandable-- What if no one does "it" like you? What if business sales fall? Or you might even think, “what if it collapses all together?
While these are common fears (and trust me, I’ve experienced some of them myself), the truth is, you must let go if you want to grow, be fulfilled and have a life. Your business cannot be its best and grow healthfully (nor can you) with you attempting to manage every nook and cranny.
And, you’re right about some things- no one will ever do it like you; but if you’re wise and lead with excellence, your staff will do it even better! Letting go as your business grows is the best formula for ensuring a thriving business. It’s time to take fear by its little hand and walk it into the next phase of growth and development!
There are key growth markers, financial markers, project size, succession planning, etc. where it becomes imperative to delegate small and large chunks of business tasks and leadership, and to eliminate or systematize. But the evidence usually lies here: people are feeling bored, unfulfilled, and restless; and / or the company or divisions of the company are stagnating, slumping or lacking innovation, focus, inspiration and excitement.
Additionally, another side of the equation that becomes evidence of needed transition can include stress, overwhelm, weight gain, possibly drinking too much, and/or struggling with family, marriage or other personal aspects. Unfortunately, unhealthy or resistant business development usually go hand in hand with personal challenges. Nothing to fret about or dwell upon, ALL challenges can be reversed or eliminated- I see it all the time!
Simple Formula For Letting Go Of The Reins
Here is a very simple way to kick start fresh inspiration and determine what to delegate or shift and what to keep. This check in should be done during your annual strategic planning sessions (which I’d love to facilitate) and should be done by each owner and each executive / manager annually.
1) Do What You Love
Once a year, during strategic planning, ask yourself, “What are my favorites parts of this business? What tasks do I love doing or handling and do not want to part with?” This list should be extremely specific. The elements you come up with on this list should take up at least 80 percent of your work time, no exceptions.
“Doing what you enjoy most is the heart and revenue driver of a business. When your work is filled with joy, your pockets will be filled with cash!”
2) Work Where You Shine
There are areas of your business where you are a complete rock star. Usually, these segments overlap with where you love spending your time. But on occasion, people shine like a diamond in areas that aren’t their favorite parts. Either way, unless you absolutely detest a task or area you rock at executing, add it to your 80 percent list.
3) What You Cannot Yet Afford To Delegate
During any given growth phase in an organization, there will be tipping points of affordability verses, delegating, outsourcing or systematizing. These times can be tricky to navigate, but important to do so wisely. Perhaps hiring an accountant isn’t in the budget yet. Or purchasing a new software system that will ultimately save time and money, yet funding is not yet available, thus certain responsibilities are not yet available to release, but must be added to budget planning immediately.
4) 1-3 Control Freak Tasks
Ok, no getting carried away here. You may have 1-3 tasks that your inner control freak is just not ready to relinquish at this time. But, you will become ready in three to six months, right? These tasks may take NO longer that 1-2 hours per week combined, so choose wisely.