Owning a JOB Vs building a valuable business asset
The CEO of a growing, successful business was able to spend a significant time out of the office without the fear of everything crashing down. In my opinion, that’s the difference between owning a job and building a valuable business asset. If you can build your business so it runs without you, you have the ability to pursue other opportunities for a more rewarding, more balanced life.
The three key questions to ask about your business to help it run without you
You must be brutally honest with yourself as you ask these questions. Once you can candidly answer these questions, you can then determine how to build your business to where it does not require your constant involvement.
1. What can be done only by you?
There are a very small number of responsibilities which you alone can do. These responsibilities usually focus on setting the company’s vision and objectives. You are ultimately accountable for where the business will go, which means you must set the company’s direction. You cannot delegate that responsibility.
2. Where can others help you implement your vision?
As a business owner, you will never disassociate yourself from your business completely. However, you must build a team which can implement your vision. If you set a clear and compelling direction for your business, your team can take that vision and turn it into action steps.
3. How can I let people do their jobs without micromanaging?
If you have a strong team and have created clear objectives, give your team the freedom to get things done as they see fit. The captain of the ship must look out over the horizon, not be in the boiler room fixing a minor leak. Your time and creative energy are limited. You must let go of some of the details and let your team shine. It helps if you’ve hired “athletes“, or people who can quickly assume different tasks as you build your business.
It’s not easy to entrust others to build something you have created. However it is necessary if you want the ability to pursue other interests. Businesses that grow well have one thing in common – an owner who is comfortable letting the business run without that owner’s direct involvement in all operations.