Knowing When to Step Back From Your Business
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As a business grows, it becomes more and more complex, to manage. At first, the owner wears “every hat”. It’s a one man gang.
As soon as you hire even ONE person, everything changes. You now have to, not only delegate, but you’re “still in the field” And now you’re responsible for sales to support another person – or a family – and are likely, still working in the field.
This is probably the most inefficient stage of a company – and the most stressful. Once you reach 4+ employees, you as the owner, can start to step back and focus on “running” the business. In other words, focus on bringing in more business and managing the crew.
However, to take the business to the next level you may not have the time, the skills or the experience to do so, and your day to day decisions in all aspects of the business may actually hurt the business.
There’s a very big difference between running a business with a couple of employees versus 4 or more.
Completing this module will help you:
Tips & notes
If you don’t learn how to let go – and what to let go – in terms of day to day operations and strategic decisions, you’ll never be financially free, or have enough time and money, to do what you got into business for, in the first place.
You took the initial risks to venture out on your own. There comes a time when you want to see the rewards of that risk. The only way to do that is to hand over the reins and only maintain strategic input. The key is knowing when and how to do that.
When your revenue is falling, there’s a problem. And it’s not the competition, and it’s not price wars. It’s how you’re making decisions.
When you know that over the years, you’ve done well yet now, you’re slipping, things are getting on top of you, which didn’t before – you’re no longer in control. You may not even know why. You may blame others. Employees, the market, the competition, the economy – anyone and everyone.
Ultimately, if you’re making all the critical decisions and have not relinquished any control in a meaningful way, it’s all on you. Know the signs, and don’t let the troubles creep up on you.
Losing control as things change is NOT failure. Refusing to accept change, and refusing to look at the source of the problem, is.
If you know the signs and take action, your success will grow exponentially, and you’ll work and worry considerably less.
Video 44 Min + 16 Min read to complete worksheet
The answer is simple. When revenue is falling, and expenses and debt are piling up.
Keep in mind that these situations don’t happen overnight. They creep up on you, then accelerate – but they can be avoided. And headed off.
Remain vigilant about how your business responds to your decisions – since it’s an entity, a “person”, and you’re the main “employee” pulling all the strings.
Video 41 Min + 19 Min read to complete worksheet
When you own a business you have the ultimate say in everything, but no one can make infinitely more decisions, as the business grows. Not only do the complexity of the parts become harder to manage – which keeps you locked in – but the strategic decisions become much more critical and much more impactful.
Your job as “the owner” is to be the “strategic” beacon for the company vision at a high level. Nobody else can do that.
But they certainly can do everything else, in parts, to materialize it.
However, no employee is going to make you rich. They don’t have a vested interest in YOUR success, since it’s YOUR business.
This, in essence is why business owners – including large private corporations – hire CEOs and/or bring in partners and give them equity. Which gives them a vested interest.
Here we’ll explore the ways you can step back and hand over a few sleepless nights to others – who ALSO have a vested interest.
After all, isn’t it better to have a part of a huge pie than all of a small (and not so tasty) pie?
Video 52 Min + 22 Min read to complete worksheet