Can your business work without your being around? The answer would be no for many. Most of us have built each part of our businesses from scratch, sweat through the pores, heart, and soul. Yet, what if you should need to take a step back? Can it continue to run like clockwork? With many, this is a daunting idea, but it must be addressed if you are to find success for your business.
At the start, I was on top of everything related to the business. Marketing, customer service, and all of the other areas—I was in every corner of the business. And then I realized this essential thing.
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If I couldn't take a break without everything falling apart, then I hadn't built a business— I'd just created a demanding job for myself. That epiphany made me rethink my entire approach, I remembered that the real goal was to create a business that could function without me and, eventually, grow on its own.
The first was in developing sound systems and processes. Try baking a cake without a recipe. It turns out a wreck—the same is true in any business. I started to document every procedure, from how we handle customer inquiries to managing our finances. Those documents formed the backbone of the business, such that if anyone worked in line with those guides, everything else could run smoothly.
The next challenge was to delegate responsibility. It is not easy to entrust what one has built to somebody else. First, I hired good managers and good staff. They weren't mere employees, rather these people would maintain standards that I had established. It was tough to relinquish control, but in doing so, I was able to concentrate on strategic planning-level decisions instead of day-to-day dissolution.
Training and development also played a vital role in all this. I realized and observed that for my business to run effectively in my absence, imparting the right skills to my team was essential. We came to a point where regular training sessions became a norm; real training, not training for training, but training geared toward sharpening the decision-making ability and making sure that everyone can handle their different roles independently. Cross-training the staff to cover more than one role added another layer of security.
Technology was really, almost like a game changer. The process of streamlining and automating had significantly been catalyzed by the use of the right tools. With technology, our dependence on manual systems was significantly reduced: tools such as automated billing systems and customer relationship management software provided increased efficiency. It not only brought the efficiency of time but reduced the mistakes that could be made.
Next was the challenge to take the business ahead without me being part of every operation. At that time, I needed scalable systems. We invested in technology that would cope if the workload increased. We expanded our facilities to have more space. But growth did not necessarily mean physical expansion; there was a need for the right person. I needed to leave my business in the hands of people and create that management leadership space. So, I spent time mentoring potential leaders to groom them to move the business ahead.
A need was there to have a strategic plan in place. We established a long-term goal with the same clear vision and aligned the leadership team toward the same. The second was the financial freedom of the organization. A tremendous financial foundation was built up. Good cash flow was supported also, and expenses were well kept within control. This seemed to help fund the growth initiatives without ever needing outside help.
Building a business with enterprise value did not only mean making profits. A strong brand and good reputation were values in themselves. We worked hard to build up our own brand so that it could stand independently. This attracted loyal customers. The relationships with customers were also to be built. We set many strategies for retaining them and making the customers feel valued.
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We also needed a competitive advantage. Something unique that differentiated us from the competition made our business more appealing to acquirers or investors. Finally, I had to plan my eventual exit. Whether through succession planning or the sale of the company, an effective exit strategy was part of building a sustainable enterprise.
I sold it, but the lessons learned were more valuable to me than the profit made.