Honestly, every small business owner should have the same goal – sooner or later. The goal to become independent of their business. Your small business can only turn into a bigger business when it can operate smoothly without YOU being present. When you can stay away for a week, or a month, or a year, and your business is still standing, still thriving when you get back. Then you have the opportunity to really do whatever you like. You have time freedom.
And– if you wanted to, you could sell the business, start a new one, retire. Heck, maybe you could even buy a yacht and sail around the world, if that’s your thing.
True financial independence is the ability to live your life doing what YOU want to do. Do you really want to show up for work an hour early every day? Do you want to leave late at night and never take a holiday, for the rest of your life? I’m sure you don’t.
What is the key to being able to walk away?
The key to being able to walk away is drop dead simple. When you put the right in place everyone in your business knows exactly what’s expected of them. And, then make as many of your recurring business tasks automated as possible. I get that you may be a solopreneur right now. But, freedom requires that at some point you hang up your title as chief cook and bottle washer. You need a mental shift that takes you from worker bee to CEO. Just because you’re the sole owner of your business, you’re not required to where all the hats. Making that mental shift and letting go is critical to your ability to grow your business. Because at some point, you’ll need to take on independent contractors. Or maybe even employees. And, that’s why you need systems and automation.
When you take on a new employee, or contractor, how do they learn what they’re expected to do? Does an existing employee take them under their wing and explain how things work? How can you be sure that the new employee is learning what you want them to know? Because, if you don’t determine what they do, they will.
As the owner of the business, it’s your job to ensure that systems are put in place as the business grows. Systems ensure that everyone knows what they need to know to do their job effectively.
The Right Systems and Automations mean Everything
How do you think companies like McDonald’s are able to manage thousands of restaurants across the planet? As a teenager I worked at a local franchise. And, I never once had any of the big hunchos from headquarters come talk to me. McDonald’s Head Office doesn’t sell hamburgers. They sell franchises, and their customers are the franchisees. The most valuable asset they have is their system. It regulates what employees wear, the words they say to customers, how many seconds a patty is left on the grill. And, hundreds of other variables within their business, every contingency is dictated by the system.
The system makes it possible for new employees to fit in. They are educated on ‘how we do things around here’. And, then must be taught the specifics of their job. Sometimes even required to sign a performance agreement.
Now maybe you really don’t want to be as big as McDonalds. And, you don’t have to. But, can you imagine having to still write out letters one at a time and email them to your list using your regular email account? Regardless of the size you plan on growing your business, systems and automation are how you scale its growth.
In a well-designed system, there is still space for individual creativity. Better ways of doing things should always be sought out and encouraged – and written into the system for the future. The system provides the framework for ensuring that the business is never entirely dependent on any one person. And, if you own the business, your future depends on the quality of your system.
Learn to Recognize When Your Business is Ready to Hire. And, How to Prepare for Onboarding Independent Contractors and/or Employees. Register for the Upcoming Business Profit Equation Virtual Summit -October 8th-10th, 2020. Already missed it? Grab the Replays!