How Dependent is your Business on You?
- Thursday, 17 November 2016
If you were to leave for a short vacation, or if you were to call in sick for a couple of days, can your construction business still run? If you answered "no", then perhaps you should think about turning your business into a well-oiled machine that can run even if you are absent for a few days or retire altogether. Read more here.
Running a business requires dedication, hard work and persistence. An entrepreneur spots a business opportunity and seizes it. However, the story does not end there. It's one thing to tap into a growing demand for a certain product or service, another is to build a system around it. Otherwise, your company's growth will hit a wall, and you will be increasingly swamped with work. It may feel as if you are going against the grain by "working less" and delegating. In reality you will be working in a much smarter way if you let others take care of company operations and you shift your focus to strategy and growth. Here are a few things to take into consideration:
Think of successors
You may think "no one can do this the same way I do". You are probably right; people have different styles to go about things. Nevertheless, you must think about your company and customers. If you keep trying to be the jack-of-all-trades, or simply won't delegate, then your customers and business will suffer in the long run. Look for people to delegate tasks to. Divide and conquer!
Invest in employee training
Whether you are comfortable or not with your workforce's skill set, it is important to invest in their training. There are several arguments to this:
- You will feel more comfortable about delegating tasks to skilled team members
- Your workforce will stay up to date with the latest available technologies and knowledge base
- Your employees will develop an internal drive to stay with the company out of loyalty and gratitude (albeit it is no guarantee)
- A high performance work force will make your company stand out in the marketplace
After all, as they say "if you are the smartest person in the room, then you are probably in the wrong room".
Consider hiring from within vs hiring an outsider
As your company grows, you will need more team members to join your business and satisfy customer demand. Design job positions that will help with company growth and client satisfaction. Then, consider hiring (or promoting) from within or hiring an outsider. This decision is tough. If you do decide to hire an outsider, existing employees may feel as if they have been passed over. On the other hand, outsiders offer a fresh point of view on things, and can bring a skill set that is missing in your current team.
Company culture
All this growth and expansion may disrupt your company culture. As we've mentioned before, developing a strong company culture is vital for your business to be successful despite rapid growth. If your company lacks a strong culture, then you may become a victim of your own success.
Work to deliver on your KPIs
Once you have delegated tasks, it's time for you to focus on strategy and growth. Operations are taken care of, and now you have to think at a high level. Focus on business development, growing your systems and delivering on your KPIs.