Many great enterprises that exist today began as a dream realized by ambitious and determined men and women. It was their kid, their blood, sweat, and tears, their unwavering commitment. But, sooner or later, the driving force behind it all relinquished control and moved away from the heart of that well-oiled machine.
This is a reality that many managed service companies face today.
An entrepreneur establishes the firm, successfully expands it into a small business, and runs it based on the entrepreneur’s capacity to invest sweat equity.
However, the entrepreneur ultimately runs out of energy and time to expand the firm on his or her own. This lack of foresight results in backward management structures and failed key performance metrics (KPIs).
Are you at a point in your business’s development when it is quickly expanding? How prepared are you for this expansion? Have you created a solid strategy to assist you to figure out what you need to do at this key juncture?
Now, company development may occur in two ways: as a consequence of the owner’s deliberate efforts or as a result of a sudden, unforeseen occurrence.
What about your business? Are you planning and guiding your organization on this path, or are you waiting for that big break to confirm it?
An entrepreneur must create procedures and let go
No entrepreneur can “do it all” and “know everything.”
As a result, by engaging specialists and recognizing that the obsession with being in charge of everything stifles corporate development, they provide room for growth and institutionalization.
Self-awareness helps in summoning the fortitude to let go of the anxiety of ‘not knowing’ and allow room for the team to develop and thrive. A compelling vision inspires an entrepreneur to begin assembling the parts of a firm — identity, strategy, team, funding…
And now the job starts.
To keep the momentum going, there must be a dedication to the values and vision, procedures, structure, policies, and competency-based recruiting.
To attract and retain the appropriate personnel, it is critical to find individuals who share the company’s vision and values and can contribute to its success.
Questions to consider when you’re too afraid to let go
1. Can you keep going like this?
When you get to this stage, the answer is usually no. Nonetheless, you may believe you have no other choice. You are correct. You always have choices.
You can’t pour more into a cup that’s already full. To expand your company and have more flexibility in your life, you must let go to make room for something new and exciting to emerge.
2. Do you work IN or ON your company?
This is when the realization sinks in. If you’re too preoccupied with the day-to-day at this point, you won’t have the time or energy to prepare for the development you want.
Are there any tasks you can delegate? Is there anything that just does not need to be done?
3. What little modifications can you make?
This may include reorganizing roles and implementing procedures that give your staff greater authority and may not always involve you.
4. Are you ready to change?
It’s not an exercise in persuading everyone else to change at this point in your company’s development. YOU, too, must evolve. Are you willing to try something new?
Obsessing over maintaining the status quo will not benefit you or your company.
5. Are small modifications sufficient?
Even little adjustments will need your time and effort, and you will run into some of your challenges as you manage the changes. Is it worth the effort, or is something else required?
6. Is your cash flow in good shape?
The availability of funds is one of the pressures at this stage of expansion. You won’t be able to advance to the following level unless you have the necessary dollars.
So get your financial flow under control.
7. Are the employees you have currently in your business the ideal ones to take it to the next level?
As the business grows, you’ll find yourself depending more and more on your employees.
8. Do you have too high an expectation?
You and your team must be held responsible for the project’s and the company’s overall performance.
9. What are your plans?
Decide where you want to go: build a plan and set targets. And now comes the most crucial element of the plan: making it a reality in your company by developing action steps with clear responsibility and resource allocation.
10. Are you the ideal person to drive your firm through this next stage of development?
You’re a person. No one person can accomplish everything equally effectively. For entrepreneurs, this might be a challenging subject to even ponder.
You’re so emotionally invested in your company, let alone financially, that turning up leadership may be one of the most difficult choices you’ve ever had to make.
Consider your company’s needs while making this selection. Take into account your staff. Consider your situation. That triad is crucial to your long-term success.
Once the choice is taken to hand over operations to an experienced CEO, the major issue becomes how to make the transfer as seamless as possible.
If you want to expand your company, you must get out of the way.
More money and more effect need changes for the entrepreneur to transition into a new position. Let rid of the tasks that are weighing you down so that you may do more. That may occur gradually.
Is your company important enough to you to keep it flourishing and growing?