Growing the Business that Last Until Your Grandchildren

Have you ever think how your business will become when you are gone? Has it ever crossed your mind?. If it’s not, then it might a good time for you to actually start to imagine it, and plane for it.

 

As entrepreneurs, the existence of yourself is a huge part in the business. However, at one point of time you might need to step away from the business temporarily. A sudden drop in health, or just a simply a week gateway of vacation, you need to make a business system which could operate effectively by itself. So to get and stay in front of the competition, you need to do more than just offer something different.

 

Running on The Business, not Simply Doing the Job

“A business that doesn’t keep running without you is a vocation, not a business,” quote by Dan Doran, leave arranging counselor and organizer of Quantive Valuations. “Work out of the business. Your group ought to have a well-worn schedule that is executed in your nonappearance.”

 

“For a healthy business to grow, competent employees need to learn their jobs, move up the ladder, and make room for new employees,” states Ira Kalb, Professor of Marketing at the Marshall School of Business at the University of Southern California.

 

There is a need, a must need for business owners to create an ecosystem which allowing others do their job. You need to make sure that you realize you are the boss and the leader, not the employee. The company is born by you, you founded it and it is up to you to put the right people in place, not do the work for people that you’ve recruited.

 

Nourish a Company Culture That Empower Employees

 

Building and creating a strong company culture breeds integrity and honesty in employees. Giving the employee a sense of ownership means that they will want to help grow your business, even when you are not there.

 

“Establish strong ownership values within the company,” says Andrew Fischer, CEO and co-founder of Choozle. “Ensure ownership by making key employees a stockholder — this truly creates an environment of ownership as the employees are empowered to execute and make decisions autonomously but also within the best interests of the entire organization.”

 

Create the environment where you can assign employees to various duties where they could be independent to make decisions. The important in here is to show that you are truly trust your employee, showing them you know they are as capable as you are. Once they get used and comfortable to making decisions and have your trust, you don’t have to worry when you have to be away from the company.

 

Important noted on your trust towards your employees specifically noted by psychologist Sherrie Campbell. She writes “When our employees feel we are confident in them, they are naturally more confident in themselves,”. “We must trust we have led them well enough for them to make mistakes, recover and do better next time. If we respond contentiously towards their mistakes or decisions, we slowly crush their own drives for self-improvement.”

 

Prepare Worst Case Key

 

Still cannot let things go? Alright, it is time for you to prepare the golden key.

 

The strongest golden key that you could prepare is having trusted individual in the loop of your business. A good friend, a mentor, a family member or even a board. All of these are options and vary depending on where you are in your business success. These people know how you do things, your preference, and know exactly what you want.

 

Also you may want to store all passwords and information into a private secure folder. “I would advise entrepreneurs to create a private folder with all critical passwords and information,” says Doug Messer, CEO and co-founder of University Beyond. “In the case of death, having a locked Dropbox of all passwords and documents is essential, as your number two and three would need access to bank info and legal info to keep the company afloat.”

 

Stop Thinking in Hypotheticals

 

With everything that we have discussed until this point, you need to stop the thinking approach of ‘’if something happens’’. This kind of thinking process may help you to come out with several options of back up plan, but doesn’t necessarily prepare you for the real thing to be happened. Start to change the way you think to ‘’when this happen’’ approach, because sooner or later there will come a time when you’ll need to step back from the business–and you will want to be ready.

 

End Words

 

We always and strive to become the best version for our company. No one likes to talk about sudden tragedy. However, the need to automate the company to become independent not only for the sake when we are away, but it is also to strengthen up the employee’s capabilities in supporting the business.

 

Plus, now that your employee are independent enough, you can freely have your vacation for few weeks, or even a month.