How to Build a Business That Runs Without You?
It’s no secret that running a business is a huge undertaking. In fact, a report by Harvard Business Review reveals that most business leaders work 9.5 hours per weekday on average. That’s why many entrepreneurs find it surprising that there are businesses that run themselves.
Of course, a business running itself is an overstatement because there must be people performing day-to-day activities that keep the business afloat. However, some businesses can run without the business owner. Want to know how to build a business that runs without you? Here’s how.
Understand Your Business
One of the biggest mistakes you can make is letting your employees run your business without understanding all its processes. If you do, you won’t know when inventory is missing, when the supply chain is lagging, or when sales are declining.
Additionally, you should train your employees how to run your business so that when you leave them in charge, you know everything will run as if you were present. And you can’t pass the organizational and operational know-how to your staff without fully understanding how everything works.
Automate Most Processes
In this era of technology, there is almost an app or software for everything, from project management to file sharing. If you and your staff are still using manual processes, you are wasting time and resources.
For instance, if you run a dealership and offer auto financing, automate your services and put them online. That way, you can easily identify car buyers with auto loan pre-qualify and give them better terms. Prequalification shows they are ready to buy and have a good credit history.
Motivate Your Staff
Happy employees are motivated to work. They share your business goals and want to see your business succeed. One thing that makes staff motivated is if they know there is something more for them other than their salary.
For instance, if an employee is supposed to get a hefty commission after a sale, they will work day and night to close that sale. Always reward your employees. If you reward competence and hard work, you don’t need to be around for workers to be productive.
Practice What You Preach
If you want your business to run smoothly in your absence, you must create a strong work ethic. You should demonstrate what high productivity looks like and how to achieve goals. Show your employees instead of telling them.
Instead of telling your employees to report to work on time, show them by arriving before them. When you cultivate a positive work culture in your company, employees will embrace the culture even in your absence.
Make Your Employees Part of the Company
Amazon’s Jeff Bezos believes companies should make employees feel like they own the business. They will share the company’s core values, aspirations, and goals. Strive to make your employees comfortable, happy, and part of your vision.
You need to adopt the right strategies to build a business that runs without you. Fully understand your company before leaving it under someone else, automate processes, and motivate your staff to build their loyalty and boost productivity.