Design and Build a Business That Thrives Without You
For some business owners, profits are the top priority. For others, it's hitting sales targets. But what if your main goal was to build a business that grows and succeeds on its own—without needing you?
The most valuable business is one that doesn’t depend on its owner to survive. Ideally, it gives you full control over your time, letting you pick the projects you want to work on and take vacations whenever you like.
Businesses that run independently of their owners are worth more than those that don’t. Here are five ways to set up your business so it can succeed without you:
Give Employees a Stake in Success
Jack Stack, author of The Great Game of Business and A Stake in The Outcome, teaches how to create an ownership mindset in your company. Be open about your financial results and let employees share in the financial rewards. This encourages them to act like owners when you’re not there.
Help Employees Think Like Owners
If sharing financial details isn’t comfortable yet, try this: whenever an employee asks you a question, reply with, “If you owned the company, what would you do?” This encourages your team to see challenges from your perspective and develop problem-solving skills like an owner. Over time, they’ll start handling issues independently.
Review Your Products and Services
Make a list of everything you sell and rate each item from 0 to 10 based on how easy it is to teach an employee to handle it. Give a 10 to items that are simple to delegate and lower scores to those requiring your direct involvement. Commit to stopping the sale of the lowest scoring items and repeat this evaluation every few months.
Build Automatic Revenue Streams
Are you currently the best salesperson in your business? To make your business owner-independent, you need to step out of that role. One way is to create recurring revenue—customers who buy from you regularly without needing your direct effort.
Consider offering service contracts that meet ongoing customer needs on a consistent schedule.
Create Clear Instructions for Your Business
Write an employee manual or Standard Operating Procedures (SOPs). These documents provide step-by-step instructions for routine tasks, so employees know what to do even when you’re not around. Having these guides makes it easy to replace a team member if needed without losing productivity.
Making your business owner-independent has huge benefits. It creates a valuable company that can grow without bottlenecks caused by relying on one person—especially you. Plus, when you decide to sell, your business will be much more attractive to buyers.
Want to increase the value of your business?
Schedule a time with us to talk about how we can help prepare your business for a smooth and successful exit.
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