24 June 2011 by Benjamin
You have taken all the risk of starting a business, shed blood,
sweat and tears growing it, and now it's time to take a step back.
It's understandable that when it comes to passing the torch and
entrusting senior management with the day-to-day running of the
company, some business owners may be reluctant to say the least.
However difficult it may be, learning to let go is a vital stage
for every successful business owner. Stephen Bentley, CEO of Granby
Marketing Service has these ten handy and actionable tips on how to
delegate control and let go.
1. Make sure you really want to make this change and commit to
it. You will be building up expectations about possible
opportunities and, if you change your mind, you risk losing the
management team's confidence. Too often I have seen weak owners
decide to take back the reins and undermine the future running of
the business - this is classic 'no one can do it as well as me'
syndrome. Well, other people can, it just might be different.
2. Focus on the strengths of your management team and identify
well in advance possible candidates for leadership and invest in
development training as preparation.
3. Analyse the skill gaps and character profiles of your
management team to see how the dynamics work when you remove your
influence out of the mix.
4. It's all about managed transition and definitely not
retirement. Phasing the roles by introducing a deputy MD role for
one year prepares everyone for the next phase, when that person is
promoted as your successor and takes over the running of the
business. The plans are then transparent.
5. Likewise, engage your clients in the change. If you own all the
client relationships, they're naturally going to be unnerved if you
suddenly step out the picture. Build client trust by
gradually letting your management team take over the relationships
and provide reassurance by maintaining a backseat presence.
6. Do not be tempted to be incommunicado in an effort to prove a
point. If anything, always be available for support. It's not that
you don't trust the team, it shows that you still care, which the
team will appreciate.
7. Become more strategic. It is a fantastic feeling to be able to
add value by PR, networking, support and business development
without the daily operational involvement.
8. Focus on key reports: weekly cash-flow; management reports;
sales pipeline and debtors; and try to build a simple KPI table to
gain comfort in knowing the effects of what is happening.
9. Communication: make sure you have the best possible
communications even if you have a holiday home overseas. Broadband
and Skype bring you closer.
10. Gradually build up your time away from the business and spend
some time on health and wellbeing. Smell more roses along the
way!
Find out more about Granby Marketing Service