7 signs your business is NOT reliant on you
There are seven signs (from the outside looking in) that tell me a business is NOT reliant on its owner:
1. The owner has a time-intensive hobby. Maybe they play golf, go fishing, ski, compete in triathlons or marathons
2. They seldom miss their kids’ sports events or school events
3. They go on holiday for at least two weeks to a month at a time. And when they’re on holiday, they don’t reply to your email
4. They have time for a coffee and chat at short notice, and don’t cancel the meeting for work reasons
5. They look fit, healthy, and well-rested
6. They spend time developing themselves. Doing things like reading, listening to podcasts, attending a mastermind group like EO/Vistage, or working with a business coach
7. They pop in and out of the business randomly
Why are those important?
Well, one of the biggest risks when owning a business is that it is over-reliant on you, the owner. Because if you ain’t there for three months or more, the business is going to grind to a halt.
It might survive, but it’s much more likely it will suffer. A Lot.
And, in the worst-case scenario, should you be incapable of running the business, you’ll be leaving your partner or your kids a whole lot of grief.
What’s your score?
How many of those, hand-on-heart, describe you?
If it’s 5 or more, there’s a good chance your business will survive without you being there.
If it’s 3 or less, there’s a high probability your business will suffer if you’re not there. And the harsh reality is you’ve built a job, not a business.
But let’s not be all doom and gloom…
… imagine how it would feel if you could agree with all 7 statements and still have a profitable, growing business.
(Btw: if you can’t visualise that because it just feels ridiculously out-of-reach, then you’re in trouble my friend, and need to get things sorted asap)
How do you get to 5 or more?
Sadly, there’s no quick fix. (And anyone that promises you otherwise is a charlatan, better known as a goo-roo these days).
It’s not easy to get your business to the point where it can run without you and still give you a good return. But if you don’t set that as your goal, and measure your progress towards it, you greatly reduce your chances of ever getting there.
So, I’d recommend scoring yourself on the super seven above, and then using that as a quarterly progress benchmark to keep you focused on reducing your business’s dependence on you.
Or, if you want to take the guesswork out of it, avoid the pitfalls that keep you trapped, and make progress much faster, then join me on the 29th March for my webinar “The Five Pitfalls that keep you mired in your business (and how to avoid them)”. Click here to read all about it
Until next time.
PS: I’ve helped 80+ clients reduce their company’s reliance on them so I know first-hand what keeps owners trapped in their business. Join me on 29th March to discover how to get ‘untrapped’. (so to speak). Click here to find out what I’ll be covering