Do you have a ‘spare heir’ for your business?

charlotte baby

Much has been celebrated about the new arrival. Any birth always brings happiness and hope for the future as we feel secure (at some level) our genes have been passed down the line.

There is also a lot touted in the press about Kate having produced ‘the spare’. Now Prince Harry has a replacement should something untoward happen to him.

Reporting of ‘the heir and a spare’ started me thinking about owner operated businesses, and where is the ‘spare’ ?

Whether you are thinking of starting your business or been operating for a while, you must consider creating systems and processes that allow you to have the business run without you at the helm, all the time.

Effective systems and processes will allow you to outsource repeatable low value tasks, scale the business more easily as you can outsource discreet parcels of work. You will gain a freedom mindset, knowing that the business will not collapse without you.

What would happen to your business now, if you were taken ill, get consumed by a personal situation or become engulfed in a business issue that overtakes your time?

Will your business grind to a halt, as you are no longer at the helm directing and executing, or will it continue on, with effective systems and processes in place, giving you the freedom to divert your precious energy and attention?

It’s often not until we are faced with an impossible pull on our time that we discover how vulnerable our business is. We have no ‘spare’. Our business is at risk of stalling.

Here we some ways to get started to create a business that can operate without you.

1. Schedules

What happens when in your business?

Do you have a weekly or monthly rhythm to how your business operates? List out all the regular occurrences.

For example, do you invoice on the 1st of the month, pay your bills on the 19th, post a blog every Monday, ring new prospects on the second Tuesday, or whatever?

By listing out all of the business rhythms, you will notice patterns in what works to make your business run smoothly. Should you be absent from your business it will be these activities that you can outsource.

2. Systems

How often do you repeat actions in your business?

Each time you acquire a new customer, is there a common on-boarding system that you take them through, or is there a certain way that you pack up customer orders for sales, or plan your trade shows, or create your social media presence from your blog posts for example?

Whether you realise it or not. Because we are creatures of habit, you will have many systems in your business. Pulling them out and documenting them will give you clarity about how you make your business happen. Documenting the process you do without realising will give you a tangible record of how your business is run.

3. Structure

Whether you are a one woman band, leading a small team or run a larger enterprise, it is essential to have an organisational structure designed to take care of all the tasks that need to be completed to run the business.

Every business will have components of sales, marketing, administration, finance, invoicing, customer management etc. Typically when a business starts with the owner operator, that person does it all, wearing many hats at one time.

As you grow, and to scale your business, you need to have additional resources to complete the tasks you do currently. To assess easily where you need to grow, group similar required tasks into distinct roles.  This will help you to see clearly where the opportunities for taking on additional resources are.

 

By documenting systems, structures and schedules that you do already in your business will enable the transition from an ‘heir to a spare’ to be smooth and with less risk to your business and livelihood.

I would love to know what you discovered from documenting your existing systems, schedules and structures. Please comment below so we can all learn from your experiences.

 

 

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