In a little over two weeks from now, we will all embark on new journey. It can be a repeat performance of 2016, with the same kind of results, or something different. So, how would you feel if I said to you that beginning on January 1st, 2017, you would no longer be involved in everything that goes on in your business?
My guess is that you would might say…”I can’t do that”. While that might be the right answer for many of you, it’s also the wrong answer for many of you.
You see, the size of your business has a lot to do with how involved you are in all the “details”.
If you are a business owner just starting out, or maybe in a business that’s less than 3 years old, you might need to be very hands on. That’s normal. However, as your business evolves, you should have developed a team that you trust. A team that you can delegate much of what you do.
Ideally, if you are the founder, owner, or CEO, of a business that’s been around for 5 years or more, or a multi-million dollar business, 80% of your role in 2017 should encompass ONLY doing 5 things:
(1) accomplishing your top 3-5 strategic objectives
(2) strategic “high value thinking/visioning” to grow the revenue and profits of the business
(3) marketing and business development
(4) mentoring your direct reports
(5) developing “high level” strategic alliances
You hand off literally everything else.
Now I don’t mean you completely remove yourself from finance, operations, people, and other aspects of your business. What I do mean is that you allow the people in those areas of the business to do their jobs. Get out of their way, so you can spend your time on these 5 “high value activities”. Let them keep you up to date on “what you NEED to know”, and then hold them accountable to operate their respective areas of the business.
I can hear you now…Holly Moly….you must be kidding me!
I know you’re thinking… there are so many things in my business that pass through me.
I’m the funnel of everything in my company. So many things will fall through the cracks if I stepped back.
If that’s true, you’re really not functioning like a CEO. You just have a glorified job! You’re probably a big bottleneck to your company’s growth.
Evolving from an entrepreneur or founder to CEO is a process, but one that must eventually take place if your business is to succeed. The transition can be a tough one for many, but taking the first step is always the most difficult, so give it a try. If it’s something you’d like to discuss, just drop me a short note.