Menu Close

Start working ‘on’ your business, rather than ‘in’ it

Tom Lovelace In Preparation No

Could you give up being the main driver and discover a more productive role in the company you created?

As a successful business founder with strong entrepreneurial spirit it’s hard to let go of the reins and trust others with the precious project you have invested so much in.

But there comes a time when this fundamental shift will be the best way to keep your business growing, says Jim Krampen, Seven Corners Inc co-founder and executive officer, writing for Entrepreneur.

Krampen initially made the move to be chief revenue officer of his company and now concentrates solely on business development.

He has identified five key ways to step back from the frontline and benefit your company’s future:

1) Recognise your limitations. You can’t do everything. You probably had to try your hand at every skill under the sun when you started the business, but now you neither have the time nor the expertise to do it all. Even if you built up the company by spinning multiple plates, you will certainly drop one if you keep on adding to the load.

2) Celebrate your top strength. Identify your own best quality and concentrate on making good use of it. Finding fresh focus and a new role with that in mind will benefit the company in the long run.

“For me, business development is my first love and my strongest skill. So, after way too much time in the office, I’m back on the road, initiating and developing business relationships,” says Krampen.

3) Harness your team’s expertise. As businesses grow they need people with specialist knowledge and experience to continue flourishing. Trusting your team to solve problems and take responsibility for making sound decisions in their particular area of expertise is essential for good balance and progress.

4) Know that resisting change gets you nowhere. It’s easy to think that repeating what you have done so far to build your business is the guaranteed route to success at the next level. It’s not. That kind of rigid thinking is setting you up for future failure. The business world is moving faster than ever; you will only keep up by taking a broad and honest look at your company – something you can do if you take a step back. When you have identified gaps or fresh solutions, think carefully about who can help you with these.

5) Encourage outside input. When you’re identifying new team members to boost the company and fill in skills gaps, try looking for those who are succeeding outside your particular industry. Bringing in new ideas and perspectives from different business models can be particularly enriching when you are growing at this stage.

Letting go of your daily operational role will take time and you’ll need the support of your team as you all adjust to a new model. But it should reap rewards that open new doors to success. Is that something you could do for your business?

Source Article: When And Why Co-Founders Should Stop Managing Their Company
Author(s): Jim Krampen
Publisher: Entrepreneur