This is a statement I hear many times from business owners, especially when we have worked with them on growing their business. The problem is that most of them have not structured the business to accommodate the growth and cannot relinquish or delegate certain controls. Before we work with a client it’s one of the first questions we ask and we encourage that they draw up the company structure as soon as possible.
Business owners are control freaks! I say this in a lightened mood as you read this we all know it to be true. We set up in business because we know we can do it better, and nobody can do the job we do. I say the term ‘job’ because this is how business owners end up, a job (slave) to the business. Many times I have heard directors state that this is my job and they have to work to keep the company afloat. We all know that this can be absolute rubbish, if the company has a proper efficient structure then the directors can be assured that the company will run while the business owners concentrate on business growth.
While the directors are ‘too busy’ then they are not pursuing new business, therefore when work dies down or is completed, there is nothing to replace it and take the business forward. This will lead to the company on a downward spiral and always the first thoughts will be to cut costs, usually staffing. Losing the company assets, of which I mean staff will be hurtful to the company’s future and may not recover to enable growth again.
So, to keep this a short blog, I would like to advice companies on the following;
Ensure that you have a solid company and process structure, it will help your business grow and be sustainable, and
Ensure that you hold regular management meetings with your advisors and staff, to keep up to date and to assist in making those key decisions.
Directors – enjoy what you do, think about contingency plans and never say ‘ I’m too busy to work on the business! ‘