“Let’s be honest. If you’re a business owner, you’ve probably thought of how to become an absentee owner one day.
The notion that your company cannot operate without you forces you to assume a few mundane tasks from each department, and you become the “go-to-person” every time. As much as that may appear necessary, you may also be denying yourself some time away for adventure and vacation, which will affect you in one way or another.
Being busy on the phone while addressing concerns and questions from your customers as well as managing your employees is not all that life has to offer. Maybe, you could “autopilot” your company and shift your attention elsewhere.
Here are some tips on how you can run your business operations without being on the ground.
You can learn which retirement plan would best fit for your company’s budget by clicking here.
1. Attract High-Level Employees
Today, potential job seekers appreciate work-life balance working models and the freedom to work remotely. The implication, in this case, is that these are critical factors to consider for any employer focusing on attracting top talent.
On the other hand, creating the right working environment for your employees can increase their productivity, and in turn, micromanaging them becomes unnecessary.
In that case, attracting high-level employees is paramount. The reason is that such workers can meet or even exceed your expectations when you are not on the ground to oversee the daily operations of your company.
Yes, you might see an in crease to your overhead. But, you have to ask yourself, what is the price of complete freedom?
2. Let Go of Anything That Ties You to Your Organization
If you are the face of your company, disconnecting from it in one way or another may be difficult. However, if you want to run your enterprise without being there physically, you need to cut any link that ties you to it.
As such, starting to transition your marketing, networking and any other customer facing materials should be on your checklist. Consider getting rid of the “wrapped” company car or publishing your personal number on social media, websites and other materials.
Basically, start to completely remove yourself from your company’s identity.
3. Consider Delegating Roles
Delegation is the most direct path for starting the journey towards running your company on “autopilot.”
Some of your workers can indeed handle particular tasks better than you do, while others have natural leadership qualities that you can leverage.
So, if you are planning to step away from the hands-on operations of your firm, you should prioritize nurturing competent employees to assume your responsibilities.
If you adopt the tips above, you can create an enterprise that runs without you, and one that honors who you are, your principles, and your input over the years.
Once you have your team in place, start to reap the benefits of what you’ve accomplished by traveling, enjoy more family time, or even start on your next venture.
If you’d like to learn how to become an absentee owner by attracting high-quality employees, schedule a plan discussion with us or take 30 seconds to find which plan is best for your company with the retirement plan evaluator.