Dec 19, 2018
Business Owner Freedom is a weekly podcast for created for small business owners. Some of the podcasts are interviews and a portion are topic based. We invite you to join us weekly to obtain multiple points of view. If you have specific questions, please reach out to us at askgreg@gregorygray.com.
Letting Go to Grow Your Business
Example: A business that has been around for 15 years and only grew in the first 5 years has become stagnant and the owner refuses to let go. The business has leveled off and is stuck. Why is the business stagnant?
- They want to run the business from a command and control standpoint.
- They want to be the person that is seen as the smart person in the business-their ego keeps them from letting go.
- People-not hiring the best people
- Processes
High Performance Business
“A performance business is one that can run with the business owner being absent for an extended period of time.” – Gregory Gray
A high performing business will have processes in place that people can follow when the business owner is gone. This creates a culture of trust and benefits the business. Customers want a business where employees have the autonomy to make decisions as needed. If these processes are not in place, this will limit your growth.
Hiring the Right Team
Teaching your people to hire through the processes that are in place is essential to forming a high performing team. With the exception of key roles where the business owner should be involved, ensuring that systems are in place and clearly defined and understood by those who hire. A manager should be trusted to make the decisions to make the hire for their team without the business owner.
“Having a high performance team is a sure path to Business Owner Freedom.” – Dan Miller
Communication and Delegation
True delegation is a part of communication and is extremely important. When you delegate you must give the employee the tools to make decisions. Authority must be given for success. The employer cannot assume responsibility of the delegation. The employee must assume the responsibility to get the task time. The employer must ensure that the employee does get the task done. Make sure your employees you delegate to have the tools and the right to make decisions to help grow your business.
“Delegation is giving somebody the responsibility to get something done.” – Dan Miller
To hear more about the four reasons a business may be stagnant and how to Let Go to Grow, download and listen to the episode!
Connect with Business Owner Freedom:
If you truly enjoyed the show, don't forget to leave a positive rating and review on iTunes. We have prepared more episodes for the upcoming weeks, so come by again next week! Thank you for tuning in to the Business Owner Freedom Podcast!
Copyright © 2018 BOFP