Are you at a point of wanting less involvement in the day to day running of your business? Do you want to free yourself up to focus on innovation and new ventures? Are you losing enthusiasm, having worked so hard for so long? Or are you considering your exit strategy?
Almost every entrepreneur comes to a time when they realise that they can’t do it all, and actually, you could be limiting the potential of your business by not replacing yourself. If you are so caught up in everyday tasks, who is looking at the bigger picture, strategies to move the business forward, dynamic projects that will drive the company?
In the final part of our 5-Part Series on SMEs, King Recruit explores how to scale your business and prepare for investment or exit.
Click the link to view part 1 of the series: Building a Resilient and Effective Management Team
Click the link to view part 2 of the series: Creating a Winning EVP
Click the link to view part 3 of the series: How to Break the Geographical Barrier when Recruiting
Click the link to view part 4 of the series: Is it Time to Replace Yourself?
Watch the video to hear Helen explore how to scale your business and prepare for investment or exit
It can be an incredibly hard decision to make, but by replacing yourself it can allow your business to progress. A fresh pair of eyes could bring vital new ideas, management and leadership skills, knowledge to expand the business and grow the team, and other exceptional qualities to help ensure your vision becomes a reality. By imparting your knowledge and upskilling your team it creates a stream of ideas and insight, enabling your business to move forward, even if you are not there to oversee it.
Marshall Goldsmith’s famous quote and book talked about “What Got You Here Won’t Get You There”, he explains that success should focus on allowing others to shine.
If you have reached that pivotal moment in your business, start thinking about hiring expertise beyond your capabilities in order to scale the business, allowing you to free yourself up from all of the operational meetings and responsibilities that fill up your calendar.
We have looked at some key points to consider if you are thinking about taking this route:
Do a self-assessment
Think about your main reasons for making the shift, why do you want it? If that’s not clear then it will be hard to part with some of the key aspects of your position, so it is helpful to have a clear objective in your head of what you want to relinquish and why that is important.
Start shifting your mind set and let others start making the key decisions. This helps to empower your team and builds trust. It also allows you to identify which team members are best suited to tackling certain projects or tasks, and whether they are up for the challenge.
Find a partner
Involve at least one person in your decision making process and let them partner you. They can help you to plan, organise, manage and oversee important aspects which could lead to them becoming your successor. It could play a big step in handing everything over with confidence.
Be a coach and mentor
Share your insights and thought processes with your successors, it will help them to develop and grow their work performance and put them on the right path to reaching their full potential.
Don’t be a hero
As your business, it is often hard to say no and easier to carry out tasks yourself rather than teaching others to do them. Remember why you are making this shift though, if you don’t allow others to take part, you are stifling their opportunities and learning potential. Make yourself less accessible and learn to say no.
Hire or promote
You may need to look at hiring your replacement externally. Promoting or hiring the right person can mean they take on future vision and strategy, taking on day to day operational issues and most importantly, freeing you up for much needed head space and peace of mind. It will give your business an exciting future, with or without your full involvement.
Hiring or promoting a successor is a healthy option for you and your business in the long term, and it can also put your business in a stronger position if you want to sell it.
Over the life cycle of your business, your role can shift dramatically. You are likely managing a very different set of challenges than when you first started the company. If you are questioning your focus, passion and commitment for the role you are doing right now, it may be time to consider your replacement.
King helps businesses to expand by finding game-changing leadership talent. With our partner-led approach and expertise in all aspects of talent strategy and hiring – across the South West.
King joined forces with James Caan CBE and award-winning investment firm Recruitment Entrepreneur in July 2021. Recruitment Entrepreneur is one of the most successful private equity investors in start-up to scale up recruitment businesses.
If you’d like to get in contact with our Founder and Managing Director, Helen Plumridge – you can contact Helen at firstname.lastname@example.org | 07808 537696
Enjoyed this article? See our whole SME Series below
Building a resilient and effective management team
Creating a winning EVP
How to break the geographical barrier when recruiting
Is it time to replace yourself?
Scaling up and building for exit