May 3rd, 2021 Taxloopholes.com Advisor
Are you working 60-plus hours a week and struggling to get everything on your to-do list accomplished? You are not alone. Over the past 25 years, I have worked with thousands of business owners across various industries, and the stories are very similar. They work long hours, rarely take a vacation and still don’t have the time necessary to scale their business to the next level.
And it’s not getting any better.
So, how do you grow your business without sacrificing your life? How do you reach your business and financial goals without working 60-plus hours a week? In parts one and two of this series, I have already covered how to create a good solid foundation and how to develop strategic growth within your business — which leads us to the focus of building up your executive team.
As a business owner, you will fall into one of two camps. You either have a good, solid executive team in place already, and it’s simply a matter of letting go and trusting in their ability to do a good job, or you have a lackluster team behind you because your business relies so heavily on your input that you haven’t needed a good, solid team in place. Wherever you lie on this spectrum, you must first take inventory and be honest with yourself on where you stand.
A good, solid set of leaders will make your job so much easier and allow you to scale and grow much quicker. If you have a subpar team, you will have trouble handing off tasks and projects in a timely manner.
If you have a leadership team in place, take a good look at their talents and abilities and determine whether they have the skills and drive to grow with your business. Often, a certain manager or executive may look good on paper, but in reality, they aren’t the right fit for your business and it’s imperative that you make adjustments as soon as possible. You may also find that you have members on your team who could take a leadership role with the right coaching, and after a good look, you may promote them to take on more responsibilities.
The final thing I want to mention when it comes to your executive team has to do with trust. You can have a stellar team in place with a myriad of talents, but if you are unable to let go of the reigns and let them shine, your business will never reach its full potential. And I see this every single day with my business coaching clients. They have a great team in place but are unable to let their guard down and trust.
So by creating a good, solid foundation, developing strategic depth and enlisting the help of your executive team, you can grow a business that is independent of yourself. You can stop working sixty-plus hours a week. You can take that vacation or spend more time with your family. You can truly begin to own a business that grows with you.