Every business owner dreams of having a company that runs itself.
When you first set off on the path of becoming an entrepreneur, you probably did everything yourself. You had an idea, you took on the risk, you pursued your goals, and you were successful.
But the next stage of success involves letting go of being personally involved in every aspect of your business. There are the things you do best—and everything else is best left to a highly competent, enthusiastic team.
The way to be continually growing is for your team and company to be increasingly self-managing. This is the way to achieve the ideal company:
Step 1: Build a network of support.
In order to have a Self-Managing Company, you as the entrepreneur need to be freed up from any activities that don’t fall into your area of excellence and expertise. And the way to do this is to build a team around you of people who are uniquely talented at and passionate about all those things you don’t enjoy doing and that keep you from doing what you’re best at and what gives you energy.
When you have team members in place who are working only in areas in which they excel, you can trust them to get their work done—their way—without your involvement. You can be in charge of the overall plan and direction without being in control of the individual tasks.
Once you’re freed up from being involved in the day-to-day operations of your business, you increase your freedom in all areas.
Step 2: Focus on your freedom.
People generally choose the entrepreneurial path for one main reason: freedom. They want to increase the freedom they experience in all facets of their lives. But in the early stages of their career, they often find that all their time is taken up by their business, as they must be involved in all aspects of running it.
People generally choose the entrepreneurial path for one main reason: freedom.
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But when you design your ideal company to be self-managing, and you have effective teamwork in place, that’s when you can finally experience the freedom you always dreamed of.
At Strategic Coach, we divide these freedoms into four types: time, money, relationship, and purpose. You have the freedom to spend your time as you like, with a balance between your business and personal life. You have the freedom to make as much money as you want without an externally imposed cap. You have the freedom to choose whom you work with—both clients and team members. And you have the freedom to pursue your vision just as you see it.
Step 3: Be a visionary.
With this increased freedom in all areas, including from the tasks and activities in your business that drain you and take up your time, you are now free to focus on innovation.
Your key role as the entrepreneur is to come up with the vision for your business and to lead your team members in achieving it. When your company runs itself, you have all the time you need to innovate, experiment, and test new ideas, and do the things you love to do, knowing that the day-to-day running of your company is in the hands of talented and qualified people. This is the ideal.
Step 4: Now, self-multiply.
Once your company is self-managing, you can become self-multiplying. While your team is making sure that the everyday, money-making systems in your company are in place and running smoothly, you can focus on your new ideas and innovations that will exponentially grow your business.
You can also look at how taking advantage of new technology can multiply your productivity, efficiency, and impact.
And while all this is going on, you stay interested and energized, never bored, but always looking for the new, exciting changes that keep your business—and life—endlessly fascinating and motivating.