<\/p>\n
<\/p>\n
Do you have time to do things you want to do outside of your business?\u00a0 Or, said another way, do you feel you have good \u201cbalance\u201d in your life?\u00a0 Obviously, there are times when business activity is high and things can get a little hectic, but that\u2019s not what we\u2019re talking about here.\u00a0 Over the long term, are you so consumed by your business that you don\u2019t have time for other things that are important to you?<\/p>\n
If the answer is \u201cyes,\u201d you almost certainly have a problem delegating authority to others.\u00a0 Small business owners tend to keep all the important levers and buttons of the business under their own control.\u00a0 In most cases, they simply don\u2019t trust anyone else to handle those critical functions.\u00a0 Yet if the owner continues to hoard all the important stuff for him or herself, there are usually some negative consequences.<\/p>\n
One such consequence is a drain of talent from the business.\u00a0 People want to work where they can learn, grow, and get increasing amounts of responsibility. \u00a0If they believe they are not getting that at your company, they\u2019ll go somewhere else.<\/p>\n
Another consequence is owner frustration.\u00a0 The owner has rigged the game so that nothing of importance gets done without his or her fingerprints all over it.\u00a0 So s\/he can never get away from work for any length of time without everything coming to a grinding halt.<\/p>\n
The growth of the business is stifled.\u00a0 If the owner tries to do everything, the business stalls when it reaches his or her personal limit.\u00a0 There are only so many hours in a day and only so much one person can do, right?<\/p>\n
But failing to delegate ultimately damages the value of the business.\u00a0 For most small business owners, the exit strategy at retirement time is to sell the business.\u00a0 Even though the business may be profitable, a would-be buyer will look very closely at how well the business will operate when the former owner is gone.\u00a0 If the buyer decides the old owner is<\/span><\/em><\/strong> the business . . . that he holds all the key relationships with customers and vendors, and that he is the \u201cgo to guy\u201d for operational issues . . . the buyer will be unlikely to pay much for the business because, after all, with the old owner out of the equation, there really isn\u2019t much of a business left.\u00a0 On the other hand, if the place runs like a top whether the old owner is there or not, the business will command a premium price.<\/p>\n So if you are in this predicament, the only way out is to begin grooming others to take on important roles of authority and leadership.\u00a0 If you don\u2019t have them, find them.\u00a0 Bring them on board.\u00a0 You\u2019ll be happier, your people will be happier, the business will operate more smoothly, and it will have greater value.\u00a0 What\u2019s not to like about that?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Do you have time to do things you want to do outside of your business?\u00a0 Or, said another way, do you feel you have good \u201cbalance\u201d in your life?\u00a0 Obviously, there are times when business activity is high and things can get a little hectic, but that\u2019s not what we\u2019re talking about here.\u00a0 Over<\/p>\n