3 Steps To Build A Self-Managing Business

Is there anyone who wouldn’t like a business that can run itself without requiring much of their time, generate revenue despite this, and grow regardless?

A self-managing business can operate smoothly and grow without the owner.

It does not need the owner to be present to function effectively.

When you ask many small business owners why they started a business, the most frequent answer is that they want more control of their time and to make money.

But the reality is that more than 90% of small business owners never achieve the freedom they want.

They work longer hours now than when they had a boss, they bear more responsibility and never have the time to take care of their personal or other crucial business needs.

As someone puts it, many small business owners today have just switched from 9 to 5 to 24/7 work.

That’s why it’s crucial to build a self-managing business.

You get the freedom you have always wanted, freedom from doing tasks you don’t enjoy, freedom to travel, spend time with family, or focus on other crucial areas of your business.

3 Steps To Building A Self-Managing Business

1. Set Goals & Measure

The first step here is to set goals and objectives for your business.

Create long and short-term goals with objectives that are clear and easy to understand. Create goals that align with your core business objectives and communicate them to everyone in your team.

When setting a goal, remember to follow the S. M. A. R. T principle. Make it Specific, Measurable, Attainable, Relevant and Time-based.

But that’s not all, you have to measure your goals using Key Performance Indicators (KPIs) or Objectives & Key Results (OKRs).

These tools will help you set the direction you want for your business and measure how well it is performing even in your absence.

2. Build a Self-Managing Team

For a business to manage itself, it has to have a team that can execute the business’s goals and objectives without the supervision of the owner.

This means you have to analyse the various skills that your business lacks and fill them up with the right people, you have to create an environment that empowers your hire to give their best; this includes a healthy culture, freedom to take decisions and make mistakes, providing them with the right tools and training and communicating how they contribute to the growth of the business and holding them accountable.

It is also important that you set up core values that your business runs on. With core values set, your employees can confidently make decisions based on those values, instead of running to you for approval with the smallest decision.

For your business to be self-managed, you have to build a team that is entrepreneurial enough to take the necessary steps without always needing your supervision.

3. Create & Document Processes

A good business runs on processes. If you want your business to run itself without you or your co-founder telling employees what to do and how to do it. You need to document those processes in your head and communicate them to your employees.

If your sales staff has to run to you every time a customer throws them an objection, then your business can not run without you.

You need to create checklists, explanatory documents and workflows that explains in excruciating detail how to perform every task your business needs to run effectively – without you.

If you want to build a self-managing business you would realize that none of these steps is easy, but they are crucial to unlocking the freedom you need and helping your business grow bigger and better even in your absence.

What is hindering you from building a self-managing business? Share with us in the comments section below.

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