Hello everyone, this is Jared Polak, founder of EntreResults, and I’m back once again for another awesome blog post. Thank you for taking the time to join me. Today we’re going to talk about the topic of how you can let go of your business while also growing it. What I’m going to get into today stems from things I’ve observed from watching business leaders who I know personally, either through coaching or some other type of relationship. These are all people who have done an excellent job of letting go of their business while also enabling it to grow.
For those of you who want to do that, this blog post is going to be particularly helpful for you. Now when I use the term ‘letting go’, I’m not referring to people who want to sell their business. I’m referring to those who want to have a business that they can let go of and grow. I’m talking more about a situation where you still want to be involved, you just want to be able to take a more hands-off approach.
When I’ve seen people go through the process necessary to let go and grow their business, there are 6 things I typically see them do. More often than not, these things are done in a particular order. With that in mind, I’m going to list the most common steps involved in letting go and growing your business, in the order I most often see them done. Here goes!
Let Go and Grow Your Business: The 6 Most Important Steps
1. Stop Needless Activities
When you want to let go and grow your business, you should start by identifying anything you or your team members are doing that has no impact on the business. You can just eliminate these things altogether because they’re simply a waste of time for all involved.
2. Drop Non-Revenue Generating Tasks
As the leader of your business, you need to drop any tasks that don’t bring in revenue. You don’t necessarily need to eliminate these tasks, as they may still hold value or provide a benefit. If that’s the case, you need to delegate them to someone else so that you can free up more of your time.
3. Create Organizing Systems Within the Business (Or Get Help Doing So)
This step will usually apply to technology. As you’re learning to let go and grow your business, technology or technological systems can often help create processes and a sense of order for your company. As such, it’s important to create an organizational system or to find someone who can help you do that. These processes and systems can really help you let go. You can manage things more remotely, you can see dashboards of what’s going on a lot more easily, and it’s just a great thing overall.
4. Hire Leadership Positions
You probably already have team members, but if you want to let go and grow your business, you’re going to need to start hiring for leadership positions. Once you do that, you’ll need to delegate and let go of some of the more important things in your business. I’m talking about things that it would take another business leader to accomplish, oversee, or perform. This would include things that involve high-level communications, strategy, planning, and the execution of complex and important goals, among other things.
5. Hire a President and Let Them Run the Show
This step is for people who really want to let go. Of course, it takes a long time to find the right person for something like this. Hiring a president is a big deal. It’s a position with a lot of serious responsibilities, so it’s imperative that you find someone who’s an excellent fit. Sometimes the right fit comes within your company, other times it comes from outside of it. But either way, finding that president is your next step.
6. Or…Stay Small and Profitable with a Cohesive Team
Consider this an alternative step to number 5. If you don’t want to hire a president, then you can maintain a cohesive team and just stay small and profitable with them. You would just kind of learn how to let go of your team. Of course, you don’t completely get out of your business, but you learn to let it go and grow. I’ve seen and coached a lot of people who get to the point where they’re able to take a month off, but things still progress in their business.
You’re not completely letting go of your business forever, but you can take some time off or you only need to spend a small amount of time each week tending to your business. For many people I’ve coached, being able to take a lot of time off like that leads to starting multiple businesses. They end up having several businesses going at the same time, which can of course become very lucrative.
Now you know the 6 most important steps you can take to let go and grow your business. If you focus on taking these steps and do them to the best of your ability, it’s only a matter of time before you’ll see your business growing even after you let go of the reins. Of course, being a business owner is a complicated thing, and today’s topic isn’t necessarily simple.
If you’d like more guidance or clarity regarding your business or would like to explore anything further that was covered in this blog post, we at EntreResults can help. We specialize in business consulting, sales coaching, and small business help in general, among other things. Feel free to give us a call. We’d be happy to assist you!
In the meantime, go out and take action so that you can let go and grow your business. Please join me again for our next blog post and make it a better than amazing day.