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Managing a business should be about direction, planning and development — not about becoming immersed in the day-to-day operations. However, if you are struggling with urgent work, stress and having no personal life, then it is high time to take back your life.
Here are 10 powerful strategies to make sure you are in control of your business and not the other way around.
Related: Is Your Professional Life Dominating Your Personal Life? Here's What It Really Takes to Change That.
1. Clarify roles and goals
The first key to regaining control of your business lies in making certain that every team member understands precisely what is expected of him or her and what the goalposts are. In the case where the roles and goals of the people involved are clearly defined, there is reduced confusion, fewer blunders and improved responsibility. It also enables your team to own their work, so they make most decisions without having to consult with you.
Actionable insight: Periodically, you should always look at your roles and goals and determine whether they are still relevant to your business. Make sure that all the people stay on the same page in terms of the company's strategic goals and objectives.
2. Build foolproof systems
Business systems are the foundation of any efficient organization. If you don't have them, you'll be running from one crisis to another. Eliminating waste in these areas means that you are able to cut out potential errors in key operations such as recruiting new staff or handling customers.
Actionable insight: Look for task patterns, and automate work processes that contain them. It is recommended to document these processes and also look for ways to optimize them as much as possible.
3. Delegate responsibility, not just tasks
Delegation is not just about assigning work; it is about empowering people to own responsibilities and be accountable for results. Delegation of responsibility entails transferring full authority to members of your team and allowing them to work on tasks independently from beginning to end. This not only relieves your burden but also contributes to the strengthening of your team and their confidence.
Actionable insight: Begin with small assignments, and give your team members as much support as possible to ensure they succeed. Delegate as many responsibilities as possible, and empower your team to solve issues on their own.
4. Empower decision-making
If you find that your business cannot function properly without your intervention, it is about time to delegate responsibilities. This does not mean abdicating responsibility altogether, but it does imply delegating decision-making authority to the employees. Decision-making protocols also enhance efficiency since they eliminate time-wasting procedures.
Actionable insight: Encourage only the people who are involved in the decision-making process to attend the meetings, define the goal and scope of the meeting in advance, and utilize project management tools to share the information with other members without having to report it to them.
Related: How to Replace Yourself in Your Business Without Losing Control
5. Measure what matters
Not all parameters can be compared with each other or with the existing standards. To set your business on the right path, always pay attention to the essential KPIs that are relevant to your operations. These should directly relate to your business objectives and must give information that can inform your business operations.
Actionable insight: Choose only a few strategic KPIs that must be met in order to achieve the set goals. Track these metrics to analyze the progress and make necessary changes to the strategies.
6. Streamline communication
Communication is crucial, but when done excessively, it becomes detrimental to the growth of your business. Unstructured communication through daily meetings, extended email threads and continuous follow-ups hinders productivity and creativity. Effective communication, therefore, means eliminating all the unnecessary and leaving only the relevant.
Actionable insight: Avoid inviting unnecessary people, be specific on what needs to be discussed and decided during a meeting, and ensure that everyone who should be in the loop is updated using project management software instead of calling a meeting for that purpose.
7. Encourage innovation
Innovation is a must to remain relevant in the market, but it is not a process that can be left to chance. You need to develop an environment in which your team members are motivated to come up with innovative ideas and solutions. When innovation is a goal, there is an opportunity to change and move forward in the business.
Actionable insight: Encourage risk-taking and learning from mistakes in order to create a culture of innovation. Encourage creative thinking, and supply the tools and guidance necessary to make such ideas become reality.
8. Set up regular checkpoints
Despite good systems and a great team, it is important to have routine meetings to ensure that everyone is on the right track. These are not checkpoints to micromanage but to make sure you are on track to achieving your goals and make corrections where needed.
Actionable insight: Schedule meetings between all team members so they can discuss their progress and concerns. These are good opportunities to discuss successes and setbacks and to remind everyone of the goals and priorities of the project.
9. Dedicate time to strategy
The biggest mistake any businessman can make is to be consumed by the operations of the business and end up with no time to think about the future. If there are no strategic objectives, your business will likely become directionless. To effectively manage your business, you need to set a specific time to focus on long-term strategic planning.
Actionable insight: Schedule time for strategic thinking, and avoid filling the entire day with meetings and other activities. This is the time for you to look at your business and map out a new direction and future possibilities.
10. Trust and step back
Last of all, it is crucial to have confidence in your team and let them do the work. This is usually the most challenging aspect of the whole process for most business owners, but it is crucial for sustainability. When you delegate, you free yourself to concentrate on more strategic activities that will help advance your business.
Actionable insight: First, delegate more responsibility, and then slowly start distancing yourself from the day-to-day management. Believe that your colleagues can accomplish the tasks without your intervention.
The idea of managing a business should enable you to lead, create and develop — a far cry from making you feel weighed down by work and pressure. By following these ten steps, you will be able to regain control over your business and build a culture that empowers your team, grows your business and allows you to have time and a stress-free environment to enjoy the process. Just as a reminder, your business is in place to support you and not the other way around.
