As an entrepreneur, you poured your heart and soul into building your company. Now that it’s thriving, how do you ensure success continues beyond your tenure? How do you ensure success if you want to take two weeks off? Or maybe that month-long vacation you promised your spouse you would take? In this article, we’ll discuss the importance of knowledge sharing. While this can be a little scary for some owners when handled correctly, it can reduce business risks and make sure your team continues running your business the way you want while you’re gone.
- Document Processes and Plans Thoroughly
I get it, no one likes paperwork. It’s much faster to just move forward on a project and accomplish it, than meticulously document your ideas, systems, and plans for someone else to follow. But the problem quickly becomes that without your developed knowledge base, employees struggle to meet the needs of customers/clients. Comprehensive records allow others to implement your vision when you’re gone. Fully explaining unique strategies provides continuity. Challenge yourself to develop manuals, training videos, booklets, or whatever suits your Company’s/Employees’ specific needs.
- Identify and Develop Next-Level Leaders
Consider mentoring or promoting managers with the potential to eventually fill your shoes. Empower them to help shape the company’s future direction. Foster their ability to articulate business needs and execute strategies. This will pay off future dividends if done correctly. And employee that is nurtured feels like they are a part of the business, and are empowered are less likely to leave and more likely to be loyal to you and the Company. The more these employees see your vision and understand the direction of your company, the easier it will be for you to get away.
- Ask for Assistance When Needed
Don’t do it alone. Hire experts like financial advisors, lawyers, and accountants to guide you. Seek board members or successors who complement your skills. Accept that others can provide meaningful perspective. Asking for help in no way diminishes what you’ve built. And there’s certainly no shame in asking for assistance from others. You are an expert in your business. There are also exit planning experts, business valuation experts, and tax mitigation experts. Find an expert, and see what information they can provide you to help you build a business that can operate without your continually input.
The three strategies discussed in this blog post can help you achieve your goal of continued success. By thoroughly documenting your processes and plans, identifying and developing next-level leaders, and asking for assistance when needed, you can create a business that can operate without your continual input. Of course, these are just a few of the many things you can do to ensure the future success of your business. If you’d like to have a larger discussion about your company and its future, please reach out, and let’s see how we can help you.