The Business Secret pt 6 – Make your business run without you
Here at Penguin we believe that one of the great aims of any business person should be to construct their business so that the cogs can turn without them.
Why? It means you, as the risk taker, can take more time off as the business grows without worrying about the wheels coming off. It means the business is more valuable as it is not all reliant on you. It means if you become ill and can’t work your income won’t stop and it also means you can potentially draw a lifetime income and never have to sell the business to release cash or stop work if you don’t want to “retire”.
When you started the business you probably had to do everything. Then you took on your first talented team member giving them some tasks to do, but you found more to busy yourself with. You increased turnover and profit then did the same again and so on, but you probably continue to find more tasks for yourself rather than take the extra time you could have created for you and your family to enjoy.
In this section of the book, we talk about how to let go of tasks, how to recruit and, most importantly, how to make sure you put the right people in the right seats in your business. Your goal should be to free you up to do more of the tasks that create more income opportunities for the business or ensure that you do more of the things that you are best at.
