The idea of being a business owner for many is a thrilling feeling, mixed with a touch of fear, but overall an exhilarating feeling. Not having a boss leaning over your shoulder every 5 minutes questioning your every move or having to deal with office politics everyday or not having to ask permission to take a day off. Yes, in theory there are many perks to owning your own business.
The thought of freely pursuing your God-given talents everyday to make money, is a true motivator.
So, here comes the reality check. Being a business owner is not just about doing what you want, but in order to survive within the business world it is to understand and accept the roles and responsibilities of the “business owner job”.
Here are a few areas to consider.
1. It will always be your responsibility
As the business owner, you and perhaps your business partner(s) will always be responsible for everything that goes wrong within the business. This applies even when one of your employees messes up. You are the face of the business and therefore the buck stops with you. Your customer doesn’t care in the slightest that “Sally from distribution messed up”, they will always look at you for the answers. This may be a frightening realisation, but once accepted it helps you to build in the necessary safety nets. Such as comprehensive training and coaching for your employees, competent systems and processes and reliable resources to deliver the correct products and/or services.
2. There is no such thing as auto-pilot
In business we can streamline and automate as many processes and systems as we can. However, the business cannot run on auto-pilot. There needs to be someone in charge to ensure everyone is staying on course. You are ultimately responsible for this follow up and when things do go off the rails, it is your responsibly to ensure the errors are rectified. These tasks may be delegated, but you need to ensure they are been actioned.
Waiting around for others to pick up the pieces is a dangerous practise. Remember, you are ultimately responsible.
3. You are the leader, whether you like it or not
As the business owner you need to be the one steering the ship. You are the motivator, the leader, the inspiration behind the business. No one else is going to drive your vision better than you. Certain components of leadership can be delegated, and you can incentivise your team to work towards achieving the business goals and vision, but ultimately the person who should be standing up and leading confidently from the front is you.
4. Always being informed
I get it, not everyone is going to take a keen interest in every component of the business. Certain business owners are passionate about their marketing and brand image and others are more focused on the numbers. We tend to gravitate to our interests and passions. However, just because you don’t like a certain area within the business or you don’t feel comfortable dealing with a certain area, doesn’t mean you must ignore it. As the business owner, you need to be 100% aware of what’s going on in your business. To make this easier, get into the habit of requesting weekly/monthly reports from your team members. Have regular update meetings with your team to understand what’s going on. You don’t have to get stuck in the detail, but you should be aware of what’s going on – big picture.
If you don’t have employees and you are not comfortable with performing certain tasks, then the best advise is to outsource to a specialist.
I am sure there are many other points to consider, but start with these essential ones.
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