Too many people want too quickly to exit their business. Some of them do this at the right time, but the many that I have met as a Business Coach have left it too early without proper preparation. As a result, they’ve seen the business decline and gradually find themselves having to fix all the mistakes all over again. That’s not what you want, is it?
So let’s take a while to check if your business is really ready to be left running without you:
Is the vision inspiring and enrolling enough for your employees to pursue?
Is the short and long term goal focused, documented, and clear to each employee?
Is the strategy to achieve that goal clear and possess accountability?
Does your management team understand how to analyze the financial numbers and make business decisions based on it?
Do financial and business reports come on time and accurate?
Does my team know how to create and review the budget and financial performance?
Are the roles and responsibilities in the company assigned to the right talent and are clear?
Are there rewards and consequences for each person in the company?
Are my products and services consistently good in quality?
Do I know the proven marketing strategies that will get me sustainable cashflow?
Have I scheduled the implementation of these strategies into my marketing calendar so that my team knows when and how to implement them?
Have I given them the tools, education, and systems to do it?
Is my company dependent on systems, instead of people?
Do I have documented systems for every function in my company?
Are my systems easy and fun to use?
Do I have a continuous recruitment system that puts the right talent in the right place?
Are my people internally inspired to do their very best?
Do my people know what’s expected of them at work?
Have I provided them the resources and authority to do what they are supposed to do?
Do I have a general manager who will replace my duties in managing my company?
Is my management team competent in their functional skills as well as in leading their team?
Do I have a solid culture in my organization?
Do I support risk taking and encourage people to keep trying even though they’ve made mistakes?
Do I have a performance review system that helps give my people feedback on their work?
Is there a succession plan that ensures my people have career growth?
Do I have a big vision that keeps top people in my company challenged to achieve more?
Well, that’s a start. Remember, Rome wasn’t built in a day. Patience and passion are required for any successful business.