You are the innovator, the entrepreneur with the big ideas and a knack for inventing brand new products, but do you know what it takes for your small business to be successful down the road? You may not be the best person to operate your business long-term.
When you look at what your business needs to move forward, it helps to have an organizational chart:
- Map a list of job descriptions and roles necessary to keep your business running. How many of these do you currently fill? Wearing too many hats may detract from your best skills.
- Assess aspects that need to be improved upon in the future. Will you be able to accomplish these improvements on your own? If not, make sure that you don’t stand in the way of your business’ growth.
- Determine how much time should be allocated to each task daily. Do you have the time for all of them? If not, it may be time to delegate or even hand over the reins.
Are you the best person for the job?
- Evaluate whether the job requirements for your position have exceeded your capabilities.
- Analyze whether your passion for your initial idea has become diluted by the varied demands of your business. The creator of an idea doesn’t necessarily have to be the owner/operator of the business. You don’t have to do it all, but you should focus on what you do best.
- Look at the situation objectively. Shifting to a less demanding role could better optimize your talents.
Be honest with yourself and think about the best interest of the business. It may be better served by you refocusing on your passion.
It can be hard to take a step back and really see what’s best for your business in the long-term. If you have considered the questions above and are still unsure about the best move for your business, you may want to seek the counsel of your advisors for a second opinion.
If you decide to move forward and step down from your business, check out our section on succession planning.