Tips for a self-sustaining business

Owning and running a small business can often feel like juggling flaming torches, while riding a unicycle on a high wire—you’re constantly managing multiple tasks, with each one demanding your attention essential to the running of the business.

There is no room for dropped balls (or dropped flaming torches!) and it’s common to be one person doing the jobs of many. So how do you get some sanity in your life and still manage to have a thriving business?

Managing to decouple yourself from the running of the business can be challenging but has so many advantages. If you are freed up from the day-to-day you can be able to add maximum value to the business (and enjoy maximum flexibility and fun), your team have room to shine, all while adding to the value of your business and making room for growth.

Here are a few tips to help make some changes to move towards a self-sustaining business.

Let it go!

One of the most effective ways to transition your business to run independently is by embracing delegation. This can be the hardest part for many business owners as the business is their ‘baby’ and relinquishing control can be daunting.

Start by listing all the tasks and responsibilities you currently handle. Categorise them into three groups: tasks you can delegate, tasks you should delegate, and tasks only you can handle. Train your team on the tasks you plan to delegate, and make sure to empower them – providing them with the tools and authority needed to succeed.

Encourage others to step in

Building a capable and motivated team is crucial for a self-sustaining business. When your team feels empowered and trusted, they’re more likely to take ownership of their roles and contribute to the business’s success.

Focus on hiring individuals who not only possess the necessary skills but also share your vision and values. Encourage staff to take initiative and make decisions within their scope of responsibility. Recognise and reward their efforts and be patient and supportive as your team adjusts to their new responsibilities.

Decouple yourself by having processes in place

If you want people to step in, you’ll also need to look at how you can make things run more efficiently and easily without you involved. Standard Operating Procedures (SOPs) are vital for ensuring consistency and efficiency in your business operations. By documenting your processes, you provide a clear roadmap for your team to follow, reducing the need for your direct involvement in every task.

Begin by documenting the most critical and frequently performed tasks. Include step-by-step instructions, necessary resources, and common troubleshooting tips. Regularly review and update these procedures to keep them relevant and accurate and encourage your team to provide feedback to make continuous improvements.

Leverage technology and automation to free up time

In today’s digital age, technology can be a powerful ally in making your business run smoothly. Automation tools can handle repetitive tasks, streamline processes, and free up time for more strategic activities.

Invest in software solutions that align with your business needs. For instance, customer relationship management (CRM) systems can automate customer interactions and track sales leads, while accounting software can simplify bookkeeping tasks. Explore options for automating marketing campaigns, inventory management, and even communication tools such as project management software or team collaboration platforms to facilitate information sharing and coordination.

Prioritise your well-being

Stepping back from day-to-day operations can be challenging, especially when it involves relinquishing control. However, prioritising your own well-being is essential for both your health and the long-term success of your business.

Make self-care a priority by setting boundaries and creating a balanced work-life schedule. Engage in activities that help you relax and recharge, whether it’s pursuing hobbies, spending time with loved ones, or simply taking time for yourself.

Transforming your small business to run independently is a journey that requires thoughtful planning and a willingness to adapt. While it can be difficult to step back, the benefits for both your business and your personal well-being are well worth the effort. Embrace the change with confidence, and enjoy the freedom that comes with a thriving, self-sufficient business. Your future self—and your business—will thank you.

We can assist you in developing a clear picture of your business’s current position and provide tailored advice to support you in making strategic decisions which work towards achieving your vision for the business. Please give us a call if you would like more information.