If you’re planning to sell your business, maybe it’s time to take a month off.
Seems counter productive? Stepping away from the day to day running of the business will show you how much your business still needs your input, and if it heavily relies on your input then potential buyers of your business will cost in the replacement of you in the business along with any potential lost business/knowledge that is linked to you.
Before you book that time off, make sure you’ve got the following in order:
- Processes – make sure your processes are up to date so your team can continue running the business
- Authority levels – if you’re struggling to let go or have a new team, then increasing authority levels (the limit of financial authority your staff have) may have to be a staged approach
- Forecasts and reports – before you head off, make sure forecasts are up to date so you can check the results of your business when you are there vs when you’re not
- Staff confidence – build the confidence of your team so they know they can cope and flourish. Run some ‘what ifs’ to make sure they know what to do (and you’re confident they’ll make the right decisions)
- Upskill – make sure your team have the right skills to step up and take the business where it needs to go
So, when are your planning yours?