One of the end goals of most entrepreneurs is financial freedom. So what exactly does financial freedom mean? Well to me that means not needing to work, i.e. having a residual income steady enough, and large enough, to have the ability to stop working. So if you want to go on a holiday to a tropical island for 3 weeks, you can do that and not worry about the business (or businesses). So, how do we get there? Good, solid planning and preparation. From day 1 you could be looking at those working with you to groom them into a management position where you could leave.
In essence, this is a follow up article on my previous post “Feeling stressed? Start delegating!”. By way of delegating tasks, you are actually giving more room to improve an individual’s expertise in one or some aspects of your business. This is also a good way of investing in your employees. Because when they beef up their skills, their value at work also increases. In fact, you may also want to consider investing in one or more of your employees by sending them to essential seminars and workshops, not only to improve the productivity and quality of your business, but to also decrease your supervision and most importantly, to reduce employee turnover. Investing in your employees will make them feel that you are keen in developing their skills and they may stay with your company longer.
In some cases, especially when you are in a rare kind of business and seminars and workshops are hardly available to train your employees, turning your business into a learning organization will help. Set a regular meeting where in you ensure that all issues and solutions are discussed on the floor with the whole team. This way, you can constantly develop new methods and work on new products or services and promulgate new knowledge to the team. Conducting these regular meetings will also encourage your team to deal with each other directly instead of coursing everything to you when there is an issue. This could save everyone’s time and can relieve you from attending to all issues. The best part is that everyone can be more efficient and productive in their own tasks.
Just like when you pay for seminars and workshops conducted by professionals in their respective fields, conducting these meetings will also cost you money, however, the actual learning acquired from these meetings will surely bring cumulative improvements. The good thing is that these regular meetings will not require a great amount of cash. As always track and measure the effectiveness of the meetings. Don’t just have them for the sake of a meeting. You may want to consider bringing in 3rd party facilitators to run them efficiently and with no bias. Also remember to consult your mentors and/or advisory board for help on specific issues that will arise.
While working with mentors, and possibly hiring them later on, you can look to how they could fill your shoes either in the short term or possibly even long term while you watch your business grow from the beach. Keeping your eyes open for the right people to fill the right roles is vital to your business success.
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