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When To Say When: Know When To Let Go and Let Someone Else Manage Developing a business on your own can be a very rewarding process. And many entrepreneurs find it hard to let someone else take over the management side of the business after molding a startup into a successful, established company. At some point, though, you will need help with day-to-day details. I have found there are some tried and true ways to know that it is time to step aside and let someone else manage your business. Here are a few of them:
Employees are unhappy. Maybe you aren't the managing type or maybe you haven't had enough time (there's that phrase again!) to attend to the needs of your employees. If you can't provide them with what they need to do their jobs, or if you haven't been able to talk to the accountant to make sure they each get that promised raise, it won't take them long to become disgruntled. And they might take it out on your customers or decide to leave you in a time of need. You want your employees to be loyal and willing to go that extra mile when a situation calls for it. If they don't feel you're doing your part to keep them happy, they simply won't be motivated to do their best work. When your employees are unhappy with the way you are managing them, it's time to hire someone who can attend to their needs. Who knows? You may not have to look far. If you have a great pool of employees, chances are one of them will be the perfect manager for your business. You are bored with the same routine. Most entrepreneurs thrive on excitement and risk. If you get bogged down in the day-to-day routine of the business, most likely your passion will begin to wane. You will start making mistakes and looking elsewhere for that adrenaline rush. As a result, your business will begin to stagnate. In order to keep up the passion that you started out with, hire a manager so that you will have time to develop other-more exciting-aspects of the business. Doing this will allow the company to run more smoothly and will free you up to look for other ways to make money and keep the business growing right along. You are spending time developing another business. If you're like many entrepreneurs, one might not be enough for you. At some point, you will likely want to start another business. If you have enough employees to keep things moving, you may be able to spend time away from the first business without it going down the drain. But it is a good idea to have someone there to make sure your interests and those of the business are being taken care of. Hiring a manager allows you to stay away without as many worries and prevents you from coming back to a huge crisis that wasn't handled because you weren't there to make the decision. Letting someone else manage your first business is not easy. It's kind of like dropping off your first born at college for the first time, hoping everything you've taught her will be enough to help her succeed. But just as your child will benefit from college, your business will benefit from having a great manager. Operations will run more smoothly, employees will thrive, and you will be happier because you'll be free to develop the business in other ways. It may not be easy, but if you hire the right person, the pain of "letting go" will definitely be worth it.
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Things are falling through the cracks. Customer complaints are going untended, payroll was almost late for the month, and you sent in the electric bill two days past due. These things aren't happening because you don't want to appease angry customers, or you don't care that employees have bills to pay, or you like working by candlelight. They are happening because you just don't have enough time to get it all done. There simply aren't enough hours in the day. When this starts happening, you'll see the light and realize that you can't do it all yourself and expect the business to keep running smoothly.
