Why are some business owners able to take long holidays in warm destinations and others can’t seem to get away from their business long enough to catch their breath? It’s not luck. The owners who are able to move their business through the four natural stages at a faster rate are able to enjoy the benefits sooner. If we want to join the world of business owners who are able to step away from their business and enjoy its fruit, we first need to identify the stages and then make a plan to progress through them.
Stage 1: The Grind - You are running your business and you are the CEO – Chief Everything Officer. You are in charge of marketing and sales, service, bookkeeping and mopping the floor. It is only your passion for the business and your purpose behind it that keeps you going.
Stage 2: Delegation - You are able to hire some help but now you aren’t in control of everything. At first this is very uncomfortable but as you progress you begin to see that the benefits outweigh the costs.
Stage 3: Sweet Spot – You have a team that excels in their roles and you are able to spend more of your time doing the type of work that you love and that moves the business forward. Taking a holiday is now a possibility and you can enjoy some of the fruit of your hard work.
Stage 4: Transition – The business is profitable and you are tired, ready to retire or just feeling an itch to move on. Who will take the business to the next level or continue its great work as you transition into something else? How will the transition work and what will the timeline be?
Business success is not an accident, it is the result of hard work and intentional planning to move your company through these four stages. The next series of articles will take a deeper look at each stage including its joys and challenges and how to keep your business progressing toward achieving your goals and reaching your destination.