Grow a business that can run without you - Part 1
Jul 27th, 2022 by dylan's podcast
What is the next hardest thing a business owner learns to do after figuring out how to be profitable? Learning how to replace themselves. Business owners generally fill many different roles in their company, and often, no single role merits hiring a full-time (or even part-time) person. If you want to grow a business that can run without you, you will need to learn how to replace yourself. You are probably doing ten things at ten percent and getting ten percent results - not one hundred percent. The key to replacing yourself is to right-size your business so every daily job task you do can is handled by a team of people who can focus one hundred percent of their time on getting one hundred percent results. Business owners generally work longer hours than their team and subsidize the cost of running it with their sweat equity. By forcing yourself to pay people to do your daily tasks, you will have to get your business top line to a place where your margins can remain in place with the additional costs. Don't get stuck in your comfort zone. Expand your business results so you can afford to hand off daily responsibilities without sacrificing your bottom line.
Watch this episode on YouTube:
Cash Flow Quadrant for Business Owners
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