How To Build Small Business That Outlives You

It’s a shame that small businesses only outlive their founders 20% of the time.

This is especially sad when you consider the effort and resources it takes to build a business, only to see it all crumble when the owner becomes absent.

No business owner indeed wants his or her business to disappear when they retire, move into public service, or suffer a health issue.

They’d like the business to go on and prosper.

However, achieving that requires hard work, foresight, and structure, which many small business owners cannot provide.

If you want to build a business that can live on after you have left it for whatever reason, here are a few tips that would help you put things in place to achieve that goal.

Tips For Building A Small Business That Can Outlive The Owner

1. A Vision Of The Future

2. Plan For The Future

3. Build Processes & Systems Into Your Business

The best time to build a business to outlive the owner is when you start the business.?

The second-best time is right now!

Businesses that exist long after the founders are gone are a testament to the effort of the founder to go beyond handling daily business operations, to preparing the business for a future where they would be absent.

Below, we share three (3) tips for building businesses that outlive the business owner:

1. Vision of The Future

Creating a business that outlives the business owner starts with the owner.

A business owner must prepare for a future in which he or she is no longer active in the company’s day-to-day operations.

When the business owner is short-sighted or refuses to accept reality, the business suffers because they are not built on existing without the business owner.

2. Plan For The Future

Every small business needs to have plans in place to cope with the future.

A business plan is essential, but a succession plan is also necessary in case the owner or one of the owners is no longer involved in the business.

The succession plan outlines the business’s steps to be transferred from the owner to new management.

And it is not only relevant when you’re dead.

When you get an appointment for public service or retirement, a succession plan is important to help the business maintain the business’s smooth operation.

3. Build Processes & Systems Into Your Business

It is vital that a business can run without the owner even before their exit in order to survive and succeed after their exit.

Most small businesses fail because we build them around their owners and require them every day to operate.

Your small business needs to move away from?owner dependence?by building structures, processes and systems that would help it operate well without the owner.

• Institute Corporate Governance?– The first thing many small businesses lack is a corporate governance structure. A good governance structure ensures transparency and accountability. Having a board of directors provides oversight and ensures that the business is steered through tough times like the exit of a founder, for instance.
• Hire The Right People– Having the right people and skills to fill critical positions in your business is important. Without good people, your business cannot survive, talk more, or succeed. So, make sure you’re hiring people who are a great fit for your business, invest in them and give them the sense of responsibility to your business to prepare to take up roles when the business requires such.
• Systems and processes?– For your small business to outlive you, it has to have documented processes and set systems that make it easy to run, even in your absence. It’s like a chef who wants to pass the knowledge of his vegetable soup to his children. The best way to do this is to document the ingredients and steps it takes to prepare the soup.

Small business owners must think about how their businesses can succeed without them.

It’s rarely an easy process, but it is necessary if the business must survive its absence.

PLUS: Whenever you’re ready, here are four ways you can work with us in starting, growing or scaling your business:

1. Dive into the strategies and tactics that you need to implement the steps for building a self-managing and owner-independent business; a business that runs with or without you! Are you ready to take action? Enrol for the self-paced course on The Business Builder System?.?SIGN UP NOW.?

2. Get personal, one-on-one help with growing your business. Accelerate your results with coaching from me and my team. Tell us about your business.?CLICK HERE.

3. To read our blog,?click here

4. To visit our YouTube channel,?click here

5. To visit our website,?click here

6. To visit our store,?click here

7. To join our Facebook Group,?click here