Knowing when to Step Back

Do you own the business you manage? Or are you managing the business you own? Either way, the dichotomy of owner vs manager continues to be a stress point for most entrepreneurs. The truth is, both these roles are natural progressions. The real challenge lies when owner-founders don’t know when to step back. 

“Sometimes you have to take half a step back to take two forward,”- Vince McMahon.

It is a tough call to take. However, it can be a good decision for your business growth.

Letting go of the reins of your entrepreneurial venture is difficult. In the initial days of incubation, founders don myriad roles to build their businesses from scratch. They go out into the market to win clients, advertise, and promote their brand, oversee operations, man governance, be watchful of quality control, and also brainstorm for the way forward. Subsequently, there comes a time when the owner is involved 24/7/365 in their enterprises.

It is inevitable that eventually owners must ‘professionalise’ the business. They must stop micro-managing and take that invaluable step back. The focus shifts to the macro picture; sustainable and scalable growth, and a credible industry presence. The dilemma lies in identifying the when and the how.

How do you know when to delegate? Here are few indicators to show that owners and their businesses are ready for change:

·        Functions, roles, and responsibilities are clearly defined.

·        There is a proper systematic framework of business processes that every employee knows and follows.

·        Definite measures for cash flow management and appropriate financial controls.

·        Dashboard or system that provides facts and comprehensive overview on business performance.

·        There is a clear organisational culture which reflects in everyone’s behaviour.

The foremost step towards stepping back is to cognise for, prepare, and delegate. Owners must prepare themselves and their organisations. It does not happen overnight and requires in-depth planning and empowering your teams. As Theodore Roosevelt said, “The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling while they do it.”