When my clients come to me, they often believe that what they need are some strategies to make their business run better. And they do need new strategies! However - and as an MBA, it pains me to say this - 90% of the time, the hard work that is required is making the mindset shifts. You can’t solve your business problems without first changing your thinking. You won’t DO differently until you THINK differently. The #1 mindset shift owners need to make is to embrace the idea of building a self-managing business. Developing a self-managing business means recognizing the importance of empowering your team, providing them with the necessary resources and support, and allowing them the freedom to execute their roles. By stepping back and creating a culture of autonomy, you can focus on long-term vision, growth strategies, and cultivating innovation. Here’s how to do that.
1. Embrace Trust and Delegate Responsibilities
The business owners I work with are great at what they do. They also struggle with letting go of control and trusting their team members to handle tasks. When you have skill and experience and well-worn patterns of doing things, it’s easy to slip into thinking that because you’re good at it, you should do it. If you want to escape Owner Overload and take a well-earned vacation once in a while – or if you’d eventually like to exit your business through a lucrative sale – you need to update your thinking in this area. Recognize that you have hired capable individuals who can contribute to the success of your business. By delegating responsibilities, you free up time to focus on strategic initiatives and higher-level decision-making. Instead of thinking “I need to do this” - try adopting this thought: “I should let my team handle this.”
2. Emphasize Strategic Thinking
Business owners often find themselves deeply involved in day-to-day operations, leaving little time for strategic thinking. At the core of achieving business success is the ability to think better and make better decisions. While time management, productivity, and employee performance are important considerations, they are outcomes of effective mindset and decision-making. Want more time freedom? Carve out an hour each week to think beyond the day-to-day operations and take a broader perspective on how you approach your work. Instead of solving small problems over and over again, implement solutions that will eliminate those problems for once and for all. When you take the time to think strategically, you can navigate challenges, seize opportunities, and create sustainable growth.
3. Become Self-Aware and Stop Sabotaging
This is both a mindset shift and a practice. By paying attention to your thoughts, feelings, and actions – you become aware of where you are self-sabotaging. How, when, and where are you making your life more difficult than it needs to be? How are your patterns and decisions affecting others? For example, I used to believe that because my staff were busy and that I was “good at” certain tasks, that I should do them myself. This pattern sabotaged my own success. Because I was perpetually exhausted, I never had the time or energy to think more strategically. I also deprived my staff of feeling important and making a contribution. Once I developed self-awareness, I ended the self-sabotage. From there, I was able to remove myself from the center of the action, grow the business, and eventually negotiate a multi-million-dollar exit.