One of the biggest issues facing businesses these days is how to manage succession planning.
If you run a business right now, I guarantee you've had times where you've thought, “How do I stop doing a lot of this stuff?” Or “How do I find the right person to take over these tasks, or part of my job?”.
Finding really good people and having them do the job, at least as well as you, if not better, is a real challenge. But the key to this, and often where most business owners fall over, is they don’t have a decent process to manage delegation.
Many of us have fallen into this trap where we hire people, or we promote somebody into a role, and we just expect them to be able to do it.
What we're really doing there is we're setting them up for failure, and we're setting our business up for failure.
Here are the four critical steps on how to delegate work/workload as part of your succession planning.
Step 1: You do, they watch.
Pretty simple, right? You're doing the job you want them to do, and all they're doing is observing you.
Step 2: You do, they help.
So you're still doing the work. But they're not just watching anymore. They're trying to get involved. And let's be honest here, we all learn well by doing.
Step 3: They do, you help.
So now they're doing the lion's share of the activity, but you're there as a safety net to support them.
Step 4: They do, you watch.
Now you are hands off, and you let them make mistakes, that's the only way people really learn. It’s one of the fundamental things when it comes to growth, we usually learn more from our mistakes than we do from our successes. So let them make mistakes.
Afterwards it’s always important to debrief. Talk them through it and help them get the most learnings they can from that experience.
At Exit Advisory Group we help entrepreneurs maximise company value and exit at the top of their game.
We do this by giving business owners the tools and strategies to design more profitable, efficient and enjoyable businesses to own - that are also less dependent on them. When they choose to exit, they are in the best position to unlock the wealth in their business and be rewarded for their hard work.
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