We understand how important your business is to you. It’s not just what you do, it’s a big part of your life and you’ve devoted hours, months and years to building it up to be the success it is today.
Owning your own business is a great experience; putting you in control of your destiny, and giving you the chance to do what you love with people you’ve handpicked, not to mention the financial benefits.
But there is one common pitfall we see often with our own clients – the difficulties you may experience when you want take a step back from your business.
Small Business Owner?
Do you feel as though you’ve reached a stage where you want to consider your next move, but you’re concerned the business cannot run without you?
You may feel that all decisions need to be made by you, and that you can’t even take a holiday without things slowing down.
More worryingly, you may feel that the growth of your business is stalling, held back by your lack of time to strategise and invest.
These are common feelings for anyone used to leading a team and setting the direction of a business but it’s important to remember that the success and value of your business will be determined by how well you plan in advance.
At some point you’ll need to consider what happens when you want to take a crucial step back, perhaps to invest your energy in a new venture or to achieve some of your personal goals.
The key thing to remember is that it is not only possible to take that step back, but necessary.
How to Step Back and Gain Control of the Future
There are some practical ways that can help you take a step back:
• Assess Your Management Structure
Often, business owners retain the decision-making power of the business but when it comes to stepping back, it’s important to have a team or individuals you know to keep the business going. If you’re looking to exit or just withdraw, you should consider deputising to a trusted management team.
• Get Practical Financial Advice
An impartial perspective on your business is crucial when considering how to step back. Find the right financial planner with the experience and knowledge to understand you and your business and help you identify your personal and business goals.
• Start Planning Your Exit Strategy
If you’d like to sell your business in the future, you’ll find that one of the critical factors determining a business’s value is that how reliant that business is on its owner – a compelling reason why taking that step back is important. Begin thinking about how and when you will exit the business as the resulting plan will be crucial.
As a business owner, you’re a natural leader and decision-maker but to keep your business successful long after you’ve moved on, it’s imperative to start planning how and when you will take that step back. Doing so is not only good for you but great for your business, and its future.