Most business owners really like to keep a hands on approach in their business especially when the business is a new start up. This is very important to do so, but when does the time come to shift some of the burden onto others?
A business owner should never allow themselves to get into a position where others know more about their business than they do. That doesn’t mean the owner has to know every skill that is needed for the Company, but they do need to know that their skilled workers are doing their job responsibly.
More often than not the new business owner will focus on multi tasking, which is a must when running a business. What has to be watched for however is it multi tasking or being too afraid to give others responsibility within the company.
The proper approach when the business is getting too much to handle is to build a team. A team that can be given different levels of responsibilities but where they report back up through the chain of command to you the boss.
This type of operation when it comes to business management allows a company to become solid in its foundation while at the same time allows the company to grown. The owner is usually the one that has to focus on the growth of the company.
They can only do this by having a team in place that can run the daily operations of the business, while they get on with being the watchdog of the financials of the company and making the critical financial decisions that almost always arise with any business.
The business owner should have a good quality accountant that they can rely on who not only ensures that the Company is tax compliant, but also keeps an eye of the financial statements watching for weak areas and potential warning signs that the business is faltering.
