29 Jul 2010

Business Owner, Why it’s Profitable to be a Quitter

Let me guess, at times you feel overworked, overwhelmed and like a prisoner to your business. Any more, your frustrations often outweigh your fun.  And lastly, you are wearing multiple hats and functioning in multiple roles for your company.  How did I do?  Did this Growth Coach describe you accurately… at least some of the time?  If so, you need to QUIT! Yes, quit.

No, not quit being an entrepreneur or business owner … just quit doing some of the low-value roles and tasks you have been doing for years or ever since you first started your business. Certain tasks and functions should be behind you now and delegated to others, whether inside or outside of your company.  In order to grow your company to the next level, you have to quit some of your old habits, roles and tasks.

I know asking you to quit something is not easy.  I get that.  In fact, entrepreneurs are anything but quitters.  They are tough, persistent, make-it-happen kind of fighters.  Quitting anything is probably against your very DNA … but that is precisely why you need to hear this business coaching advice. Otherwise, you will stay on the wrong path leading to big problems and little money.

As you continue to grow your company, you cannot do it all.  If everything (transactions, problems, sales, fire drills, decisions, etc.) still needs to flow through you, you will be exhausted and a major bottleneck for the company.  You will restrict the growth of your revenues and the development of your people. Quit some tasks now!  You can no longer afford to be the Chief “Everything” Officer. As an owner, the best thing you can learn to say is “NO”… no to low-value, low-priority tasks, no to distractions, no to employee interruptions, and no to employees dumping tasks onto your shoulders.

Whether you like it or not, you need to become a Strategic Business Owner and a quitter … quitting low-value tasks and roles as you elevate into more of a strategic leader. While an entrepreneur often has to wear multiple hats the first year or two in a new business, he/she should be quitting certain roles and tasks along the way as the business grows and evolves.  Sadly, most business owners cannot see the reality of that situation.  They consider wearing multiple hats and working to death as being normal or a badge of honor.  While it may be normal for the first year or so, you should not be adding hats each and every year; you should be removing hats. In fact, over time, you should quit every role except one. Eventually, the only role you should have is to be the CEO (Chief Executive Officer) of your business. When you reach that stage, you will maximize your wealth and minimize your headaches.

If you are wearing more than 2-3 hats, you are at risk for being ineffective, overworked, unproductive and eventually burning out. How can you lead your company, refine your vision, set critical priorities, draw up an action plan, and keep everyone accountable for hitting the plan if you are overly busy helping out in the factory, order department, shipping, accounting, sales, customer service, fixing computers, on and on?  You can’t.

As the business owner, your job is to create jobs, not to work jobs … and certainly not to add more jobs to your plate. Your job is to define the jobs you want others to fill … the roles, responsibilities, goals, standards, and expected outcomes. Next, your role is to hire good people and have them properly trained, following the documented systems you have in place.  Then let your people do their jobs.  Don’t you dare put on their hat.  Hold people accountable but stay the heck out of their jobs … that’s why you pay them.

The Growth Coach has certified business coaches throughout North America to help business owners, like you, to work less, earn more, and enjoy a richer life. Part of the coaching process is to help business owners become more focused, effective and strategic.  To do so, owners have to learn to give up and quit the low-value, low-return type of tasks we call clutter.  We can help you become a more strategic, successful and very satisfied quitter.

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One thought on “Business Owner, Why it’s Profitable to be a Quitter”

  1. Good one, Dan. Owners need to quit unimportant tasks in order to advance. Also, I just finished reading Seth Godin’s book “The Dip” and he also emphasized how important it is to know when to quit and when to steam ahead.

    Cheers, Dag

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