Author: Pat Pattinson
Hi, I am Pat, the owner of Paul’s Consulting Services.
How bright does that sound?
Too strongly attaching yourself to your business can be detrimental to the business in the long run. Should you ever wish to sell, franchise or simply expand, you will be limited by your own design. This does not end with you attaching your name to the business, but also to the relationship you have with your customers.
More importantly, if your business cannot survive without you, how can you go on holiday to spend all the money you are making or even worse, what if you end up in hospital for a couple of weeks. Does your business follow you to the ICU?
Being able to separate yourself from your business is about far more than just good business. It is a basic requirement for business survival and growth.
Irreplaceability equals unpromotability. This simply means that if you are too important in your current position, you will never be promoted from it, no matter how much you deserve it.
The same goes for business owners. If your business can’t survive without you, your suppliers and customers can’t fully rely on your business. The question will always be, “What if he goes off sick or on holiday?”
In a nutshell, delegate and don’t hold yourself hostage in your own business.
You can’t afford to pay your own ransom!