Running a small or medium-sized business is exhilarating—but also exhausting. As a business owner, you’ve likely worn every hat: CEO, sales rep, marketer, bookkeeper and even cleaner. But what if you could step back from the day-to-day grind and watch your business thrive without needing your constant presence? That’s the dream of a self-managing business. Here’s the good news: it’s not just possible—it’s achievable.
In this post, we’ll explore seven actionable steps to build a self-managing business, enabling you to focus on what matters most, whether that’s scaling up, spending time with family, or pursuing new ventures.
1. Implement Systems and Standard Operating Procedures (SOPs)
Think of systems and SOPs as the backbone of your business. These are documented processes that ensure consistency, efficiency, and scalability.
Why they matter: Systems reduce dependency on any single person, including you. When tasks are standardized, team members can perform them without constant oversight.
How to get started: Identify repetitive tasks, document them step by step, and use tools like Asana or Trello to centralise instructions. For example, create SOPs for customer onboarding, invoicing, or managing social media.
Real-life example: McDonald’s owes its global success to SOPs that allow any location to deliver the same quality and speed of service, regardless of who’s behind the counter.
2. Delegate or Outsource to Specialists
Many business owners fall into the trap of trying to do it all themselves. Delegation is your ticket out.
What to delegate: Start with tasks outside your expertise or those that consume too much time. For instance, outsource bookkeeping to a professional or hire a marketing agency to handle ad campaigns.
Tools to use: Platforms like Fiverr or Upwork connect you with specialised freelancers.
Pro tip: Delegating doesn’t mean abdicating responsibility. Set clear expectations and check progress regularly to ensure quality.
3. Hire a Virtual Assistant (VA)
A virtual assistant can be your right-hand person, handling administrative tasks so you can focus on strategic growth.
Tasks a VA can manage: Email management, scheduling, data entry, and customer support.
Benefits: VAs are cost-effective and offer flexibility. You can hire them on a part-time or project basis.
Example: Maria, a small business owner, hired a VA to handle her emails and calendar. Within weeks, she reclaimed 10 hours per week to focus on client relationships and product development.
4. Hire a Salesperson or Team
Sales drive revenue, but as a business owner, your time is better spent planning growth than closing deals.
How to hire effectively: Look for individuals with proven sales records and a passion for your product or service.
Benefits: A dedicated sales team can increase revenue while providing consistent customer engagement.
Pro tip: Equip your sales team with tools like a CRM system (e.g., HubSpot or Salesforce) to streamline their workflow.
5. Monitor Business Performance
You can’t manage what you don’t measure. Establishing key performance indicators (KPIs) allows you to keep your finger on the pulse of your business without micromanaging.
What to track: Revenue growth, customer retention, and employee productivity.
Tools to use: Dashboards like Google Analytics (for website performance) or QuickBooks (for financial tracking).
Real-life scenario: A digital marketing agency monitored its client acquisition rate weekly. By analysing trends, they identified opportunities to improve their sales funnel, leading to a 25% revenue increase.
6. Monitor Cash Flow
Cash flow is the lifeblood of your business. A self-managing business must have a robust system for tracking and maintaining liquidity.
Some key points here:
- Use accounting software like Xero or QuickBooks to automate cash flow tracking.
- Set up alerts for low balances or late payments.
- Maintain a cash reserve for unexpected expenses.
Pro tip: Regularly review your profit margins. If cash flow is tight, it might be time to increase prices or reduce unnecessary expenses.
7. Hire a Second-in-Command
A strong second-in-command, such as a Chief Operating Officer (COO), can take the reins of day-to-day operations.
- Qualities to look for: Leadership skills, alignment with your vision, and a deep understanding of your industry.
- Benefits: With someone to oversee operations, you can focus on big-picture goals or step away entirely without disrupting the business.
Example: Sarah, a bakery owner, hired a second-in-command to manage production and staff scheduling. This freed her to explore new product lines and expand into catering services.
Conclusion
Building a self-managing business takes time and effort, but the payoff is invaluable. By implementing systems and SOPs, delegating tasks, hiring the right people, and monitoring key metrics like business performance and cash flow, you create a business that thrives without your constant oversight.
Not only does this free up your time, but it also makes your business more scalable and attractive to potential buyers if you ever decide to sell.
Take the first step today: Choose one of these strategies and commit to implementing it this week. Over time, you’ll watch your business transform into a self-sustaining machine, giving you the freedom to focus on what truly matters.
Already tried some of these on your own and didn’t get the results you’d hoped for? As with everything in business the success of each of the ideas lies in their execution.
As your business coach, I can support you in the next step toward building a self-managing business and achieving the lifestyle you want. You can book a complimentary 15-minute call here: TimeWithShane.com
