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Making sure your company can operate in your absence should be a basic element of business planning, but many entrepreneurs don't consider the possibility until it's too late. Planning for short-term and long-term replacements is key.
But how do you do that? Here's how to get started.
Get Your Job In Writing. It's easy to become mired in day-to-day tasks and lose track of how you're running your company. Knowing how you spend your time daily is key to ensuring your business can run without you. Ask the question, 'Who can jump in and do my whole job?' Ask yourself: What are the short-term and long-term aspects of the business you take care of? Write them down.
Prioritize. You'll find that certain responsibilities stand out among the many. Identify your priorities and start thinking about what would happen if you weren't around to do those tasks. This ensures that if you're pulled away from your job unexpectedly, the people who step in will know what to tackle first.
Create Processes. Writing out step-by-step instructions for your most important tasks will ensure those responsibilities are taken care of in your absence. Whether it's payroll or tracking sales and expenses--responsibilities that business owners tend to guard closely--making sure someone else knows how to handle those tasks is essential. For example, after Ashton's fall, he switched from manually signing every check himself to using an electronic signature.
Identify People Who Can Step In. Make a list of all your key contacts, starting with employees, vendors, clients, bankers, accountants, and lawyers, and think about who could take over each of your responsibilities
Step Back While You Can. It often takes an emergency for small business owners to realize they don't need their hands in every aspect of the business. Getting away from day-to-day chores has also allows you to spend more time on the company's long-term growth including raising money, expanding marketing efforts, and launching new services, etc.
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