Be an Ethical Entrepreneur, Marketer, and Business Builder

How to prepare your business for running without you…

As a business builder, the goal of every business you buy should be one of 2 things:

  1. Resell it quickly (within 12 months) for a substantial profit.
  2. Keep it as a great cash producer with minimal work on your part.

This blog is going to focus on one of the most important parts of achieving step 2 above – getting your office used to running without you! For this to happen, you MUST set a goal of being out of the office for at least a few days (preferrably a week) per quarter. If you’ve never done that before, choose a week in the next 3 months and write it on the calendar right now! Seriously, if you don’t make the commitment to be out of the office right now you may never do it. Don’t worry. You will not be 100% prepared for the office to run by itself the first time. Or the second time. Or maybe even the third time. However, each time you’ll learn what your team relies on you for. As you learn more and more what items they just HAVE to call you to take care of, you will immediately know which items you need to create procedures for to replace you. If procedures won’t cut it, you need to pay someone else to make those decisions for you.

Now let’s look at what’s necessary for you to leave the office while your business keeps making money. Firstly and most importantly, you cannot be the one responsible for direct customer interaction. Whether that means taking care of customer service issues or selling your product, if you’re the only one capable of that, then you have a problem. You need to learn how to replace yourself right away. OK, so you’re not looking to retire so what are you allowed to do? Anything that doesn’t require you to actually be in the office. In other words, all of the tasks that can be done or maintained remotely.

A few of those items that I work on regularly when I’m out of the office are the following:

  1. Paying bills – I do this with Quickbooks Pro and Wells Fargo Online Bill-Pay. I can pay my bills electronically from anywhere. My office administrators put all the bills into Quickbooks and scan all of the bills onto my server so I can actually look at every Purchase Order, Order Confirmation, Packing Slip, and finally the Invoice before I pay anything.
  2. Working on marketing – whether it’s updating the website or working on new direct mail campaigns all I need is internet access and my laptop to work on almost any marketing our company might be doing.
  3. Reading and responding to emails – This can always slow down your “productivity” when you’re in the office so a few quick minutes in an airport or in the morning before you hit the beach can help you remain “productive” all day as people are reading and responding to all of the emails you’ve sent out.
  4. Keeping an eye on daily, weekly, or monthly tasks – Since I’m the Team Leader at my business there is no one else to take over management functions while I’m not there. For that reason, all of the girls who work in my office email me their “To-Do” list every evening before they leave. That way I can review and update it at my leisure. I also review our service schedule, inventory, receivables, payables, customer complaints, new leads, and a host of other things remotely. One girl in my office compiles the reports weekly and emails it to me so all I do is read them and make decisions – No matter where I might be sitting when I read those reports. Check out the “Know your numbers” section of my blog on weathering the economy for a better idea of what numbers I watch.
  5. Staying in touch with team members – Whether that means calling, emailing, or reviewing performance there’s a whole lot you can do to make sure everything is “business-as-usual” when you’re not around.
  6. Finding new business opportunities – If you aren’t ready to retire with all the money you have in the bank, you should always be researching new opportunities. As a matter of fact, the number one reason you need your cashflow business to run without you is so you have time to invest buying, building, and selling other businesses.

How to make sure your business is “running without you”.

  1. Leave the office – But don’t just stay at home. If you’re in close proximity to the office both you and your team member’s will be too reliant upon you.
  2. Try not to answer your phone – Let it go to voicemail, listen to the voicemail and respond appropriately. If possible, respond via email or text.
  3. Make yourself available via email (IM if necessary) – I prefer written communication because it’s short and to the point (no time for small talk) and because it’s all tracked. Someone can’t tell you you never told them to do X or Y.
  4. Have access to important information on your server – Whether that means having your invoices, inventory, schedule, or incoming leads on the computer. Whatever is important to you, you need to make sure you have access to at all times. If you can’t get to your important information from anywhere at anytime you’ll never be able to work remotely.

Have you ever had one of those days where you have a list of things to accomplish and at the end of the day the list hasn’t gotten any shorter? You just worked on “little things” all day. It’s amazing to me how many of those “little things” take care of themselves when I’m not around… In my experience if I leave the office for 2 days or 2 weeks, if I’m keeping up on things day-to-day while I’m gone, my list of “catch-up” work when I return is the same length. The list is limited to the items only I can handle. There are no “little things” on my list to catch up on… Every time my list consists simply of the things only I can do. (With the goal being to shrink that list with every trip.)

Since I track customer complaints AND testimonials if there were problems created by me not taking care of those “little things” I’d know about it, too. 😉

So make a commitment to be out of the office!

To your “remote management” success, Bryan

P.S. When you go to sell your business do you think it’s going to be worth more or less when you show the buyer that it can be managed, to a large degree, while sipping red wine on the balcony of your hotel in Italy?

About Bryan Trilli

Entrepreneurial Junky is probably the best way to describe me. I've bought, run and sold 3 businesses in 3 different states and started a 4th. The first 3 were brick-and-mortar service-based businesses and the 4th does internet marketing for service businesses. My team at Optimized Marketing guarantees to double your business' internet contacts in just 90 Days.

Comments

  1. Nice site. There’s some good information on here. I’ll be checking back regularly.

  2. Are you kidding me! We have owned 4 motels over the past 16 years 3 independent and this past year we bought into a franchise so far we would not do it again! After 16 years we run our own properties much more efficiently. We have never handed over $25,000.00 and been treated so badly. Never will return an email or phone call in a timely fashion. Losing documentation all the time. Found out that if we had been a different nationality we would have got a cut on our franchise fees and possibly an improvement loan for a better interest rate. Nobody does a better job of running their own businees than you yourself. It’s your money!

  3. Hey Dan, Sorry if I made it sound as if every franchise is perfect. I have plenty of difficulty and challenges with our franchisor at times however they’ve been marketing for 70 years and I can’t begin to match that kind of name recognition and branding. In my business our lead cost is around $200 per customer compared with about $600-$800 for independents so that obviously makes a big difference. My point is mainly that a “good” franchise will and SHOULD provide you with processes, procedures, training, technical support, marketing support, and national or regional branding and of course all at a fee. Obviously every franchise doesn’t meet that criteria and the ones who don’t should be avoided as you’ve learned the hard way. A good franchise will always make your life a WHOLE lot easier when you’re getting started at running your own business. You had 16 years experience BEFORE getting a franchise so that puts you in a completely different ball park than someone buying their first business. Check out my recent blog on the topic. With your 16 years experience, you undoubtedly already have your own processes, procedures, and systems that rival that of the best franchises since they’re tailored to your needs. Thanks for the input!

Trackbacks

  1. […] Cut personnel to only what’s necessary to be profitable. This will also be on my lists of things I would change. By nature I’m a “nice” guy so letting someone go is tough. However when it’s necessary it needs to be done quickly and decisively. The easy way to know if it’s being done is if you provide benchmarks, procedures, and responsibility lists and a team member isn’t holding up his or her end of the bargain it’s time to move on. This is also paramount if you want your business to run on its own. […]

  2. […] culture, improving teamwork, and communicating effectively. Right out of the gate you need to start setting up your business for running without you through the effective use of technology, incentives, and empowering your team. If you don’t […]

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