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Dependency

I know I’m over dependent and it’s risky – but what can I do about it?

“I’ve been thinking about how my business would fare if something happened to me and I could no longer work? Would it survive? I’m not convinced.”

“Customer loyalty has never been harder to secure. I’ve got one or two great customers that make my business. If we lost one, would I still have the same business? In fact, the same can be said of the suppliers I use. That worries me.”

“I’d love to give up some of the jobs I hate doing but I don’t think I have the quality and diversity of people I need to manage my growing business?”

 

The issue

When starting out as an owner your main focus is on getting customers, ensuring you can deliver your product or service and doing well enough to become a viable business. At this point, you are the business and its survival depends on you.

Once your business has become established, it’s not unusual to find yourself still being the hub of the business, servicing customers, staff and suppliers. At this stage it’s very easy to risk becoming hostage to an important customer or key supplier.

We tend to hang on to doing the things we are comfortable with or good at doing and avoid learning new things. We shy away from tackling the difficult tasks. We hold back the talented people who work for us and fail to harness the potential of the business.

So how do you let go of the reins, prepare the groundwork to enable your business to flourish?

 

What you can do

  • Accept things need to change
  • Learn the art of effective delegation
  • Begin to build or improve your infrastructure
  • Groom a management team. If you don’t yet have a middle management team, identify potential staff in-house who are strong candidates and expose them to more of the business.
  • Spot potential, unlock and nurture talent

 

How we can help

  • We will help you confront your own behaviour and motivate you to change
  • We’ll work with you to create a development plan for you as well as your business
  • We’ll help you formalise your business plan
  • We’ll support you in engaging and developing your management team
  • We’ll work with you to shape your role for the future

Building a business that will outlast you requires you at some point to release the reins. Be less of a meddler or hero and become a strategist and leader.

 

Are you thinking what we’re thinking? Get in touch to start the conversation today.

For outcomes to change behaviour has to change and for behaviour to change belief has to change. We’ve gathered a collection of stories, anecdotes and striking expressions to help make the big points about lasting change. Who knows, they may even change your mind. Read more

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Thought starters

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About Haines Watts

Haines Watts are top 15 firm of chartered accountants supporting over 35,000 business owners across the UK
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Get in touch

Tell us what’s on your mind. We’re here to help. Get in touch to start the conversation.

Esher

Aissela
46 High Street Esher
Surrey
KT10 9QY

London

New Derwent House
69 – 73 Theobalds Road
London
WC1X 8TA

Our addresses

Esher

Aissela
46 High Street Esher
Surrey
KT10 9QY

Tel: 0208 549 5137

London

New Derwent House
69 – 73 Theobalds Road
London
WC1X 8TA

Tel: 0207 025 4650