For the past couple of years, I’ve been told that I need to free up my time to work on the business rather than in the business.
When I was an executive coach I used to tell business owners that all the time!
So why did I find it so hard to let go?
I can do the bookkeeping at night, right?
I can work on new systems and procedures
I can execute my hiring strategy
I can focus on the needs of my people at night, I’ve got the stamina!
I can review my business plan at night,
I can manage revenue and resource forecasting, I’ve done it before!
I can implement our annual strategic plan
I can create our marketing strategy at night, yeah bring it on!
I can review our IT, AI and CRM….snooze….
I’m superwoman I can do it all.
Until you can’t.
Mistakes start to happen.
Your body starts to break down.
Your ability to think clearly is a thing of the past.
You’re always tired.
It doesn’t feel fun anymore.
When you’re first building your business, and money isn’t flush, it's normal to want to do it all.
For the first few years, you just suck it up, and you do whatever it takes to get things done.
Eventually, there comes a point, where it's impossible to do it all well!
Ideally, at this point, your business is now making some money.
The future is looking more secure than it did a few years ago.
This is the ideal time to bring in a layer of management between you and your team.
First, if you haven’t already, outsource all of your bookkeeping to an industry specialist bookkeeper.
This gives you your nights back so you can actually clear your mind to think.
The good ones will give you reports that you could only have dreamed of
which give you information so you can make better decisions sooner.
Next, let's identify the six key areas your future General Manager can take responsibility for.
Business Management; implementation of the annual strategic plan, insurances and registrations, corporate governance, legal, management of premises
Financial Management; systems and procedures to maximise profits, manage revenue and resource forecasting, debt collection, accounts payable, preparation of business reports, liaising with bookkeepers and accountants re payroll, cashflow, GST, shareholder distributions, PnL / Balance sheet
IT; looking at your current IT platforms, CRM’s, emerging technologies.
Marketing ad Communications; develop and execute marketing strategies, internal and external communications, social media B2B and B2C strategies, award submission, bids and Tenders
HR Management: internal recruitment, performance management and reviews, position descriptions, employee value propositions,
Quality Assurance; managing QA throughout the business
Your GM literally takes away everything that you’ve been trying to do,
meaning to get to, that is critical to the future success of your business.
If you’re telling yourself you can’t afford it,
the better question to ask is “can you afford not to?”
Your GM gives you back time
Your GM give you back the headspace you need to think
Your GM gives you room to meet with more clients
Your GM buffers you from the day to day issues
Your GM is responsible for increasing revenue, decreasing expenses, and your bottom line
Your GM does the hiring and the firing
Your GM is your savour!
Quite often your General Manager isn’t sitting within your business.
It’s not always the person you like the most.
It’s not always the person who is your best performer.
It’s not always someone from your industry either.
Identifying the right GM for your business is critical.
I’ll leave the ‘how’ for another Vlog.
For now, if you’d like help identifying the right person for your business,
then my contact details are here at the bottom of the screen.
I look forward to hearing from you,
In the meantime, thanks so much for listening and have a great day.