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For a business owner, letting go of complete control can sometimes feel like the gateway to jeopardising the company’s future development, but this lack of trust in your team can be toxic towards both your professional relationships and your mental health.

Your business is your baby, but the responsibility of keeping the operation up and running, and also working out how to grow your business at the same time, can be a very alienating experience for a leader. In fact, many owners in the UK think their companies would not be able to survive a week without them.

Below are a few tips to help you gradually give up control, and see your business fly.

Take up co-coaching

For a long time, there was a stigma around business owners asking for external help – this was seen as a sign of failure. However, more and more next generation businesses are becoming open to the idea of working with business coaches to help put things into perspective. Such professional input from an objective party can be extremely beneficial for opening up safe spaces for conversations about important business decisions, giving you confidence in your strategy and output, and clarity of thinking.

“I didn’t want someone to get into my head”

Always remember that asking for external help does not mean you have been defeated in your job as a leader. A coach is there to allow you to work ON the business rather than IN the business, and to offer some fresh input on what goals you need to focus on.

Co-coaching with another business owner is a really valuable alternative to academic business coaching, offering you an opportunity to gain perspective and a platform to share your knowledge, challenges and successes with another leader.

Build a community

Leaning on friends and family gives some business owners the emotional help they need during the struggles of running their own company. However, as the organisation develops and flourishes, it is important to remember that there needs to be a balance between work and personal life, so finding support in a professional setting is crucial. Haines Watts is currently testing a ‘community of owners’ group where business owners come together, share their successes and challenges and hear feedback from the perspective of another company leader.

Loneliness in command is a topic that comes up a lot”

Feeling part of a community of business leaders who are going through similar experiences such as your own will not only give you peace of mind, but it will also provide a new standpoint, allowing you to analyse any challenges your business is facing.

Work on the business, not in the business

Finally, every business owner should have a trusted advisor, someone they fully trust and share values and ambitions with. Moreover, building a management team that is capable of running the day to day business operations is vital in growing your business.

“Share the burden of the business plan by building a strong management team

Knowing that someone is there to handle the organisation exactly as you would want them to is beneficial from an outside-looking-in perspective, as those looking to buy a business are more likely to feel confident in collaborating with a business that runs smoothly without its leader’s 24/7 involvement.

Read more like this

Visit the Haines Watts For Love or Money site to learn more about the secret life of the Business Owner. Find out about their wealth, health, personal and business relationships, planning challenges and their communication struggles based on comprehensive research among UK owners & their management teams.

For more information and help with your business challenges find and contact your local Haines Watts office

About the author

Matt Perry

Matt’s focus is on helping owners and their management teams on all aspects of structure, strategy, growth and the potential realisation of value from their businesses.

He has particular expertise in supporting owners who are running businesses that are rapidly increasing in complexity. He works closely with these owners to scale their operations, address management and leadership issues and obtain funding for investment and growth.

Matt brings a keen understanding of the broader commercial issues that impact growing business, including governance, risk, succession and protecting personal wealth.

 

I enjoy becoming an integral part of a business’s journey and draw on my own experience in managing a fast growing company. There are so many angles to consider when a business starts to scale up. There’s nothing better for me than setting some long term goals with a business owner, supporting them through that growth and ultimately seeing them achieve their ambitions.

If I wasn’t doing this I’d be: selling.

Favourite Sports Team: Arsenal.

Dream Location: Sicily.

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