Equip Your Managers to Run Your Business Better Than You

By Mark Wardell

Giving up the control of running your own business may sound like a scary proposition but the fact is, the sooner you can free yourself from day to day management, the sooner you can focus your attention on strategy, a critical step in the maturing of any successful enterprise.

So, how do you develop a management team that is capable of running your business…possibly even better than you?

1. GO ON A LEADERSHIP HUNT: Start by taking a good hard and honest look at the people you've got. Who within your organization has leadership potential and who doesn't? As you proceed, be aware that the people with the most potential may or may not currently be part of your management team. So keep an open mind. Look at everyone and remain open to the possibility that you may need to take a longer-term perspective on this. Of course, if you don't find who you are looking for internally, you'll need to look elsewhere.

2. TRAIN RELENTLESSLY: Once you've identified your key players, train them relentlessly. The more they are able to successfully take on without running to the boss for help, the better, Most business owners make the mistake of never going beyond the basics of job training, so their people never fully develop as leaders. This is a huge mistake. People with leadership potential need to be challenged. Otherwise, they eventually move on.

3. EMPHASIZE GOAL SETTING: As the boss, this is your responsibility. Your team will be more informed and more motivated if you regularly set aside time to let them know how they can help achieve your big picture goals. Sit down with your managers and lay out a road map detailing how you expect to collectively achieve success. On a regular basis review these expectations and provide them with the guidance and opportunities necessary to make an impact in their role. Regular goal setting is the best way to equip your people to meet your expectations.

4. GET OUT OF THEIR WAY: Once you've established goals and expectations, step back and let your team do what you're paying them to do. It's very important that you interfere as little as possible, otherwise they'll never learn from their mistakes. For example, when a manager comes to you for help in dealing with a difficult situation, encourage him or her to problem solve on their own, in accordance with business standards, before you offer a solution. And if those standards don't yet exist, ask your manager to draft out a system that can be used by everyone. You'll still have your input, but your manager will have taken a significant step forward in their development as a leader.

5. ASK FOR STATUS REPORTS: Develop a system of regular managerial reporting. This is a great way for you to closely monitor progress from a distance. This monitoring tool should measure and document your managers' progress towards their defined goals. This will help make them responsible for their own ongoing contributions. By periodically asking questions regarding this document, you'll help keep your manager(s) accountable, motivated and focused.

It may take some work, but these five steps can effectively set you on the right course for creating an all-star management team; a key step in the development of a mature, self-sustaining business.

Mark Wardell is president of Wardell Professional Development (www.wardell.biz), an advisory group specializing in value enhancement for privately-held companies.