One of the common topics that I notice come up from Founders and Owners is how to manage the multiple priorities they have.

There are so many hats we wear that we often have many similarly prioritized initiatives going on at the same time: from managing a newer member of your team, to pricing your services for next year to planning marketing initiatives. The list can be endless.

And they’re all important.

Sometimes, it feels impossible to chose what to focus on next because it IS nearly impossible. They all have to be done!

While everyone’s situation can be somewhat unique, what I do know is this: when we focus on the many, progress is slow; when we focus on the few, we speed up.

Have you ever thought about what it would be like to sell your business?

Or, hand it over to a family member who now works, or will be working, in your company?

Is this something you know you’d like to do in the future…or does it feel more abstract and you have no idea how to make it happen?

We’ve all heard stories of successful businesses, passed down to the next generation who have failed the business in some way.

While we can’t predict what a new owner might do - whether that’s a buyer or your own family member we CAN prepare our business the best we can so it operates well, setting the new owner, existing employees and existing customers up for success.

AND there’s a way to do all this so you enjoy the benefits now even before you are ready to transition.

Our vision is to see more purpose-driven companies excel and sustain through generations, making a positive lasting impact on the world.

How does my company contribute to this?

We coach founders & owners to grow by adding transferrable value, create a succession platform and take a vacation.

Part of lasting through generations is capturing the brilliance, savvy and know-how of you, the founder and owner, to ensure you don’t leave a knowledge gap when you decide not to be directly involved in your business anymore.

Your knowledge is gold and is the foundation of how your company started and what contributes to its ongoing success.

Even if you are aren’t thinking about passing your business to another in the future, or at the point where this has even entered your mind; capturing and transferring knowledge is a skill that takes practice and planning. It’s possible and it doesn’t have to be perfect or complex. And, it can be a process that evolves.

Have you ever felt the weight of running your business?

Wouldn’t it be nice not to have everything resting on your shoulders?

Wouldn’t it be nice to feel supported and know that certain things are ‘handled’, and you aren’t solely responsible to make key things happen in your business?

I’m not a car person by any means, but this analogy popped into my mind as I was thinking about how I often hear (and experience) the challenge of feeling like you’re alone in your business.

Maybe the reason your business is wearing you out isn’t necessarily because you’re burning the candle at both ends, or worried about making your bills, or because of another late order arriving.

While these are all worrisome and tiring, these could be symptoms of a deeper issue.

It could be due to a lack of capacity and diversity in one or all of three key areas: employees, suppliers, and/or customers.

How dependent you and your business is on any one employee, customer, or supplier can be a real indicator of business health, how high your business risk is, and how you, as the owner, are shouldering the effects of this directly. And, if that one employee is YOU, well that would be a signal of a lack of capacity or diversification of employees and skills sets.

I was recently speaking with a business owner who is dependent on one employee (themselves!) who tried to hire another employee recently.

They said ‘it didn’t work out’ and ‘it wasn’t a good fit’. And, they doubted that there would be a good employee out there that could do what they’re looking for.

I probed a little more and it became clear that they really didn’t believe another person could do what they could do and could serve the clients the same way they could.

I have heard variations on this theme from a number of business owners.

So what’s the answer?

Take a look at the three areas I mentioned and see how your business fares in these areas.