How to Semi-Retire From Your Business- Part One

When a person buys a business and becomes a business owner, more often than not, this translates into buying a job.

This is because a business owner is often involved in designing, planning and implementing systems to run a business.

It becomes very difficult for the business owner to get free from the business and hand over duties to others.

It takes a courageous business owner to make an enormous change in the way he or she approaches business in order to make the much-desired transition from having a job to becoming semi-retired.

This is because all change is difficult due to fear – mainly fear of the unknown.

There is also fear of change, as a move to semi-retirement means an owners needs to change the way the he or she works with the company and team-members, and also in the way he or she views money.

Instead of taking a wage from the business, an owner will now be making money by maximizing profit. This will completely change the mindset of the business owner.

As a result, the owner’s whole relationship with the business will undergo a change of mammoth proportions.

To ensure the entire process of change is handled carefully, here are some ways to ensure a smooth transition – making sure the business can operate successfully and profitably without the business owner:

Create the Right Environment: If the existing conditions are not conducive change, transition to any change will be difficult. The team members within the organization should be willing and ready to introduce new systems and should genuinely believe in the urgency and importance of any new system.

The environment should be oriented for change in another way as well. There should be a climate of trust within the business, because a change usually involves moving away from status quo and requires the team members to step outside their comfort zones.

Open Communication Channels: One way of creating the right environment for change is having open communication channels so that the business owner is able to communicate with team and vice-versa.

That’s why it is important for team to feel there is an “open door policy” as far as communication is concerned.

There is a need for effective communication within the business, which means that the messages being communicated are actually received, and understood in terms of content and intention. It also means that they are acted upon, if necessary.

This is because any communication must result in some type of action.

Provide Continuous Feedback: It is crucial to have strong leadership through this process of change.

The business owner needs to employ a leadership style that keeps the owner on the right path. The best way of doing this is by providing the team members with constant feedback. This can be done by tracking their progress with the system and keeping them in the loop on the developments taking place.

It helps to offer encouragement and support and encourage them to provide feedback.

Communication is a two-way street and it is the lifeblood of any business; make it a priority.

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3 Responses to “How to Semi-Retire From Your Business- Part One”

  1. barb says:

    Hi Brad get stuff Global Barbe

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