When you talk about having an automated business, some people will salivate at the thought of having a business that runs itself. But the truth is, it’s not that sexy. You still have to lead and manage the working pieces of your business. No business comes without its share of work, and an automated business is no different. Here are 3 myths about running an automated business.
1. You Can Sit on a Beach Drinking Pina Coladas All Day and Make Millions of Dollars
Well, yes and no. Having an automated business will definitely reduce your time spent running the business, but it won’t replace your role as a leader. Although you may automate certain key processes in your business, there are many parts of a business that can’t be automated. This is why every business leader needs to become a master at delegation. You can certainly hire people to head up different departments and delegate the oversight of that area to them.
This is especially helpful if there is an area that you are not strong in. For example, if sales is a weak point for you, you can hire a VP of Sales and have them directly oversee your sales team. Hires don’t have to be management positions. Maybe hiring a bookkeeper would take a load off your to-do list. The more specific you can get in what you need, the more likely you are to find the right person to fit that need.
Even if you are not particularly weak in one area, there will come a point in your business where you no longer have the time to tackle everything yourself. Get good at delegating to your team and you’ll be taking your first vacation in years before you know it! Contrary to popular belief, you will still need to lead the company, but 3 weeks of vacation as opposed to no vacation is much better than your 90-hour work week.
2. You Can Just Hire Smart People to Run Your Business and It’ll Be Great
Again, this is false. You should never turn over your company’s daily operations completely to someone else. As a leader, you define the roles and responsibilities, establish checks and balances, and create systems of accountability.
While you certainly want to hire intelligent people who fit in well to your business roles, you can’t just turn over the reins. Part of your job as a leader is to clearly define expectations and provide appropriate guidance so your employees can do their jobs with confidence. When they are properly equipped and understand what is expected of them, your employees will flourish and be successful assets within your business.
Good leaders consider how they are going to measure their employees’ success. By figuring out what it takes for your employee to be successful, you give them the power to excel. By creating clear expectations and establishing a way for them to report on that success, you ensure even the smartest person will do their best.
3. Once You Have Built Your System, You Don’t Have to Continue to Invest in Your Business
Like the first two myths, this is also false. It takes time and money to build up your business. However, once you have built a successful, profitable, automated business system, it doesn’t mean the hard work is behind you. In many cases, it may be just beginning.
You can’t just rest on your laurels and assume that the hard work you have put into your business in the past will carry you through. Business is ever changing with new challenges constantly popping up. You have to continue to promote your business and adapt to new challenges if you want to continue to succeed. Once you’ve set a system in place and have delegated it, the next step is to measure your success, analyze what went right (and sometimes what went wrong), and then make tweaks.
Without these last 3 parts of the process (measure, analyze ,and tweak), business breakdowns will happen. Good leaders continually make changes to their processes to ensure things get done right.
Avoid the Myths
Automated businesses have their perks, but they are not without their challenges as well. By having realistic expectations and avoiding these 3 common myths, you can position your business for success, both now and in the future. If you would like help automating your business, please contact us at 801-472-6947 for a complimentary business analysis.