Hi I am Pat and the owner of Pat’s Consulting Services. How bright does that sound. To strongly attaching yourself to your business can be detrimental to the business in the long run. Should you ever wish to sell, franchise, or simply expand your business you will be limited by your own design. This does not end with you attaching your name to the business, but also to the relationship you have with your customers. More importantly if your business can not survive without you how can you go on holiday to spend all the money you are making or even worse what if you end up in hospital for a couple of weeks. Does your business follow you to the ICU?
Being able to separate yourself from your business is about far more than just good business it is a basic requirement for business survival and growth. Irreplaceability equals un-promotability. This simply means that if you are too important in your current position you will never be promoted from it no matter how much you deserve it. The same goes for business owners, if your business can’t survive without you, how can suppliers and customers fully rely on your business. The question will always be, what if he get’s seriously ill, goes on holiday or pass away?
In a nutshell delegate and don’t hold yourself hostage in your own business, you can’t afford to pay your own ransom.
Chief Operating Officer