Summer is the perfect time to unwind and take a break from work. But, did you know that taking a vacation can actually help you increase the value of your business? The most valuable businesses are the ones that can operate without the owner’s constant involvement. So, if you want to make your business more independent and therefore more valuable, here is a six-step plan for you to follow:
Step 1: Schedule Your Vacation Plus One Day
When planning your vacation, make sure to schedule your return one day later than you intend to start working again. This way, you can have a full day to yourself without any distractions to focus on analyzing what went wrong in your absence.
Step 2: Bucket the Mistakes
Once you’re back from your vacation, categorize the mistakes into one of three buckets: mistakes, bottlenecks, and stalled projects. This will help you identify the issues that require your immediate attention.
Step 3: Correct the Mistakes
The easiest place to start is by correcting the mistakes that were made while you were away. Write down the instructions for your staff to follow next time they face a similar situation. Ensure that the instructions are clear and that everyone has access to them.
Step 4: Unblock Your Bottlenecks
If projects are getting stalled because you’re not around to provide your feedback, it’s time to unblock the bottlenecks. Make it clear to your staff which projects require your input and which ones can be handled without it. By doing this, you can avoid unnecessary delays and keep the projects moving forward.
Step 5: Re-assign Stalled Projects
Identify the projects that have been stalled in your absence and categorize them into strategic and non-strategic ones. Hold onto the strategic projects, but delegate the non-strategic ones to someone on your team who is better suited to drive them forward. This will help to lighten your load and ensure that the projects continue to make progress.
Step 6: Give Every Employee a Blank Check
Empower your employees to make decisions and take action when you’re not around by giving them some spending authority. This will allow them to make the right decisions to keep your customers happy and your business running smoothly.
Taking a vacation can help you increase the value of your business by making it more independent of you. By following these six steps, you can identify the issues that require your attention and make your business more self-sufficient. So, go ahead and take that much-needed break this summer. Your business will thank you for it!