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  • NewGround Leadership

7 Ways to Avoid Discounting Yourself

It's an unfortunate reality that owners are often one of the biggest sources of risk in their businesses. And it mostly happens unintentionally. Starting out, everything depends on the founder. You are the source energy and controlling mind of the business you create. However, if this dependency persists, you can become a bottleneck to growth and a significant discount on the value of your business. It's also less fun to own, harder to step away from, and offers less opportunity for others to grow and share responsibility.

There are a number of things you can do to reverse this liability and become an even stronger asset to your business:

  1. Build a leadership team As you cross the threshold from self-employment to leading a team and building systems, it is very helpful to surround yourself with capable people that complement your skills and style.

  2. Ensure role clarity Never give responsibility without authority. Empower people with clear and documented expectations and maintain open communication to ensure alignment with your key leaders.

  3. Build systems and document standard operating procedures This is key to scaling your business. In The Checklist Manifesto, Atul Gawande writes “under conditions of complexity, not only are checklists a help, they are required for success.” If it's worth doing, document it.

  4. Realize the importance of culture Systems are great. People are essential. Culture ultimately determines how these come together to create performance.

  5. Consider your Endgame Knowing where you want to go makes it a lot easier to determine how to get there. Become the person you need to be to accomplish your goals and prepare yourself, your team, and your business to continue thriving beyond your leadership.

  6. Insure your risks Having learned this the hard way when a significant illness in the family unexpectedly interrupted my business, I know firsthand the value of living benefits and proper life insurance for business owners. Shit will happen and it's way better to be prepared when it does. Our partners at NewGround Financial can help review your coverage if this has been overlooked.

  7. Ask for help Fiercely independent by nature, many entrepreneurs put so much into building and running their businesses, they lose sight of what all this growth is for. Your business is a vehicle for serving others and taking you where you want to go. Most owners only begin to think about value when they are ready to sell. Building to sell allows you to be far more strategic in architecting the outcome you want.

If it's time to create the role you want in your business and prepare for the future, let's connect.

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