Being a control freak is only positive up to a point. If the control is over every little detail, then this can quickly become not just an irritation, but a constraint on the business. However, if the control freakery can be dialled down to a framework, or overall direction guidance, it can be very positive.
Often the need to control every detail is not just perfectionism, but insecurity. For very good reasons, small business owners are frightened of someone copying their ideas and of employees, in particular, stealing their methods and their customers.
It is important to find a way to let go.
To deal with the employee risks, make sure they have an employment contract that stipulates clearly the need for confidentiality. It should also include a non-competition clause that prevents them setting up a business like yours for at least 12 months after leaving employment. Make it clear that all contraventions will be prosecuted.
Good employment contracts are a little bit scary for the employees and should make them feel as if they are taking a big risk if the contract is breached. You will of course need to take legal advice on this, but even if this looks expensive to you now - it will seem very cheap compared to the risk of being in a situation where you are competing with an ex employee with no contract to fall back on.
Better still, having some peace of mind will make it easier to let go and start pushing your business forward to growth.
Perhaps you think that how you got where you are today is by paying close attention to the detail. Your days are full of decisions, meetings, sales negotiations and employee interviews.
Well, congratulations, you now have an unsalable business on your hands.
Not true you say, people are always sniffing around and asking if you would consider selling. This may be the case, but the situation will change when they know the truth.
Consider this, would you buy a business that could not operate without the current business owner running it? Would you keep the owner in place? What do you think would happen when the control freak previous owner was asked to do things your way not theirs?
The reality is that most purchasers do not want the previous owner/CEO in the business after anything other than a handover / transition period. This means that when a business is being assessed for a purchase one of the big considerations is the involvement of the current owner - the less the better.
This is an enormously difficult realisation for many small business owners. Their baby has grown up and needs to now lead a life without their constant care and attention. It is literally like a child leaving home and can be an almost impossible wrench on the heartstrings.
However, the truth is the more you can remove yourself from the day-to-day running of the business, the better your life will be day-to-day and the sales value of the business will go up and up. Furthermore, you may find that, just like with a child, overbearing attention to detail is actually inhibiting growth and demoralising your employees.
They say 'if you love somebody set them free' and this could well be the same for the business. You can of course continue to provide strategic direction and make sure the business stays on track, but you should also be paying attention to your golf handicap and planning what you will do when you have more time to spend with your money.
Building an effective management team, sorting out the legal constraints in employee contracts and learning to delegate effectively are essential foundations to grow a business on. Not only will it make your life better it will increase the sales value of your business if/when you decide to sell.
