Every entrepreneur dreams of it- the elusive ‘business that runs itself’. What a wonderful thought, a successful venture that turns a healthy profit each month but requires minimal work from you- that’s the dream! And it is possible, however there are a few things you need to get absolutely right. Whether you want to retire or you want to free up time to start something new, here’s how you can run your business from the top without having a huge pile of work on your desk each day.
Outsource Areas to Excellent Companies
One of the ways your business can ‘run itself’ is by outsourcing a number of departments to third party companies. For example, instead of keeping human relations in house you could outsource it to a business who specialises in this. They are responsible for their on health and safety, taxes, employees and everything else- you simply provide the work and know it will be done to the best standard. Manufacturing and fulfilment are both good areas to outsource since they take a lot of manpower and can be expensive and time consuming to keep in house. Finance is another, find a company which has accountancy, audit and tax skills to ensure your accounts and tax are always up to date which help you to avoid errors and penalties. Have a think about which departments you could outsource to make your business run more smoothly. It means there’s less in-house for you to manage and worry about, making it easier for you to run your business from the top.
Hire The Right Employees
A business that ‘runs itself’ has its workforce to thank. These are people that are reliable and good at their job, they know what they’re doing and need minimal intervention or motivation from you. Ideally you want experienced individuals that have a track record doing great things in a similar job, otherwise you will need candidates that show potential that you can train up. You will need to make your company an attractive place to work to secure the best employees, as well as offering wages based on experience you could also provide things like health, retirement and disability packages. These are the kinds of things people will be looking for when they’re scouring for a new job, so make your company stand out.
Utilise Business Software
Having a good workforce is of course important, but your employees need access to good business software to be able to tackle their jobs as quickly and efficiently as as possible. Customer relationship management software for example keeps all of your customers details in one place, knowing what their past purchases were can help you to target future ads and marketing material. Legal software allows you to draw up legally binding contracts without having to use a lawyer every time, and payroll software ensures that no errors are made with wages. It can generally make light work of otherwise tedious and time consuming tasks, allowing your employees to be getting on with other jobs.