Diary of a Real Estate Entrepreneur – My Journey towards Financial Freedom – Episode 21

Becoming Replaceable

 

Oftentimes, we think of ourselves as being irreplaceable when it comes to running a business. Certainly, in the beginning, the business does need us. Your startup needs you to be a janitor, sales rep, clerk, administrator, marketer,  COO, as well as the CEO and any other role you can think of.

 

Spending countless hours working to grow your business takes a huge amount of time that can be taxing. However, if you devote a set block of time to certain activities, you can perfect some of those tasks to the point where you can call yourself an expert.

As your business grows, you’ll realize that you personally cannot carry out all those same activities as you did before. In fact, you’ll have to hire more staff, delegate tasks, or even “hire technology” to do the job. Unfortunately, there may be one or two tasks you have a hard time letting go of because you believe no one else can do them better than you. Which brings me to the real topic of discussion: you think you’re irreplaceable.

 

Being irreplaceable is not the goal, it’s quite the opposite actually. You want to become replaceable. I recommend working on your business so you can eventually sit back and just be the owner. One of your goals should be to create a well-oiled system that works without you having to be there. Nurture your business so it can stand on its own.

 

Separating yourself from tasks you regularly do may be difficult at first. It’s hard to admit that another person should do the job rather than you. Either your time would be better spent elsewhere or the other person may end up doing a better job. If it’s the latter, then it may be humbling for you to admit it.

 

However, allowing staff to perform daily work-related duties is necessary; it will allow you to focus on doing what owners do best, and that’s building the business. Create every business as if your main objective was to replace you.

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