October 24, 2007, 10:58 am
Are you happy with the manager you hired to run your business?
In When should an owner cede control?, a CEO contemplates sharing the management responsibilites of his small business. Based on your experiences, what would you recommend he do?
CNNMoney.com Comment Policy: CNNMoney.com encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNNMoney.com may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNNMoney.com the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNNMoney.com Privacy Statement.
-
Detroit's churches are plowing millions into redeveloping local housing and businesses. More -
Winepod attracted a wait list of eager buyers and millions from investors. Then came the recession. More -
As other major banks withdrew, Wells Fargo stepped up its small business lending. More -
Designer Chuck Comeau set up his manufacturing in Plainville -- 240 miles away from a major airport. More -
As staffs shrink, business owners are taking on support duties they haven't had to handle in years. More
The advice given originally is great however, I found that in order to really grow the business it is important to hire someone to work in the business. As the leading authority for women of color business building, I found that most entrepreneurs are stuck doing everything and find it hard to relinquish responsibilities. It is important to be working on the business instead of working in the business.
As far as hiring a person, I found that creating systems and having them in place for everything, made the transition easier. For example, I even had a system and written policy for answering the phones, submitting reports…everything. It takes a lot of work up front, however, it was so much easier in the long run.
Secondly, I have been both, promoted from within and hired into the company. As the new boss, the transition is difficult as an outsider. However, it was harder when I was promoted from within basically because the employees were resentful and skeptical of my ability to run the office eventhough my boss had all the confidence in me.
Finally, even at $36 million in sales, I never relinquished 2 duties, I always opened all mail and signed all checks to keep an eye on the business.