Gift Opening
$200 Off MarketBeat All Access
Thanks for being one of our best subscribers! You are eligible for a limited-time discount.
  •  days
  •  Hours
  •  Minutes
  •  Seconds
Claim Your Discount
×
Free Trial

5 Ways to Get Real Freedom as a Business Owner (Without Surrendering Control)

In my early years of entrepreneurship, I believed that the more I tried to manage all aspects of my business, the more successful it would be. I thought that micromanaging was my way of protecting myself from failure. But I soon realized that while I was busy trying to control everything, I was losing the one thing that mattered most: freedom — the absence of work constraints and the ability to think tactically and creatively and have personal time.

The epiphany that struck me was that real freedom is not about releasing oneself; rather, it is about exercising leadership sensibly and enabling people to do things more effectively than you could. Below are five strategies that you can use in your business to attain real freedom without surrendering control.

Related: My Business Became My Prison. This Is How I Broke Free.

1. Build a team of experts

One great way to get more freedom is to have people who know much more than you in their fields of specialization. But of course, quite a number of leaders do not do this because they are either too scared of relinquishing control or of being outshone by their subordinates. However, employing people who are smarter than you in your fields of choice will allow you to concentrate on your strengths while making sure the company is in order.

If your marketing manager knows more about advertising than you, let him or her take charge of the process. If your finance lead can quickly compute complicated numeracy, then you have to allow him/her to make decisions. This approach is useful because you can be assured that each segment of the business is in good hands.

Actionable insight: First, look at what you do not know, or maybe try to avoid doing it or spending too much time doing it. That means hiring employees who are more knowledgeable than you in these areas. This also saves you time and at the same time helps in enhancing the general quality of your business.

2. Create a "No-Check-In Zone"

Perhaps one of the most unproductive activities that any business owner can engage in is the approval of every decision that is made. End-of-the-day check-ins for approvals slow down work and limit you by making you remain responsive to day-to-day work. The solution? Designate a "No-Check-In Zone" for the normal course of business decisions. This means setting standards with your team and gaining their confidence so that they can make small decisions on their own. But it is more about giving them the freedom to make decisions and do things quickly and without doubt within the context of the guidelines you have put in place.

Actionable insight: It is important to provide your team with clear specifications of the decision-making criteria that are expected of them. For instance, inform them of the decisions that you allow them to make on their own and the ones that need your input. This small change enables your team to work without your direct interference while you concentrate on strategic matters.

Related: 4 Keys to Having More Freedom in Your Business

3. Implement backup systems for every task

No matter how much we want to believe we are the keystone of the operation, things need to progress smoothly even when we are not around. Maintaining backup systems means that no work stops because someone is not available, including yourself. It is always advisable to have a backup person for any assignment or at least a backup plan in case something goes wrong. This way, no team member is idle, and if you are unavailable due to time constraints such as meetings or are on a business trip, work goes on.

Actionable insight: Begin with identifying what tasks are crucial to your business, and then find a contingency plan for each of them. This could be a person, a software solution or a set of processes that can keep things moving even in the face of adversity.

4. Train your team for emergencies

Emergencies are unavoidable; however, you can avoid stress from unexpected calls or urgent issues. Shouldering your team to deal with emergencies without your help allows them to resolve issues without having to ask permission. Crisis management training and problem-solving skills help your team think quickly and lower the disruptions you encounter. Valuable emergency training focuses on more than just giving directions; it emphasizes planning scenarios and leading your team through potential challenges. Equipped individuals will reduce your involvement in crisis situations.

Actionable insight: Create emergency plans and conduct practical training sessions for your team. This will prepare them to handle crises directly while you can take pleasure in your leisure time without anxiety.

5. Prioritize future-focused work

Transitioning from reactive to proactive leadership leads to freedom. Often, we get caught up in daily distractions such as emails and frequent meetings that hinder us from prioritizing long-term progress. Such activities propel the organization forward by focusing on idea generation and sustained expansion. Releasing yourself from urgent matters lets you devote your attention to essential goals. Liberate yourself from urgent tasks and invest in tasks that will shape your company's future.

Actionable insight: Allocate specific time each week for tasks oriented toward the future. Developing novel products might also be on the agenda while you reconsider your strategy or seek partnerships. Protect this time carefully, and stand firm against allowing immediate tasks to dominate.

Related: How to Replace Yourself in Your Business Without Losing Control

True freedom in business involves wisely assigning tasks and relying on your team while focusing on the essential goals. Developing a team of specialists and establishing a No-Check-In Zone allows you to gain freedom in your business growth and reduce stress in your personal life. Embrace the transition from taking on every task to cultivating strategic leadership. Securing freedom requires active participation in these measures today. Your enterprise will not only endure but prosper, allowing you to devote more time to important matters.

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

12 Stocks Corporate Insiders are Abandoning Cover

If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

Analysts Bullish on AI-Powered Healthcare: Intuitive Surgical’s 30% Upside
Oracle’s Cloud Shift Pays Off: Will Momentum Continue?
Unusual Rally: Gold and Dollar Rise Simultaneously

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines