How Do I Stay Connected to Day-to-Day Operations of My Growing Label Business?

Rock, I own a label converting business that has grown to the point where I no longer feel connected to the day-to-day activities. I have layers of managers, and there are many employees I do not know. This is not the way I like to run things, and it’s not how I operated when the business was smaller. I’m too young to retire, but I feel out of touch.

The future is always uncertain, so build flexibility into your planning. Your biggest role in the next year or two will be to keep the business on course and help your people feel safe and taken care of.

I’m glad your business is growing. It sounds like you have a self-sufficient management team that can run the business without you, which is great. Many owners I coach are still trying to separate themselves physically and emotionally so the business can run without them.

They are still nervously manning the helm, and their self-worth and identity are tied to being in charge. It’s hard for them to give power and responsibility to others. Many have a difficult time seeing that leadership is more than just “being the boss.” It’s healthy when the owner includes the team in decision making, incorporating new ideas, and setting the course for growth and success.

You seem to have been able to take that step, but if you feel out of touch, maybe you are bored. You seem to be missing the “what’s next” part of your life and career. I have worked with owners who did retire at a young age, so don’t let that be the determining factor. You may simply be done with the business. If so, we should talk about options for transition, sale, or a management buy-out.

If you truly are not ready to retire or move on, perhaps you are ready to buy another company to tuck in. Maybe you’d like the challenge of developing a section of your business to grow and sell. Or you could create and codify intellectual property that will add value to the business. These are all worthwhile executive-level tasks that support the growth path you and your team are on.

It’s important to find ways to contribute to the business and revive excitement without regressing or micro-managing the business. Click To Tweet

Keep in mind, however, there are other ways you can and should be involved from a leadership perspective. As we know, on any given day an employee can call in and be sick, have an emergency, or need to care for a loved one. In the past, we could juggle things around or wait it out until the employee returned. These days, we must have redundancy.

At the top of the list, a smart business owner will make sure someone can run the company when a key manager is away. In the past, we called this business continuity, and it was “recommended.” But the pandemic taught us that business continuity plans are essential. Done the right way, all key people in your business will become redundant. That doesn’t mean you are paying people to stand around. It means every single person needs to know their own—and someone else’s—job inside and out.

My question then is this: In addition to your own role in the company (which you believe is largely as a figurehead), what other jobs can you back up?

When I pose this question to owners who started out as an operator, some reply that they would love to learn to operate one of the newer machines. Is this frivolous? Not at all! Think of it this way: would you pull another operator off another machine? Not if you are busy! So it really is logical that someone with a more flexible schedule could step in and cover. You can’t be bored if you need to focus on keeping the jobs flowing.

If you’re not interested in running equipment, I recommend a crash course in the bookkeeping department. Can you open the mail, endorse the checks, make the bank deposit in person or virtually, and send the information to a backup bookkeeper, should the need arise? From a cash flow perspective, we can’t afford to sit on bank deposits for days on end. From an accounts receivable perspective, it is unprofessional to hold customers’ checks. If you think you can hand this most-trusted task to a temp while your bookkeeper is out, be sure that person is trained, ethical, and vetted properly. Don’t wait until an essential worker is grounded before you decide who will cover these critical responsibilities.

That’s boots-on-the-ground stuff. From a big picture perspective, you should always be assessing opportunities for your business beyond labels and print. This is a good time to be a diversified company. Give me a call at 561-543-2323 and we can talk about ways to protect your business while you continue to grow.

This is a perfect time to work with a LaManna Consulting Group coach on a customized road map. Together we can look closely at your business and your personal goals to help you decide what your exciting next role should be.