The final common mistake of entrepreneurs is to fail to make your business work well without you. You need to systematize your business.
Is Your Business Dependent On You?
What would happen to your business if you went away for a 90 day around the world cruise?
Would it thrive?
Would it survive?
Or would it be in serious trouble when you returned?
You Are Important
As the owner (and probably the founder) you will always be an important part of your business. You set the vision and direction, the values and made all the big decisions.
BUT (and it's a big but) your business shouldn't be so dependent on you that it can't survive without you for a relatively short time.
The Future Is Unpredictable; Better To Be Prepared
None of us know what may happen.
A few years ago I had a medical problem that meant that I could do little work for nearly 4 months.
Fortunately everything is fixed now but it really hammered home the point of just how vulnerable I was.
Hopefully an unexpected break from work won't happen to you.
But even if it did, your business can be designed and made to work without you so even if there are big problems, it won't wreck your income and threaten your family.
There is A Big Benefit
If your business becomes so robust that it can survive you being away from work on extended absence, there's no reason to feel guilty about those two rounds of golf you'd like to play per week or the extended trips to your villa in Spain.
You've designed your business to work without you and it's time to reap the rewards.
Make Your Business Easier To Sell
A second reason for making your business independent of you is that it makes a huge difference if you ever decide to sell it.
Just think about it.
Would you want to buy a business and pay a premium price if all the secrets that made it work like a well oiled machine where in the current owner's head?
Even if you could replace him and do just as good a job, do you want to buy a job?
Corrective Action: Systematize Your Business
It all starts by deciding to systematizing your business. If you are not familiar with the book, I recommend that you read "The E Myth Revisited" by Michael Gerber.
Identify the individual systems and decide which is the priority.
Then start reviewing what happens now?
What goes right and what goes wrong?
How can you make the system better?
This is similar to the work we discussed in terms of working towards continuous performance improvement but the emphasis is different.