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Taking a step back into the business.

The thoughts of Richard Osborne on many subjects over the years.

Taking a step back into the business.

This month has been a pretty manic month with staff in China, honeymoon and now off long term (operation). I’ve had to step back into the business lately, and to be honest it has been a very good thing. By having developed my business into a company that can run sufficiently without me it enables me to think more strategically and move the business forward. Yet when I need to, it also enables me to step back into the business without lossing too much hair when staff shortages require me to. The most facinating thing I have found though is how far some aspects of the business have moved forward without me, where my staff have found better and sometimes more cost effective ways of doing things. You know you have good staff when things like this happen.

I know I have mentioned it before, but my lesson for today is Empower your staff to make decisions for themselves. You might be surprised that they’ll do it for the benefit for you and your business, not just for themselves. There are also tax advantages available if you pay staff bonuses based on profits earned for the benefits they bring to the business, which is something I am currently looking into.