The One Thing You Must Do To Grow Your Business

Here’s the single biggest thing that I think separates companies which grow successfully from those that don’t.Learning to give up control to grow your business

It’s that the owners of successful businesses understand that they personally will have to change – and they are willing to make those changes.

I said that back in March of this year.

Today, I read about Clay Mathile – who sold his company for $2.3 billion in 1999.

In case, like me, you hadn’t heard of him, he owned “Iams” the pet food company. And he built annual sales from $500,000 in 1970 to $1 Billion in 2012.

For the first 10 years he put all of his energy into growing the business, working 12 to 16 hours a day. Sales reached about $10 million annually.

He realized then that he couldn’t run the business alone. So he hired the best plant manager he could find – so far so good.

But a month later the new plant manager took Mathile out to lunch and asked, “Are you going to let me run the plant?”

That’s when Mathile realized that not only was he unable to let go of control of the company but, worse still, it was an obstacle to the company’s success.

Shortly after that he signed up for a professional management program. In one session he was asked to write all of Iams’ production and manufacturing challenges on white boards.

In another flash of insight, Mathile recognized that he’d created 75% of the problems that were up on the wall.

That’s when he stepped back, looked at what he was doing and learned to let go of his desire to control everything and listen to the experts he had hired.

This was a key part of what allowed him to lead the company to achieve consistently high rates of growth.

Mathile knows from experience that giving up control can be a challenge for entrepreneurs who have poured so much of themselves into their business.

He describes it as not only a shift in how the business owner thinks of his/her role, but also a shift in how they have to behave – in what she or he gets up in the morning and does each day.

“You need to let go instead of holding on so tightly,” says Mathile. “If you don’t bring on expert employees and begin delegating responsibility, you will prevent your business from growing to its full potential.”

Realizing that he had to change must have been difficult for Mathile. But making those changes to his thinking and behaviour must have been excruciating.

He did it and he was successful.

I rest my case.

You can read Catherine Clifford’s article about Clay Mathile here and you’ll find details of Mathile’s new book here.

 

If you enjoyed this post you’ll also enjoy To Be Or Not To Be … In The Room That Is

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Tags: behaviour, business, business owners, challenge, change, control, delegating, execution, expert employees, growth, Jim Stewart, Leadership, making changes, management, obstacle, ProfitPATH, strategy, success

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