I recently made the difficult but exciting decision to move from being the CEO of my own company to taking on the role of chair, stepping back from the day-to-day running of the business to let my leadership team take over the reins.
I know they’ll do it brilliantly, and this move was made with lots of discussion with the team and their full support.
But it’s not an easy thing to do.
As a leader, one of the hardest things to do is let go of something you created. But by doing just that, you can let the company flourish. Knowing when to get out of the way is so important, and I know I’ve got the right people to take the business forward and make decisions without me.
I’m not disappearing. I see my new Chair role as holding the exec team accountable to their goals, vision and strategy. Critically, this is no longer my strategy – the company co-CEOs are now responsible for driving that. They can ask my advice, and I will have input and agree it, but ultimately how they run the business is their decision.
As a business owner, knowing when to make this decision is really critical. There are a few signs that you should step back from your business. For me, these are:
- Might your team work quicker and more collaboratively without you? It’s easy to cause bottlenecks, and I really want my team to be able to make great decisions without me delaying them
- What motivates your team to succeed? Inevitably, it will be seeing their own ideas come to fruition, winning new business on the back of their strategy. Stepping back and showing you trust them could be a real motivator
- Do you have the right team to take the business forward? If so, let them do their jobs! I take it as a great compliment that my team can do brilliantly without me there every day
- Are you still fully focused on the business, or is your attention divided? In my case, I’ve launched a second business, and the reality of running two businesses is you can end up dividing your focus (and that’s not usually a good thing).
If you decide you do want to step back, there are some key things to consider:
- Who will succeed you, and do they want to take on the role? Having the right person or people in place is so important
- It can be hard to remember you’re not in the driving seat any more! Setting your own expectations and clear boundaries will really help your team make decisions without you
- Be really clear what your role is in the new structure. For me it is about agreeing strategy, ensuring the board is effective in setting the company direction, and holding the team accountable.
We’re already seeing the results of the decision. The team has rebranded the agency, won some major new clients, and made new hires who are pushing our creative and strategic boundaries.
It may not always be easy to step back, but if you get the set up right, it could be the best decision you make for the future of your business and for your team.
