Give Up Control to Gain Success

Small business owners, by nature, want to maintain tight control over their enterprises. To some extent that’s a good thing, but there is a downside to exerting too much control. From my vantage point, as a former small-business owner and current head of a technology company that works with small businesses, I have seen companies stagnate when their leader holds the reins too tight. I have been guilty of it myself.

Instead, trust yourself to assemble the right team and then delegate, mentor, and trust them to get the tactical projects done. Empowering employees to handle a wide range of issues gives you, as the CEO, time to work on strategic issues. Keep control over aspects of your business that are critical to your mission, such as partnerships, acquisitions, and global product strategy, but don’t get bogged down in things like product development and marketing. Hire experts to run those facets, so that you can keep your eyes focused on the larger strategy.

Jim Capps CEO, SolidSpace LLC Winston-Salem, N.C.

Before it's here, it's on the Bloomberg Terminal.