We know them all: The plumber from Copenhagen, the hairdresser from Fredericia, the car dealer from Bjerringbro - Denmark's smaller, owner-managed businesses.

‍

They make up 80% of the country's businesses and have at least one common challenge: gloomy forecasts for 2023. Interest rates and recession are likely to mean that many will have to tighten their belts.

‍

If you've read any of my columns over the past year, you might be thinking: Oh no - here comes another exhortation about the need for strategy.

‍

I'll spare you that one. Well, almost. Because the admonition is still entirely appropriate.

‍

When everyone knows that you, as owner-manager, are ultimately in charge anyway, it's simply not possible to pretend that you're just the day-to-day operations manager, for example.

‍

The latest figures I've seen - from CBS professor Kasper Meisner Nielsen - show that around 25% of our smaller, owner-managed companies have no strategy at all. 28% are in the process of developing one. And 17% have objectives, but no analysis or basis behind them. That's not encouraging reading.

‍

However, this time I will focus on the minority that actually have a strategy and perhaps even hired a board or staff to ensure it is implemented and embedded in the organization.

‍

Last year, I met some of these front-runners when I followed the Company Exchange's masterclass on buying and selling companies around the country. On the way home in the car, the same question kept popping up in my head: Is it even possible to put the responsibility for your life's work in the hands of someone else - for example a board of directors - you've hired yourself?

‍

My answer is no.

‍

READ ALSO Hello top manager: Give the middle manager a fair chance

‍

Anchoring, delegating and challenging the status quo is necessary. As an owner, you can use a skilled board, employees or - for that matter - consultants. But you can't escape ownership and responsibility.

‍

The explanation is simple: when everyone knows that you, as owner-manager, are ultimately in charge anyway, it's simply not possible to pretend that you are, for example, just the daily operations manager.

In psychology, we talk about asymmetrical relationships. The kind of relationship where one person is more in charge than others. And they don't become more equal because you pretend equality. It's like that in all relationships in life.

‍

When the CEO is at the company party, she doesn't suddenly become an equal colleague because she gets drunk at the bar. And when you're stopped by the police on the highway, it's not just "Michael in uniform" asking you to roll down the window.

‍

As TV host Sofie Linde said in her award-winning Me-Too speech at the Zulu Awards a few years ago: "...we can play it, we can play it - but it's just not like that".

‍

If you try to pretend that your ownership doesn't matter that much, you risk creating a blur in decision-making, confusion about direction and stressed employees. Because it becomes far too difficult to navigate these waters.

‍

Instead, as an owner, stand by your power, role and position. Let the board help with direction. Involve your employees in both strategy and idea development. Hire a consultant (if needed) to bring in outside perspectives.

‍

But always take ownership and responsibility.

‍

This column was published on Jyllands-Posten Finans and in Jyllands-Posten, Erhverv on February 20, 2023.

‍

If you are interested in learning more about how the digital and simple MakeMyStrategy™ platform can help you take a shortcut to a safe course, great results and increased business value, contact us atmakemystrategy or book a demo HERE