Having an exit plan is crucial, not just for the eventual sale, but because it serves as a comprehensive roadmap guiding daily decisions. It prompts business owners to ask, 'Is this decision taking me one step closer to my exit goal or away from it?' This strategic lens ensures that every move aligns with the long-term vision.
If you have resolved to make your company more valuable in 2024, you may want to think hard about how your customers pay. If you have a transaction business model where customers pay once for what they buy, expect your company’s value to be a single-digit multiple of your Earnings Before Interest Taxes, Depreciation and Amortization (EBITDA).
Specializing in one product or service allows you to focus on delivering that thing better than everyone else. It enables you to hire (or train) specialists in your field, improving the quality of your work, which leads to happier customers. And satisfied customers buy again and refer their friends.
What’s the difference between a top-level business owner and a mediocre one? How about top-level athletes and mediocre athletes? Bill Gates is at the top of his game and considered one of the best business leaders and success stories in the world. There are very few that we can say are better at business than he is. So why would he hire a business coach? What does Bill know that we don’t? Doesn’t he know more than a coach?
Lesson 3 - Have a Business Plan including an Exit Plan Problem: Most business owners start off with a very lengthy and detailed business plan that if you try to find it six months later you'll have troubles locating it. It goes into a drawer to be lost and never seen again. Solution: It is important [...]
Lesson 2 - Systems, Processes, and Procedures Problem: Most Businesses don't have well defined Systems, Processes, and Procedures. This leads to waste, inefficiencies, and a lack of productivity inside the business. Solution: Business owners need to devote the time and resources needed to try, test, and document Systems, Processes, and Procedures they use to run their [...]
Lesson 1 - Build an Asset not a job. Problem: Most business owners build a job for themselves that no-one else wants. Solution: You must build a business that grows into an asset that everyone wants. There are many ways to build your business into an asset but it can't be done overnight. A business that [...]