While there are many metrics that can give an indication of how successful your business is, ultimately it comes down to one simple question: Would someone want to buy your business? Whether you’re thinking about selling in the next year or decades from now, as a business owner it’s imperative you spend time building your company into an asset somebody would see great value in purchasing. The first step to do this is ensure you’re actually performing the duties of a business owner, and that you don’t have a job running your business. What do I mean by having a job running your business..?
Well, you probably have a job if:
- You have to show up to work to make money. A business should generate turnover whether you’re there or not.
- You’re so dependent on a single customer that they can dictate the way you deliver your product or service, essentially letting them run your business.
- Your personal reputation has an impact on business. In a business, your brand is be important that any individual personalities and acts as a guide for everyone in the organization.
- Your personal experience and ability gets you results. A business has processes in place that will always deliver the desired result.
- You’re worried about taking too many holidays and/or spending too much time away from your business. Running a business, the more time off you’re able to take, the more valuable your business is.
- You’re working hard for every dollar. Business owners work smart, not hard, for their money.
- You’re solving all the problems that come up in the day-today operations of the business. In a business your employees should be solving these problems.
- Most of your customers know your mobile number.
If you’re letting running your business become a job it’s unlikely someone would want to buy it, would you want to fork out a large sum of money to get a job? So remember, the first step in making your business a valuable asset is to ensure you’re a business owner, and not simply working for your business. Ready to quit your job and become the business owner you thought you would be? Book a chat with Rob Jagger today.
– Blog by Rob Jagger