You might not want to sell your company or retire from the management position and hire a CEO for your company, but how would you feel if you know that you can do it anytime you need or want and that your business will thrive without you. What if you could take a 3,6 or a year-long vacation knowing that your business will be better when you come back?
Unfortunately, most business owners of small and medium-size companies don't have this luxury. They might feel they work on the business creating systems, teams, etc... However, they still work on customer value, working all the time on delivering products or services to customers on some level or managing and taking care of employees. If you spend all your time handling stuff for clients and employees on any level, you are still working in the business.
To finally work on the business, there are 3 major skills to master and start focusing on that on a daily basis.
The 3 skills to help you stop working in the business and start building a profitable and valuable business that can thrive without you!
Value Building: Building a Valuable Business that can thrive without you, and you can sell anytime you need or want for a great price
Financial Intelligence: Optimize and Maximize the business's finances by knowing your key financial levers, being able to see what is going on by not needing to be in the office, and knowing how to do the right strategic things to optimize and maximize businesses profits and operating cash-flow.
Deal Making: Let's face it, business owners are not getting wealthy by running businesses. They become wealthy when they do a deal; they sell their company or take it public. So to really be a business owner, you should spend most of your time, or at least have a department in your business if it's not your thing; that would focus on Mergers, Acquisitions, Joint Ventures, Partnerships, and exits.
These 3 skills will help you to become a business owner, not a business operator.
Most business owners don't think that way, and that's why most of them are not getting wealthy.
Your product as a business owner is not the product or service of your business product; it's your own business. And your ideal client is not the ideal client of your company; it's the potential buyer of your product = your company.
Shareholders of public companies don't run around and sell products and services for companies they own. That's what managers & CEOs do.
You don't need to take it to this extreme, but should you decide to start working on that transition, your business will become more valuable, less risky, more enjoyable to own, and will take care of you and your family for the rest of your life.
This is, of course, just the tip of the iceberg, and I am looking forward to sharing more tips, but to really deep dive, you can check some of our options.
Should you be looking for an investor and your business has more, then
500 000 USD in sales - Schedule a call
Or if you want to take a real step, commit and apply these strategies to your business; check this course where we deep dive at all of these 3 strategies, you will walk on the other side with the clarity of what you want to do, how to do it and action steps to make it real. We also include a strategic consulting session to create with you a turn-key plan to make sure you will get specific results. You can learn more about the course HERE.
Until next time,
Krystof
