Not having time to focus on change is a reality for most small business owners, but it's also something you can move past. All we have is time. It's how we choose to use our time that matters. Granted, this is easier typed than implemented, but if you truly want different results in your business then you have to change the way you spend your time.
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If you've followed along this month you know that we've focused on knowing how to increase the value of your business while you own it and when you're ready to sell. We often encounter business owners that are uneasy talking about their eventual exit plan. Some owners think it's too far away and they don't need to worry about it now. Others want, but seldom have, a clear plan to transition the business to their children or employees. And some plan to work up until the end (this one is just scary).
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One of the most common remarks we hear from business owners here at Benchmark Business Group is, "I wish I would have done this sooner." The reality is, there is no perfect time to start redesigning your business. In fact, achieving "Value Realized" isn't a one-time occurrence. Rather, it is a way of doing business that once you start will pay dividends, today AND when you're ready to exit your business. The best time to start is now.
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Last week we challenged you to think about the design of your business and answer the question: Have you intentionally designed your business to achieve "Value Realized?" This week we're challenging you to think about double vision. Running a business isn't easy. You already have a lot on your plate and we're asking you to find a way to redesign your business. This requires you to have double vision.
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| This month we've focused on business books that we believe every business owner should read including Built to Sell and QBQ. We want to end the month with one of our favorites by Michael Gerber. The E-Myth Revisited has a special place in our company story, our hearts, and in shaping the way we do business every day at Benchmark Business Group. BBG started out as an E-myth coaching center and was designed by Susan and Bob Clements in collaboration with Michael Gerber. We'll be the first to admit that we're biased when it comes to the E-Myth Revisited. |
| This month we are acknowledging a few of our favorite books such as Built to Sell and QBQ. Each of the books identified this month has a different insight on business that can help a business improve. |
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There are several reasons a person owns a business. Building equity, earning a comfortable living, filling a need in the community, building a job around a hobby or passion, or being able to "do it my way" are all motivations for owning a business. No matter how you define what it means to realize value through your business, there comes a time when every owner will exit their business. It will be by choice, or it will not be by choice. Only time will tell if you exit your business because your exit strategy is being implemented, or due to something outside your control, such as a health issue, unforeseen family dynamic, economic downturn, or numerous other uncontrollable life events. Whenever it happens, tomorrow or in 20 years, will you as the business owner get the most value out of your business?
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This month we've discussed how to design the structures needed to make project management successful in small business. We've looked at defining the mindset, having a project plan, knowing where to start, and dealing with change. We want to end this month's spotlight with a focus on action. It's one thing to have a plan, but no plan is successful without action.
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