Benchmark Business Group

Business Owner Newsletter - Page 16

Driving Value Realized

This month we've been focusing on how to build a business of value. A business that gives you more time, more money and more freedom in day-to-day operations is a business that will sell for a premium when the time comes. Last week we looked at the first four drivers that will help you increase the value of your business: Financial Growth, Growth Potential, Recurring Revenue and the Switzerland Structure. This week we'll take a look at the remaining four drivers which are: Monopoly Control, Customer Satisfaction, Valuation Teeter-Totter, and Hub & Spoke.

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4 Drivers that Influence Value Realized

This month we've discussed the importance of defining the value you want to realize from your business and how to generate a baseline of your business today. In the next two weeks we're going to continue to look at building a business of value from two perspectives: if you're looking to sell your business soon (within two years) and if you're looking to build a business of value to sell or transition later in your life.

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Is Your Business Designed for Value?

What is the sole purpose of owning a business?

We've often quoted Michael Gerber's famous words that the only reason to own a business is to sell it! Of course it isn't as simple as opening a business one day and selling it for huge profits the next day. Owning a small business is a journey towards that destination, a journey of being the problem solver day in and day out, of being the worrier, and being the one ultimately responsible for all outcomes. 
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Design Your Culture

From reading our articles the last few weeks you have a better understanding of why workplace culture matters and that it exists in every business (intentionally or by default). This week we want to outline the next steps to designing (or re-designing) your workplace culture. Just like most items that happen in a business, it should be designed by you, the business owner. Whether you just opened your doors or just celebrated your 25th business anniversary, you have the opportunity to design (or re-design) your workplace culture to match the values of your business, to set the expectations of leaders, and attract the talent needed.

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5 Dynamics of Workplace Culture

Last week we opened the concept of workplace culture. We also challenged you to connect to the current workplace culture in your business. Did you like what you discovered? Were you surprised or enlightened in some areas? 

This week we will look at the five dynamics of workplace culture, and examine what influences workplace culture the most: 

1. Values and Beliefs
2. Leadership
3. Business Systems
4. Employees
5. Business Environment
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Culture: What's Yours Like?

Every business has a workplace culture. Workplace culture is difficult to point out or describe. It may be easier to describe the air we breathe. We know air exists and we understand our bodies respond to it differently depending on its qualities. Consciously or unconsciously we respond differently if air is clean and refreshing, or when it is polluted with toxins, allergens, or smoke. We may smell a bad odor that is harmless and just unpleasant for a while. We may walk into a smoke filled room and decide to leave. Or, we may not even know about the toxic air we are breathing until we get sick. It may take a few minutes or even several years of experiencing poor air quality before we realize the symptoms. Yet, most of the time we never think about it. However, if it is cut off, if we are underwater, or just have a cold, then we are aware of how important air and breathing is and at times may even be desperate to get it.

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When Conflict is Good

The last four weeks we talked about resolving conflicts. However, the lack of conflict within your business isn't always something to be excited about. In fact, it might be a warning sign. Conflict helps your business innovate. It helps you test and challenge assumptions you make before implementing new ideas or even products. No conflict could mean that your business culture isn't embracing conflict and you could be missing out on opportunities. 

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