Benchmark Business Group

Business Owner Newsletter - Page 17

Letting Go of Unfinished Work

Our thoughts: We see business owners hold on to work and stock pile projects, because putting a project to rest feels like a disappointment or even a failure. This leads to clutter, overwhelm, and can lead you to wasting time on projects/tasks that are not your true priorities. As an entrepreneur, you will always see ways to improve and innovate your business. There will always be a need to strategize solutions to maximize time and capacity. It's okay to stop a project and to clean it off your to do list without considering it a failure. We challenge you to take a look at your to do list and clean it up. Are those tasks/projects really a priority? Are you hanging on to something, because you don't want to call it quits? Free up your time and your mind for what will truly move your business forward.

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Spring Cleaning Checklist for Your Business

Last week we discussed the impact that Spring Cleaning can have on your business and this week we're jumping right into the heart of that matter with a sample Spring Cleaning Checklist. We encourage you to make this list your own. Add to it, tailor it, and adjust it to make sure that your business has what it needs to be organized, focused, and you have what you need to build a business of value.

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Your Business and Spring Cleaning

When people discuss Spring Cleaning, they typically do so in regards to cleaning their garage or sometimes even their office. It's typically about cleaning a physical space; reducing clutter, creating order, and making your physical space look better. Guess what - there is opportunity in the clutter that inspires spring cleaning! Think about it...those piles exist because most small businesses get weighed down in the day-to-day of the business. They get so busy working in it, that they don't have time to work on the business. Now you might be thinking, "How in the world is Spring Cleaning going to help me work on my business?"

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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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