Action to Create Value
We have talked about the harsh reality of having a business of value and discussed what markets and buyers look for in a business of value. The next logical step is to discover what needs to be in place so your business, as it continues to mature, achieves steady growth, healthy cash flow, and the systemization that creates a business of real value. You could do an internet search and find any number of websites or individuals that can tell you how to create value in a business. The truth is, there is no one way to get it done but there are certain factors in a business of value that are consistent. This week we focus on three factors: Professional Advisors, Coaching, and Action.
- Professional Advisors - You make the best widgets in a 12 county area but someone asks you about your financial stability, your first thought is, "How much is in the checking account?" Situations like this are a recipe for disaster. As a responsible business owner, it is up to you to seek and gain the advice of professionals that can help make your business better or help you protect your business. Attorneys, financial advisors, insurance agents, and CPAs are there because they are experts in their respective areas. Cultivate those relationships. Partner with these professionals to develop and implement strategies that move your business forward. If they are not partnering with you, find someone new who will.
- Coaching - A majority of Fortune 1000 leaders and executives have gone through some form of coaching at one time or another. The best athletes in the world all have coaches. Why is this? This comes out of their desire to be the best at what they do. But is it is also due to the fact that they need an objective point of view to see what they cannot or are not willing to see. You have to work on yourself and your business for the business to have value. Working in the business instead of on the business creates a job, and if you look back to our first article this month, a job doesn't have near the value that a business will provide. A coach can help to make sure you are putting your 'sweat equity' into the right places in your business.
- Action - Many a business owner has gone about their day thinking that tomorrow will be the day that they will make things different. Tomorrow will be the day that the front of the business gets spruced up or that the warehouse will get organized. Stop right now and take a look in the mirror. What do you see? Do you see someone waiting for tomorrow? If so, what are you waiting for? You are the catalyst to make your business better. No one can make that happen for you. You have to take action on your ideas. You have to take action on the plans you have made. There is no time like right now to make your business a business of value.
Creating a business of value takes time, effort, and no small amount of willpower but you also need to have the resources and strategies in place to move the business along. Leverage professionals with expertise that you don't have. Enlist the aid of a coach to hone your skills and hold an objective view of your business. Then, take the action necessary to implement the strategies and objectives you have created to bring your business of value to fruition.