Business Owner Newsletter - 2015 Archive - Page 2

This month we have run a check-up on the business and on the staff in an effort to diagnose symptoms before they become true problems. There is however one area that we have not discussed. YOU! As a business owner, you are likely to fall into the trap of working in the business, rather than on the business. When this happens, you let the Technician take over and his only concern is getting the job done. The Technician tends to lose focus on aspects of time management, the company vision, and leadership.

This month we have been focused on conducting a business checkup so that you and your team are clear on what your business needs in the 4th quarter to finish this year strong and build momentum for 2016. We have discussed analyzing goals, developing next actions, meeting with your Accountant, and taking a critical look at your Marketing Plan and Sales Process. This week we turn the focus to the people that run the systems: Your team. They are active and vital players in your business. This week we will look at three areas to investigate when doing a staff check-up; Tools, Trainings and Measuring Results.

Last week we discussed the need to give your business a checkup heading into the 4th quarter and identified three key places to start: Business Goals and Performance Indicators, Next Steps, and Meeting with your Accountant. You may realize by now that these initial checks were just the tip of the iceberg. With a fresh perspective on the original goals that were set for the business, now is a natural time to look at other areas of the business to ensure that they are feeding the overall health of the business.

Last month we discussed the importance of realizing value from your business. As a business owner, your goal is not only to make your business run smoothly and efficiently, but to design and grow a business that will eventually sell for a price that is worth your time and efforts.   With the onset of September, now is a critical time for you to conduct a checkup on your business so that you can ensure the business is prepared for success in the 4th quarter, into 2016 and beyond. By conducting a review of your business, you will be better able to find pieces that are out of alignment with your vision and correct minor issues before they become major problems.

What is the point of owning your own business? How you answer that question will definitely depend on your personal desires, but in reality it boils down to one thing: Value. You own a business to realize value.

When you hear business owners talk about growing their business, they are usually referring to increasing revenue and profits. The conversation immediately goes to growing their sales force, adding new clients, increasing their market share, and so on. More often than not, it is about doing more and more of what got the business owner where they are, which in one way is fine. On the other hand, it likely does not take into account those characteristics that will lead to maximum return when it is time to sell or transition out of the business. More often than not, the business remains highly dependent on its owner or certain key people, has co-mingled business and personal finances, the “processes” of the business are more accurately described as “habits” than systems, and there is no clear “strategy” for growth beyond the capabilities of “doing more of what we’ve always done.”

We began the conversation last week with the merging of E-Myth Benchmark and Henderson Business Group. The relationship between our two organizations began several years ago, as two companies serving similar clients in similar marketplaces, with completely different but complimentary services. We held joint seminars in several cities in the Midwest, and it was during these seminars, and successful transitions of clients designing and growing their businesses through one organization, then selling it through the other, that a real synergy began to develop. E-Myth Benchmark has always believed and coached to the principals of Michael Gerber's E-Myth Revisited, including the core belief that your business should be a vehicle to give you more life, not take the life out of you. More “life” is the simple expression of more satisfaction, more money, more time, more freedom. It is the dream that business owners start out with, but struggle to realize.

As a fellow business owner, you know what it's like to watch your business grow from a kernel of an idea into a living and breathing reality. Like us, you've experienced the ups and downs of owning a business, but also know how rewarding it is to watch your vision in action.   Our newsletters typically focus on challenging the way you think about your business and providing you with easy to implement ideas and best practices. This month we're planning to get a bit more personal as we talk about our personal journey in re-imagining our business.

Enjoy this quick video introducing our newly imagined company, then read more to understand our journey. 

This month we've challenged you to work on creating a three month rolling prospect plan for your business. We've looked at the elements needed to create a prospecting plan and the resources you need to pull together for your team. This week we've got a few more tips to implementing your prospecting plan, but the most important step is to get started. Here are a few tips to get your business started: