Benchmark Business Group

Is Your Business Designed for Value?

March 7, 2017

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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. 
 
At BBG, we believe that the reason you own a business is very personal. It's a bit different for each business owner but it can be summarized in two impactful words:
 
Value Realized
 
The sole purpose of owning a business is to realize value. What value means to you could be different, but for the most part, business owners consistently want three things:
  • More Time
  • More Profit
  • More Freedom
And of course, when the time comes to transition out of your business it's:
  • More Options
  • More Offers
  • More Profit
This month we're going to focus on building a business of value, but this week we have a mission for you. Should you choose to accept this mission, your first step will be blocking one to two hours to simply think about why you own your business

The second step is to find somewhere you can think, without interruptions, and focus on the following questions. 

Print this out and write down your notes during this reflection time: 
  • What value do you want your business to provide for you:
    • Daily:
    • Weekly:
    • Monthly:
    • Yearly:
       
  • If you were to sell your business, what number would you want written on the check?
     
  • What value do you want your business to provide others (employees and community)
    • Daily:
    • Weekly:
    • Monthly:
    • Yearly:
       
  • Look back at your previous answers and ensure that you've covered the following elements in how value will be realized through your business:
    • Financial Goals - Personal Growth
    • Time - including work/life balance
    • Ability to take on hobbies/interests/etc.
    • Impacting others/community
Join us next week, as we continue to discuss building a business of value and Value Realized.

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