Benchmark Business Group

Value Realized - 2017 Archive

Why do you own a business?  At Benchmark Business Group we believe in, "Value Realized."  Owning a business should allow you the day to day freedom to live the life you desire.  In the begining that might mean eliminating frustrations from your business.  As your business grows it means providing you with financial freedom and freedom of time to pursue passions outside of business.  Then as your business matures it means being able to sell your business at maximum value so that your investment of time and money pays off.  Below are a collection of articles on "Value Realized" from our weekly Business Owner Insights.

Thank You

As 2017 comes to an end, we want to send a note of gratitude to all small business owners. As you know, having an idea is just a day dream; but turning ideas into reality is what makes small business owners special

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It's Time

Not having time to focus on change is a reality for most small business owners, but it's also something you can move past. All we have is time. It's how we choose to use our time that matters. Granted, this is easier typed than implemented, but if you truly want different results in your business then you have to change the way you spend your time.  

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Built to Sell is Built to Own

If you've followed along this month you know that we've focused on knowing how to increase the value of your business while you own it and when you're ready to sell.  We often encounter business owners that are uneasy talking about their eventual exit plan.  Some owners think it's too far away and they don't need to worry about it now.  Others want, but seldom have, a clear plan to transition the business to their children or employees.  And some plan to work up until the end (this one is just scary).
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Are You Ready?

One of the most common remarks we hear from business owners here at Benchmark Business Group is, "I wish I would have done this sooner." The reality is, there is no perfect time to start redesigning your business. In fact, achieving "Value Realized" isn't a one-time occurrence. Rather, it is a way of doing business that once you start will pay dividends, today AND when you're ready to exit your business. The best time to start is now. 
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When is Double Vision Good for You?

Last week we challenged you to think about the design of your business and answer the question: Have you intentionally designed your business to achieve "Value Realized?" This week we're challenging you to think about double vision. Running a business isn't easy. You already have a lot on your plate and we're asking you to find a way to redesign your business. This requires you to have double vision. 


 
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The Stark Truth About Business

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 daily: more time, more profit and more freedom. And of course, when the time comes to transition out of your business realizing value is: more options, more offers and more profit.


 
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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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