Are Your Strengths Hurting Your Business Value?
Business owners take pride in the role they’ve played in the success of their companies. Making the big sale, being the reason customers refer others to their business and being known as the go-to expert are all key components of how business owners help their businesses grow.
Your greatest strengths may be your business's greatest weakness. Business owner’s expertise is the foremost reason a business plateaus and never grows beyond the point of its owner’s ability to achieve results. Businesses that can’t grow beyond the hands-on presence of their owners have less value when it comes time to sell them. They are also less enjoyable to own and eventually lead to tired and stressed business owners that just want a way out.
However, finding a way out is difficult, because buyers don’t set out to purchase a job, they are more interested in purchasing a business that gets results through others, and they will pay a premium to purchase them. Buyers are most attracted to businesses that get results without the owners being at the epicenter of daily operations.
Business growth that is fueled by turn-key processes have scalability - the ability to achieve consistent results through others. Scalable businesses have the greatest potential for growth. Owners of these businesses spend their time developing the most effective growth strategies and focus on ensuring the heartbeat of their business culture and values are infused in their turn-key processes.
It’s not always an easy journey to shift from being the reason your business achieves results every day to being the reason others are able to achieve results for your business. It’s worth it. Businesses that have scalability and don’t rely on their owners receive substantially higher offers than the average business. Reliance on the owner and scalability are the essence of two of the 8 Key Drivers of Business Value.
Referred to by John Warrillow, author of Built To Sell as “Hub and Spoke” and “Growth Potential” these two Key Drivers of Business Value play a big part in maximizing the value of your business. To grow your business beyond your ability to drive results you need to stop being at the epicenter and start investing in getting results through others. You can find out for free how your business scores in the 8 Drivers of Value. Get started today.