When you’re business building you need to start with the kind of business you want to build. What do you want to get out of your business building activities?
At BizSmart one of our goals is to help business owners to understand the fundamentals of business growth, including the key tenet that if you want to build a business that doesn’t hinge on you and your presence in the business, then you need to have an underlying goal to build value in your business. This is the path to business success.
Everyone has their own reasons for starting a business, but often FREEDOM is a fundamental part of the process. You want to have the freedom to work with people you like, to do things your own way and to have a chance at creating financial freedom.
However, the reality is that only 4% of owner-managed businesses manage to achieve the freedom they set out to create. Many more get stuck in what is known as “The Owner’s Trap”.
The Owner’s Trap
You will know if you’ve fallen into the trap when:
· Business slows down when you go on holiday or take time off
· Customers come to you with their problems
· Business growth has plateaued
Businesses that have fallen into this trap create stress for the owner and they also lack inherent value – no one will buy a business that is dependent on the owner.
To achieve true freedom, business building is necessary; to enable you to create a valuable business that you can sell (if you want to). You could also pass it down to other family members or step back from the business so that you are no longer needed to work every day. Creating value in this way is the route to freedom and gives you more options.
There are a number of things you need to do to build your business and achieve greater freedom – it all starts with having a plan.
What do you need to have in place – what funding, people, infrastructure, systems and leadership will you need to create business success?
How is your business running right now? Are customers being handled efficiently and receiving a good service. Be careful not to grow if you’re not already servicing your current customers in a controlled and streamlined way. Get the right systems in place first.
If you need help with how to do this then our SmartRoom service may be a good place to start. We help business owners of small and medium sized businesses to create value and scale their businesses through sound practical business support by providing insight, clarity and business support with a real determination to help you succeed. You can access blogs like this and more besides through our free SmartRoom service here.
If you started your business with the goal of freedom, yet now you feel trapped in your business, then you’re in the right place. At BizSmart our team of specialist advisers have helped hundreds of business owners to create value in their businesses, putting them in a much stronger position.
If you want to know more about building value in your business then the best place to start is taking your Value Builder Assessment and you will then be given the option to arrange a follow-up call to discuss further.