Finish Your Business
So many business owners we meet are stuck in a rut; they have the responsibilities and risks that come with business ownership, yet do not have the rewards that should accrue to them in relation to these responsibilities and risks. Many work 60, 70, or even more hours per week and while in the early years this may be necessary, they can see no possibility that their weekly hours can ever decrease. In short they don’t have a business (that should be able to work without them) but a (low paying) job!
One of the fundamentals of getting out of this rut is having a vision of what the finished business should look like, and THIS IS KEY! The point of owning any business is to have something that can be sold. Whether you wish to sell or not just now is immaterial but your business should be sellable. This means that it should not rely on you, the business owner, to be working in the business for it to be viable. There should be a team, including a competent general manager who can run the business, to your direction and wishes, whether you are present or not.
Think about it a second. You cannot sell your business if it relies on your constant involvement since selling means you are out of it. It has to be able to run without you to have any sale value. Should you not be ready, or have any plans to sell, this maxim still applies; for you to have the time to enjoy the rewards of having built a successful business it needs to be able to operate WITHOUT YOU!
Which ever way you look at it you should be aiming, and putting all your efforts, into having a sale ready business. Food for thought!
