“Get sacked!” Why your business is better off with you not there
As the owner, you’re the single biggest cause of your business’s success. But you’re also the biggest barrier holding it back from giving you the financial and lifestyle rewards you went into business for in the first place. Why the contradiction?
“Building a valuable business is not actually about the sell. It’s about a sell mindset…”
Too often our business relies on us. There’s only one reason for that: us. We think the business needs us to survive; that things couldn’t possibly run better without us there. It’s this thinking that traps you in the business.
But if we heed Stephen Covey’s advice in The 7 Habits of Highly Effective People, and start with the end in mind — the day we sell our business for a truckload of money — we start thinking a lot more strategically about our business, and our role in it.
A business which doesn’t rely on the owner is a lot more attractive, and valuable, to a potential buyer. So you should aim to remove yourself from the day-to-day operations of the business; to ‘sack yourself’. This will create room for others to step up and handle most of the ‘stuff’ that takes up so much of your time. It will also free you up to focus on what you’re best at (and what is most valuable to the business).
It was only when I let go, and gave my team members the tools, training and support to drive the business, that I truly became a business owner.
So who would you rather be? My mate Macca working six hours a week, or ‘Mr Indispensable’ who is trapped in the business?
THE KEY TO BUSINESS SUCCESS
If there’s one thing I’ve learned over my 20 year career of helping business owners build awesome businesses (and growing my own), it’s that the key to success is building a business that others want to buy — even if you don’t plan on selling any time soon.
Picture a business that others want to buy: it has strong cash flow, outstanding profitability, loyal customers who are fantastic to work with, and a team of inspired, energised and well-trained people who follow clearly defined processes, and a well-oiled ship that doesn’t rely on the owner(s) to operate effectively. These are also the attributes of a business that you won’t be in a hurry to sell (until you get an offer that’s too good to refuse). I say you can have it all: enjoy a dream business that’s a delight to own, and build a highly valuable business asset you can one day sell for top dollar. This is what it means to have your cake and sell it too.
“But I don’t want to sell my business!” I hear you cry. “I bought it to escape the rat race, not go back to it!” Building a valuable business is not actually about the sell. It’s about a sell mindset; taking action now to build a business that others will want to buy in the distant future (and will pay top dollar for). This will give you the choice to one day sell the business for a truckload of money… or keep doing what you’re doing, but with more profits, less stress, and lifestyle freedom.
Those choices sound pretty good to me.