Business Chiefs – without doubt you have the entrepreneur anatomy, the strengths and the eyes to spot the opportunity. BUT that is only one side of the coin, we all have weaknesses too so what is stopping you ensuring you maximise the value of your business.
“Is your own ego your biggest limitation?”
Controversial statement we know (our founder has one!)……All business owners should build and run their businesses with the aim of selling, whether they do or not. If it’s all about you and you are the business you could be limiting your business’ potential sales value. It is crucial for the business owners to be able to step away from the business and for it to still run smoothly. Internal processes and a great team will help this happen.
You can’t be the best at everything, so make sure you have the best people around you
You don’t become a Chief without Indians and your business is only as good as the staff you employ so invest in the growth of your own company by employing and retaining the right team. Our recent post explores how here: https://tribe.elkdesignservices.com/2020/09/make-your-business-more-productive-with-an-employee-share-scheme/
Building a business where the team are rewarded (eg. commission for bringing in new business, or share options on sale) makes it the incentive of all to maximise the company’s value. Sharing a percentage of the sale proceeds with your team doesn’t mean giving up a majority share – it means that it’s a slice of a potentially bigger pie.
We are all human and we make mistakes, the important opportunity is to quickly identify that it was a failure, learn from it then implement or amend the process so that it is not repeated. Taking calculated risks shows confidence and embracing a risk will help you overcome the fear of failure.
” Don’t worry about failure; you only have to be right once” Drew Houston, Dropbox founder and CEO. We expand on this as believe you only have to be wrong once, make a change and then be right for the next umpteen times.
Process, process, process
To expand and cement this point, mentioned above – in a business or a team that functions well and succeeds in its goals – it is all about the underlying process. To compliment this you will have fantastic people in your team, happily working independently with their own flair and passion following the business’ underlying processes. Processes also save time when inducting new members of staff, for training and remote working.
Post written 29 September 2020