How do you define your business success?
The archetypal business success story usually involves a Richard Branson type character, or perhaps someone like Duncan Bannatyne, both of whom have built a business empire.
But clearly that doesn’t have to be the goal and it’s not the right path for everyone. It’s important to define what business success means for you.
It may be that once you have enough cash coming in to sustain the lifestyle you want and need then you can step back and look at other priorities. For example, are you spending enough time with your family? Do you have time for the hobbies you enjoy?
Clearly, business growth and building greater revenue and profits are important goals, but if you’re working long hours with no time for the fun things in life, plenty of people would argue that’s not business success.
Business tips: build a business you can sell
There is another goal you need to consider, and that’s the one of building a sellable business. With the right business strategy you can build a business that has value, and that ultimately you can sell – when or if the time is right.
Even if you have no plans right now to sell your business, there are good reasons to build your business with selling in mind.
Build a team around you
If you can build a management team, and put in place systems and processes for your staff to follow, this will allow you to escape your business when you need to.
Imagine how much more relaxed life could be if you weren’t essential to your business. You wouldn’t have to be in the office every day and your business could run without you being there.
Build a valuable business you can pass on to the next generation
Don’t saddle your children or relatives with a business that’s worthless, or that will sap their time and energy. Go for business success – build something of value – and leave a positive legacy for the next generation to enjoy.
BizSmart helps 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.
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Can you step away from the business?
What would happen if you were ill or seriously injured? Would your business continue, or would it flounder? The truth is that if your company depends on your presence to operate, then you don’t have much of a business to sell.
Not only that, but you probably don’t have much opportunity to take time off and take a holiday. This isn’t a great route to business success and can ultimately lead to stress and burnout.
Get your enthusiasm back
Being able to step away from the business frees you up to think about business strategy and planning. This is often enjoyable work that can give you a renewed enthusiasm for running your business. It’s totally different from getting bogged down in the day-to-day business admin, which can and should be delegated. As the business owner bank reconciliations and minor customer issues will drag you down. Get them off your plate and your passion for running your business will get a big boost.