Every successful business has a long-term vision of the future. Without this Big Vision™, employees become complacent and the business can flounder. A clearly defined Big Vision™ provides employees the greater purpose they crave and leads to individual and organizational growth. A Big Vision™ is not just a dream, it’s a pathway to what you ultimately want your business to become.
Systems and processes are the foundational procedures and workflows for how your business will run effectively and efficiently. They provide organizational structure to allow for tasks to be reproduced consistently and proactively. With a well-defined structure to keep up with growing demand, your business will scale more effectively and your company will rise above the chaos.
A strong management team can run the business like you would if you were there. Managers need training and resources to lead people and manage systems. You deserve to have the business operate at peak performance whether or not you are present. This will make the business more valuable and you will have the freedom you’ve always wanted. With successful managers, you’ll no longer be stuck in the business.
Every business will transition ownership at some point, but 70% of businesses fail to successfully transition or sell resulting in liquidation at pennies on the dollar. It’s essential to have a succession plan in place long before you ever need one. A solid succession plan will identify critical resources and next steps for a successful transition, whether because of an unexpected life circumstance or a planned exit.
Famous or Rich: 9 Ways to Prioritize Wealth Over Recognition
Discover:
- The surprisingly simple strategy behind one founder’s $87 million exit
- The strategic move that took one company from being worth three times EBITDA to more than 13 times in just two years
- The 10/40 rule and how it can jack up your take from the sale of your business
