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Thoughts and Ideas: Building Value in Your Business…

Over 50% of businesses fail in their first five years of operation… 75% of businesses do not survive beyond one generational change. WHY? Most small and mid-sized businesses never grow past the “Entrepreneur Factor”. This is to say that the business never progresses past the expertise and drive of the owner… the business revolves completely around the owner “Chief Everything Officer”, but in this scenario while the owner makes money… he/she is not building value or sustainability in their business. So what can you do to break the cycle, build value and have your business work for you as opposed to you being a slave to the business.

Key Thoughts:

  1. Know where you are going and why: What do you want your business to be? How and where do you want to compete? What are your measures of success?
  2. Build repeatable systems: This encompasses all aspects of your business; sales, operations, finance/accounting… Make them simple and measurable. Review them against your goals to ensure consistency.
  3. Delegate, Collaborate, but do NOT abdicate: Build an advisory board and solicit ideas from other people. Engage your employees to contribute to the Vision of your company. Create the time and space to think about issues… not just the day to day problems that arise, but the bigger picture… in this way you stay true to your vision.
  4. Be Flexible: Nothing is static… change is constant. Stay aware of changes with you customers, technology, and your competition. Don’t get stuck in the “this is how it is done” mentality… challenge yourself and your employees to see ahead and embrace the shifting tides of business.

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Building Value: The 5 Keys for Achieving Success

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"This quick, thorough read is designed to help any sized owner or entrepreneur improve their business and its chances for survival in today’s tough economy." – Dr. Benjamin Ola Akande, Dean of George Herbert Walker School of Business and Technology at Webster University"