There are costs to employee turnover – some obvious and quantifiable, and others that are opaque and difficult to sum. This leads to the question: what is your cost of employee turnover? What kind of toll does it take on your business when you lose an employee?
Why are my people so unreliable? Sure, some individuals are great hires and intimately understand everything about the business, show up early and stay late. On the other hand, it feels as though you can’t trust anyone but yourself.
Many business owners are faced with the constant reality of “my business is not generating enough profit” for it to be healthy, sustainable, and positioned to grow. It is really the fundamental challenge all business face at some point in their life cycle.
Timing is critical. You need to start Staging your business today, even if you don’t imagine yourself selling for many years from now. And if you don’t want to heed our warning, realize that the best candidate to purchase your business may come knocking at your door before it’s ready to sell
It seems like everyone has problems, but no solutions. You often feel like you’re the only one with a fire extinguisher. You question yourself, “Why can’t my business run without me? Why do my employees need me to hold their hands? When can I take a day off?”
John Warrillow emphasizes the importance of knowing the specific number that you want to make when you sell your business. He even stresses that you write the number down and put it into a sealed envelope. But why is doing this so important?
Did you know that a track record of three years of revenue growth can be very impactful on your business’ valuation? Do you know what your company’s last three years of revenue growth, AKA “revenue story” is?
You began your business with nothing more than an idea. You created it, built it from the ground up, sacrificed to ensure its growth, and you steered it through all its ups and downs. After all this time, you’ve started thinking about your next chapter.
Did you know that less than 20% of businesses that are for sale actually close? You might be surprised by that statistic, because that means over 80% of businesses for sale never actually successfully sell. What is it that causes this?
It’s important when valuing a business to consider the non-financial aspects of the organization. These are called the “non-financial components of transferable value”. What exactly is meant by this mouthful of a phrase?
Your business is likely the most valuable asset in your financial portfolio. In fact, studies show that 80% of individual wealth come from the sale of businesses. When you think of it like that, it’s obvious that you would want to know the market value of your business.
One of the most informative moments as a business owner is when you have your business valued for the first time. Unfortunately, it is rare for a business owner to be happy with the first valuation results.
The processes that direct your company’s operation singlehandedly determine the limits of your team and the quality of your product. A good process will create efficiency and consistency. A good process can make an average team great.
I could count on one hand the number of people who chose to leave our company over the last decade. People at the lowest and highest levels of the business were empowered by the culture and consistently performed at an exceptional level. The result was a team fiercely dedicated to our values and our mission to be the best in our industry.
I am often recommended books by other business owners. While most provide a few interesting thoughts I've retained, the following three books have influenced my thoughts on business more than any others.
Like the famous statue of a muscular Atlas holding the world on his shoulders with every ounce of effort, as his knees are buckling. Your endless energy to combat the unceasing needs of your organization seems to finally come to an end.