If I asked you what success means to your business, how would you answer? I think many of us small business owners view success as a month-to-month financial objective: I pay my bills and have a little extra left over in the account each month. Some might get closer to the big picture, with a focus on net profits or sales growth or other growth. It’s hard to argue that a business that makes a good profit isn't a successful business, but I wonder if we can’t think a little bigger than that.
Here are two criteria I recommend for the success of your small business:
1. How much could you sell your business for today? Would you be able to sell the business and have that retirement nest egg or the money you need for another exciting startup? If you can build your business to a point that somebody else would purchase your cash flows, then you have achieved one element of success.
2. Could you franchise your business? I’m not saying you want to have your business on every major street corner in America, but building a business that could be duplicated with ease is a sure sign of success. If you have processes and procedures in place that would allow for just about any qualified person to step in and start running the business, then I think you've stepped right up next to success. Many small business owners talk of hiring a manager to run things while they go play a round of golf or soak up the rays in Hawaii. Building your own ‘franchise’ is one sure way to get there.
Where Should I Go Now?
Main Blog Page
Become A Business Coach like Stuart
Here are two criteria I recommend for the success of your small business:
1. How much could you sell your business for today? Would you be able to sell the business and have that retirement nest egg or the money you need for another exciting startup? If you can build your business to a point that somebody else would purchase your cash flows, then you have achieved one element of success.
2. Could you franchise your business? I’m not saying you want to have your business on every major street corner in America, but building a business that could be duplicated with ease is a sure sign of success. If you have processes and procedures in place that would allow for just about any qualified person to step in and start running the business, then I think you've stepped right up next to success. Many small business owners talk of hiring a manager to run things while they go play a round of golf or soak up the rays in Hawaii. Building your own ‘franchise’ is one sure way to get there.
Where Should I Go Now?
Main Blog Page
Become A Business Coach like Stuart
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