The ultimate test of your business success rests upon the answer to a simple question: would someone want to buy your company? Whether you plan to sell next year or a decade from now, as an entrepreneur business owner you must be building an asset someone would see value in purchasing – otherwise, you have a job and not a business. Here are eight ideas to keep you focussed on building a business, not merely on doing a job:
- A job requires that you show up at work to make money, whereas a business generates turnover whether you are there or not.
- If your business is so reliant on a single customer that they can dictate how you deliver your product or service, your company is more like a job than a valuable business.
- A job is a place where your personal reputation impacts your results, whereas a company is a place where the brand is more important than the personality of the owner(s).
- A job requires you to use your personal experience and expertise to get a result, whereas a company is a place where a process – not a person – consistently produces a desirable result.
- In a job, you get sacked for taking too many holidays. If you own a company, the more holidays you can take without impacting your company’s performance, the more valuable your business becomes.
- In a job, the harder you work, the more money you earn. In a business, the smarter you work, the more money you earn.
- In a job, you solve the problems. If you own a business, your employees solve the problems.
- If the majority of your customers know your mobile phone number, it’s likely you have a job and not a business.
We hope that the ideas above have helped you clarify whether you’re the owner of a business… or the holder of a job. Whether it’s the former or the latter, we can help coach you into a position where your hard work is crystallized into an offer to buy your business. As you may know, Exit To Success Consulting are now connecting our clients with a free online evaluation tool that measures whether someone would want to buy their business – the Sellability Score. If you mean to sell your business now or in a decade, our exclusive Sellability Score assessment allows you to see your asset as a potential buyer would see it, and to identify how you perform on each of the eight key drivers of sellability. Curious? Get your score now!