What should be your number one business goal?
As a diligent entrepreneur, you probably each year set goals for top line revenues and bottom line profits.
While these goals are important, there’s another goal which should be number one for an even bigger payoff: Building Business Value.
Here are three reasons why building business value should be your most important goal:
1. More personal freedom. When you build a business that is less dependent on you personally, it’s more valuable as a business entity and you are better able to do what you want to do, when you want to do it.
2. More enjoyment. It’s more fun to run a business that allows you more time to spend your days on strategic thinking and big picture ideas. I can’t stand dealing with the boring, detailed operating minutia of business ownership. It sucks away my creative energy and enjoyment. Therefore, I developed staff who could efficiently take care of operational details, which in turn made the business more valuable by being able to function without me having to be there on a daily basis.
3. More financial freedom and security. If and when you should ever decide to sell your business equity for personal liquidity, creating a more valuable business will provide more financial freedom and security beyond the business.
Do you know your business value score? Building business value for an enriched life often requires making changes and takes time. You need to know your starting point and what you need to do in order to get to where you need and want to be.
If you’re an entrepreneur, contact me about how to receive a free Value Builder Score Report, which informs where you’re at now with your business value building process, and what needs to be done specifically to make your business more valuable.