Why Most Small Business Owners Get Stuck Working IN Their Business!
For years I’ve waved the banner of business self-sustainability. The reason is business self-sustainability helps you achieve the primary goals you had when you decided to start your business – independence and financial freedom in your life .
Additionally, business self-sustainability solves many of the challenges you face every day as a business owner. Just by making business self-sustainability the focus of your business planning and the day-to-day management of your business many of your challenges are solved.
The result is you get to experience many of benefits that come with owning a self-sustaining business including:
- Decreased risk to your family and families of your employees.
- Life independence you wanted when you started your business.
- Improved personal and business cash flow.
- Financial freedom which you’ve always dreamed of.
- Increased business value so you get more if and when you decide to sell it.
- More options for exiting your business, now or in the future.
- Helping you catch the attention of investors and corporate buyers.
If you’re not already experiencing these benefits of business self-sustainability something is off track. Watch the following video to understand what can put you on track toward business self-sustainability!
You can get started applying business self-sustainability to your business by getting a copy of our book Business Growth Simplified: How to Rapidly Create a Self-Sustaining business. This book was written to help you as a small business owner achieve the independence and financial freedom you dreamed of when you started your business. By reading it you will learn the factors that truly impact growth so begin focusing on them to set yourself free from your business in 3 – 5 year or less while gaining all the benefits gained by owning a self-sustaining business!
The Benefits of Business Self-Sustainability
Decreases risk to your family and the families of your employees
For owners of companies without business self-sustainability the “hit by a bus scenario” is a nightmarish thought. Think about what would happen to your family if they were left to tend to your business in its current operational state. Ask yourself, “would their life-style change as a result?”
Many will say, that’s why I have life insurance. But, life insurance won’t run your business when you are gone!
What will happen to your customers and employees if you aren’t there to run the business? Ultimately your family will be left to clean up the mess if it’s even possible. How will that leave them in your absence? Is this really the legacy you want to leave your family?
Delivers the life independence you wanted when you started your business
If you just focus on building a self-sustaining business for a short time (usually 3 -5 years), your business can run without you being there. As a result, you can take that vacation you wish you could take today. You can work on that new business idea that you have, but can never seem to find the time to research. At this point you can have the time to take vacation whenever you want or work on a new business idea you have and keep your current life-style or better. It can all be yours in just a few short years by making business self-sustainability your primary goal!
Creates financial freedom which you’ve always dreamed
What if you set your revenue based on the net profit percentage you wanted from your business? You’d know exactly how big you needed to grow your business in order to become financially free and could use your business to do it!
Do you know how big you need to grow your business to set yourself free? What key factors need to be accomplished to get there? It isn’t as big a number as you might think. You can see what we mean by reading the blog post titled, “How Big Do You Need to Grow Your Business for Self-Sustainability?”
Increases the value of your business
Most business owners have an inflated idea of the actual value of their business. Your business could be worth that and probably even more if it wasn’t dependent on you!
By making business self-sustainability a priority, you remove your the dependence of your business on you. Any business broker will tell you by removing your a business not dependent on the owner working in it increases the value of the business. Business self-sustainability is the way you get there!
Improves both your personal and business cash flow
What would it be like if your business hit breakeven every month with the profit margin you want on top of that without you even thinking about it? Imagine how much more sleep you’d get at night! How much would that be worth to you?
That’s one of the financial benefits of a self-sustaining business. With the right systems and key metrics to monitor your revenue engine your business will just create cash flow without you even thinking about it. How much stress would that take off of you?
That means you get paid without even thinking about it. Wouldn’t that be a great feeling?
Provides more options for exiting your business
If your business is self-sustaining do you really need to sell it? Heck, it’s probably the best investment that you have in your retirement portfolio!
This isn’t the way most small business owners think about their business. But, they should be!
If you build a self-sustaining company you don’t have to sell it to retire. In most cases, you could retire in 3 – 5 years. You don’t have to, but you could. The big benefit is YOU DON’T HAVE TO SELL IT TO RETIRE, but you can if you want to and it will be worth more and much easier to sell if it’s self-sustaining. WHY?
Catches the attention of investors and corporate buyers
Investors look at businesses differently than most people. Many don’t care what the business is, they just want to know that they have a reliable cash flow stream that pays a good return for their investment.
That’s right, they don’t care what the product or services is. If it gives them the return on investment (ROI) they are looking for they’re interested.
So, if you want to sell your business to an investor, they want a “turnkey” cash flow stream. Build your business for self-sustainability and you’ll get investors’ attention.
BUT….I’ll bring it up again, if your ROI is that good from your business why would you sell it? It’s the best annuity that you could leave your family!
Making Business Self-Sustainability Happen
So, there you have it, the benefits of growing a self-sustaining business. You can see the benefits are many. And, many of the problems you face on a daily and monthly basis are corrected if you just make business self-sustainability a priority.
So, how do you get started? You begin by moving your business up the business growth cycle. BGS SPARC Business Growth Framework is the method by which you grow a business. SPARC stands for Strategic Planning and Recovery Cycle and offers an arsenal of tools, resources, and business training to help you.
Use the Business Accelerator Assessment to get started right away on your journey toward business self-sustainability. It will help you get through the first 3 steps of the SPARC growth framework and be on your way in less than 7 days!
Learn More About Creating Business Self-Sustainability!
Find out more about what’s necessary to create business self-sustainability by downloading our FREE e-book How to Get Out From Under Your Business. Just complete the form below to find out more!