I would be willing to bet the answer is no. You might think you know what your business is worth. You might even have done a formal valuation to find out what your business is worth. Knowing what your business is worth is both complicated and easy at the same time.
I’ll admit that I’m not a big fan of goal setting. I don’t like to do it and I don’t like to monitor them. At the same time I know that if I don’t set goals I’ll just chase my tail and get nothing useful done.
Does this sound familiar to you? You know you should set goals, you’ve been taught that without goals you don’t know where you’re going, and yet, you just never seem to get around to setting them.
Someday you might want to retire. If you’re like most people you probably haven’t saved enough. If you own a business I can almost guarantee you haven’t. That’s because you think your business will provide more money than it really will.
If you work as an employee for someone you might not have done a plan that allows you to see how much you should save. I’m hoping that you’re under 35 years old and reading this post. If you are, it’ll be easy for you to save. If you’re not it gets much more difficult.
One of the largest costs you have in your company is workers' compensation. It’s also one of the more arcane insurances that you buy.
Managing workers' compensation can save you thousands if not tens of thousands of dollars per year. Knowing a few tricks can help you manage this cost.
I was recently at a meeting where it was opened with a picture of a person who had been instrumental in the success of the company. The CEO of the company started singing the praises of this person. Unfortunately, the person the CEO was talking about was dead. He never got a chance to hear how important he was to the company.
If you own a business you’ve probably heard about seller’s remorse. That’s when a business owner sells their business and very soon afterwards is sorry they ever did the deal. This is a real issue in the world of business planning.
There’s another type of remorse I often run across. It’s called grantor’s remorse. That’s when someone irrevocably gives something away to a family member and then comes to be sorry that they gave the gift.
I’ve written a bunch of blog posts about why profits are more important than growth. It’s funny how the people who respond negatively to these posts are advisors or people who used to be in business. Business owners who have successful companies seem to get this principle.
If you own a business you’ve been down this road.
I’m always amused at financial planning meetings when the subject turns to financial planning software. More often than not, the more complicated software gets higher grades from planners than simple software. Many planners actually believe the plans they product are accurate. After all, isn’t that what you pay us for?
Think about working with your doctor.
There have been thousands and maybe even millions of suggestions about how to become more successful. I think most of them boil down to three things: Learning from the past, looking at the future, and being present while you’re living your life.
Start with being present.
I have a problem. My problem is: How do I explain what I do to someone I don’t know? I’ve tried telling people I help them work less. That’s a problem if you don’t want to work less. I sometimes tell people I help them create value in their business. If someone told me that I would have no idea what they meant. I’ve even told people I help them become operationally irrelevant in their business or become a passive owner. Again, it just doesn’t seem to resonate.
There is one thing that I really do help you with, and that’s making your business one that’s sale ready. You probably have a pretty good idea what that means. The problem is you might not be interested in selling your business. You see, I’m once again stuck.