6/4/2021 Tip: 9 Ways to Add Lasting Value to Your Business | Growthink

6/4/2021 Tip: 9 Ways to Add Lasting Value to Your Business

Today’s Quote

“Success is not in what you have, but who you are.”
~ Bo Bennet

 

Today’s Tip

Here are 9 ways to add value to your business:

  1. Position it in a clearly-defined niche
  2. Coach your team to run the business without you
  3. Make an organizational chart of how your business will look when it’s time to sell it. 
  4. Build relationships with customers
  5. Make sure you’re stable (e.g., not overly dependent on any one customer, vendor, employee, or anything else)
  6. Maximize your revenues
  7. Hold expenses accountable
  8. Keep great records for the next owner
  9. Develop a business plan to get you to the point where you’ve achieved your goals and the business is ready to sell

 

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company <—- 

The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business…

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company <—- 

 

Trivia

Today’s Question: What company’s product is still most commonly ordered by making a quick phone call?

Previous Question: What two highly successful shopping websites opened in 1995 and went on to revolutionize people’s perceptions about the viability of retail e-commerce?

Answer: Amazon and eBay are the two most highly successful shopping websites, both opening in 1995. For eBay, most of the transactions come from direct retail sales and not through their bidding auctions.  Amazon.com and eBay found a way to come right to the customer online, and made shopping more convenient by giving people the freedom to shop from home whenever they want to. 

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