26 Jan Are You Building the Right or Wrong Business?
Don’t spend your life building a business no one wants to buy or work at.
It’s something we see happen all the time. Someone has a dream of starting their business. They end up working 60 hour weeks and going through employee after employee. That builds on itself and no one thrives in the work environment.
It’s about working smarter and not harder – and building your culture around that. Quality employees are harder to find when your business is unstable. If you ever want to sell the business, you’ll be hard-pressed to find someone who will inherit the stress.
When someone spends their life building a business, it should be the right way. There are staples of a great business that stand out – to investors, employees and suitors. If you’re struggling with your team and culture, you may not be as far away as it feels.
A successfully ran business is one that:
- Generates profits
- Great cash flow
- Has a healthy leadership team that runs day to day operations
- Has with enthusiastic employees
- Features employees focused on satisfied customers
There are proven formulas, ones that we use at 3Phase advisors. When a business is built right it leads to greater predictability. Employees are the backbone of this predictability.
Having a company atmosphere that is consistent and dependable leads to a better quality of life for everyone. But it’s mandatory to eventually get a high business valuation & sale price and then a secure retirement.
The first step toward this is awareness. The problem is under the surface. Analyzing your business and its culture is how you find out what it is. Once you have an idea of where you are at, you can start from there.
Our free survey will do this for you. It will help you find out your employee engagement, accountability, trust and your companies purpose, values, and vision.
What vision do you have for yourself and your company? Where do you want it to be in five years? Every employee you have needs to be in with the same vision as you. Then that vision can, in turn, help everyone with their personal goals.
Developing employees that fit your desired work environment will lead to your company’s success.
And it’s not just employees that work the most. You need to build a culture of trust.
Abraham Lincoln once said, “Give me six hours to chop down a tree and I will spend four sharpening the ax.”
There’s a story about a lumberjack. A hopeful employee impressed the boss by cutting down a tree fast. He got the job. The new lumberjack impressed early, cutting down the most trees over the first two days. But by the time Thursday came, he was told to pick up his check, a day early.
He was confused. The new lumberjack was the first one in and the last one out every day. He felt that he had to be doing really well. When he went to talk to the foreman, he found he out was fired. He also found out he was the least productive employee.
“How many times did you sharpen your ax?”, the foreman asked. He hadn’t. He was to busy chopping.
“I was working too hard to stop and do that,” he said. That’s how so many small businesses run these days.
Hard Work Isn’t Enough
Working hard and putting in long hours won’t overcome most problems in your business. In order to get clients and high-quality ones, you have to attract them to a culture so they can see a future of business there.
When your vision, mission, and values are established, everyone is truly invested in them. Finding and hiring the right people for the right jobs makes the difference.
Noone should be working somewhere they don’t want to be. That affects your bottom line.
The first step to all of this is to find out.
That’s why we created our unique survey. Find out more about it here.