Welcome to my weekly articles on business building. These weekly articles are designed to stimulate thinking about the process of creating a valuable business, about getting yourself personally prepared, and about getting your business exit ready and exit attractive for that future buyer.
As a business owner, it is important to not only set but to execute goals. Without goals, a company has no direction. Goals focus your team’s efforts and energy toward a specific outcome and act like a compass to keep everyone on track. Without goals, a business will begin to act like a rudderless ship drifting to wherever the wind takes it. Building a scalable and valuable business requires intention and effort. Having a goal to be a successful business starts with the end in mind, and then, and only then through successive goals and effective and relentless execution, it will become a reality.
Most owners get one chance to get it right and being ill-prepared should not be an option, yet most owners cannot sell the business they built (only 1 in 10 are actually successful) because they did not build a salable asset. If you must sell your business to fund your future lifestyle, ask yourself – do you want to be the one that does or one of the nine who could not?
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