Developing the right mindset is critical to achieving the type of business you envisage.
There are 3 types of business mindsets: working to pay the bills, working to fund a lifestyle and working to create a valuable asset. This article investigates each and invites you to identify which is yours!
Developing the right mind-set is critical for becoming a successful business entrepreneur, and one of the key mind-set issues for a successful business owner, is being clear about what sort of business you are building.
In essence there are 3 types of businesses that owner managers can create:
The majority have little more than a job. They work long hours and would never work as an employee for another company for the amount they are drawing in earnings and dividends. They console themselves that they are independent and have their own company. and hope that things will get better, but they most often do not.
Then there are those that have a lifestyle business. They do not wish to sell their company. They may have a business that is just too dependent on them to be of interest to an informed buyer. However, they have developed a business model which gives them significant earnings to invest in their interests and passions.
Finally, there are those business owners who set out with the goal of creating a business that is a valuable asset and that can be marketed and sold in the future to achieve a premium value.
They have systemised their company so that it is does not depend on them to operate on a day-to-day basis.
They have documented the processes and procedures and built a capable and complementary management team.
Marketing and lead generation methods have been developed to achieve predictable results and to support future growth.
In short, they have developed a business that creates significant wealth for the shareholders and they set out with the mind-set of achieving just that.
ACTION POINT
Which of the 3 types of business do you have today? Decide which type of business you would like to build in the future and take the first step in that direction. If you would like help in developing a business that is a valuable asset, we will work with you to develop a Profitable Growth Action Plan that covers all the key areas in your business. Take the first step and send us an email at info@rathboneresults.com to get more information on the Business Audit.
Jim Rathbone
Book an exploratory call to find out how we can help you unlock your business potential.
