Ever notice on the back of a hotel door, there is a floor diagram with a red dot that signifies "you are here." It's there to show you your room in relation to the fire exits. In short, it's your exit strategy and life-saver plan. As a business coach, that "red dot" got me thinking about the situation most small business owners find themselves in. They don't really know where they are in relation to their own exit strategy...selling the business.
As such, let's play the "red dot" game. Visualize a circle with a red dot in the middle. Most business owners are that dot and the circle is their business. Sadly, most owners are at the very center of their business, no where near a profitable exit strategy (door.) As the owner (dot), they are at the center of every transaction, decision, and problem of that business. Everything depends on the owner. Unfortunately, since everything depends on the owner, the business is not worth much. In that situation, there is no real, self-sustaining and self-sufficient business. The owner IS the business. As such, who in their right mind would ever want to buy such a company that is so dependent on one critical person? Very few. Or, if someone does buy it, odds are they will not pay much for it.
As a business owner, to achieve greater fulfillment and wealth, you must gradually move your dot away from the center of your business and closer to the eventual exit door...a profitable sale of your business. To achieve this, you do not want to be the most important person in the business. In fact, you want just the opposite...a business that can operate profitably and consistently without you. A business that works well whether you are there or not. Whether you take a nice vacation or not. Whether you are sick or not. You want to own the business and provide leadership (vision, direction & accountability) but be one of the least important people to its daily operations. You want to provide more "brain equity", less "sweat equity." The Growth Coach provides small business owners with the structure, coaching process, and discipline to make this wealth-building transition happen.
The farther you get away from the center of the business and closer to the outer edge of the circle (if not completely outside of the circle), the greater the value of your business. If you move from the center, the business is less dependent on you and more dependent on the systems and procedures you put in place. Additionally, until you sell the business for a fortune, it will be so much more enjoyable to run when you are no longer at the center of everything. Start moving your dot away from the center and grow the value of your business! Certified business coaches with The Growth Coach can help you achieve this transformation. Click here to find a business coach near you.
In summary, unlike the back of a hotel door, most owners do not know where they are in relation to a successful exit strategy...selling the business. They are working too much "in" the details of the business and too much in the center of the business. Business owners (red dots) do not know where they are or how to move efficiently and effectively toward the exit door (selling their business).
Business coaching will provide you with the exit strategy and life-saver plan. An objective business coach will help you move toward the outer edges of the business. With an effective coaching process, a business coach can help you to define where you are, where you want to go, and even help you map out a plan to get there ... as well as provide on-going accountability so you make adjustments along the way and stay on track.
Good luck moving your dot!
Daniel M. Murphy
President, Founder & Business Coach
The Growth Coach
Business Coaching Franchise System
Certified Business Coaches throughout North America