Is your company at the leading edge of your industry or on the way to getting there? If so you can bask in the immense satisfaction of knowing that you have proven to the world that you are the best at whatever your company does. But don’t take too much time patting yourself on the back. There is a lot to be done to get and stay ahead of the pack and the race never ends, ever. Of course, being the market leader can add value to a company. But, it can all be lost overnight, maybe even more quickly, unless. . .
- Unless your company’s infrastructure is solid and capable of adapting to rapid change and growth. This condition is often referred to as “scalability”. Do you have the right people in the right seats? Is there a culture of teamwork and is innovative thinking encouraged? Are team members given the right tools, support, and leadership to excel at what they do? Does the team work well together? Are your company’s policies and procedures documented and mapped and is there constant thought given to how they can be improved and made more efficient?
- Unless you have the ability, as the leader of the company, to transform the way you see your role from one of entrepreneurial visionary and supervisor of every little thing that goes on in the company to that of visionary, leader, mentor, and wealth builder who surrounds himself (or herself) with others who are smarter than you and who are given the authority and latitude to do their jobs. That transformation in attitude and approach will determine how successful you will be at leveraging what you are truly good at and what you have built. If that does not describe your management style then you may be in the DANGER ZONE where you are lost in the growth transition (see the book by Jerry Mills “The Danger Zone / Lost in the Growth Transition”). Business owners who find themselves in this situation are (and will continue to be) the key cog in the wheel without whom there is no business. That will kill the valuation of any company regardless of how brilliant or ingenious the product or service. Conversely, business owners who build a turnkey operation add tremendous value to the company because they create an enterprise that can keep on growing profitably and keep on yielding above average returns on investment even without you at the helm. That is enormously attractive to potential investors and/or buyers of the company and adds to the company’s value. It will also help you stay ahead of the pack.
- Unless you continue to have, and cultivate in your key staff members, the burning desire, inspiration, and courage to continue the fight day-in and day-out to meet ever-changing market demands and to continually improve, refine and streamline your internal processes. Remember that being the best includes being the most cost effective producer of your good or service.
If none of the “Unless” situations described above exist at your company then being leader of the pack will last a very short time. But adopting them with vigor and commitment will ensure success of your business and will set the stage for a successful exit strategy.
For a free copy of Jerry Mills’ book “The Danger Zone” and for more information about building a successful business and about creating a solid exit strategy plan that will get you to where you want to go, contact me at firstname.lastname@example.org .