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Answer Upon - Increase Business Value By Making Yourself Unnecessary
Information Technology and the move to a computerized infrastructure model are bringing great changes to many industries. Often it is the CIO of the company who escort this fundamental shift in the business revenue stream. Leading others through modernization, revolutionize and transformation means you must be able to make changes yourself.Forget abou
• Incent your staff. If you are afraid of your staff running away with the store if you empower them, you either have the wrong staff or you’re not giving the right incentives. Using franchising as a model, people whose pocketbooks are impacted by the bottom line are more apt to act in favor of the business. Use stock and/or bonuses that are tied to bottom-line performance.
If you want to create a thriving, valuable business, save your indispensability for personal relati
One of my clients is in a transition stage with her business. Her practice has become so successful that she no longer has the time to do her administrative work or even the marketing work that helped her become successful. I am working with her developing a plan to hire administrative and functional staff that will allow her to continue to grow her busine
Some businesses cannot survive without their owner. Highly specialized or emotional occupations like most brain surgery practices or entertainers have a one-generation life span. They’re so dependent on the owner, they’re not worth much on a relative basis when the owner retires. The more replicable your business, the greater your opportunity is to make yourself unnecessary.
Making yourself unnecessary means systematizing operations. Sure, creativity adds value and impacts profitability, but a potential buyer for your business is going to consider how easily he or she can fill your shoes before they formulate an offer. Replicability boils down to a numbers game. The more you can get in front of the customer and employ a systematized process, the more sales you’re going to achieve.
Here are four ideas for creating business replicability.
• Open new locations. When you add locations, you create proof that your current success is not dependent on you or your first site. The more locations you have, the less time you’ll have to spend at each one, forcing you to develop systems and people.
• Franchise or license. The enormous success of franchising and licensing proves people are willing to pay significant sums for proven business models and brands. Franchisors as a group consistently outperform the S&P 500 because the market makes money on businesses that can be successful under a variety of circumstances.
• Systematize operations. Document procedures and hold staff to them. Multiplying businesses are not rocket science. Again, success is a numbers game. You probably know how many calls you have to make to make a sale. Take that further by studying your successful and unsuccessful transactions, and then documenting a roadmap. Develop a story and keep repeating it. Soon you’ll hear your staff telling the story too.
• Incent your staff. If you are afraid of your staff running away with the store if you empower them, you either have the wrong staff or you’re not giving the right incentives. Using franchising as a model, people whose pocketbooks are impacted by the bottom line are more apt to act in favor of the business. Use stock and/or bonuses that are tied to bottom-line performance.
If you want to create a thriving, valuable business, save your indispensability for personal relatio
If you're just getting into the job market, trying to advance your career, or are an executive trying to land that career making position, chances are extremely high you'll be asked to take a corporate employment test, or personality test.You've spent countless hours preparing your resume, practicing for interview questions, and picking out the right
Making yourself unnecessary means systematizing operations. Sure, creativity adds value and impacts profitability, but a potential buyer for your business is going to consider how easily he or she can fill your shoes before they formulate an offer. Replicability boils down to a numbers game. The more you can get in front of the customer and employ a systematized process, the more sales you’re going to achieve.
Here are four ideas for creating business replicability.
• Open new locations. When you add locations, you create proof that your current success is not dependent on you or your first site. The more locations you have, the less time you’ll have to spend at each one, forcing you to develop systems and people.
• Franchise or license. The enormous success of franchising and licensing proves people are willing to pay significant sums for proven business models and brands. Franchisors as a group consistently outperform the S&P 500 because the market makes money on businesses that can be successful under a variety of circumstances.
• Systematize operations. Document procedures and hold staff to them. Multiplying businesses are not rocket science. Again, success is a numbers game. You probably know how many calls you have to make to make a sale. Take that further by studying your successful and unsuccessful transactions, and then documenting a roadmap. Develop a story and keep repeating it. Soon you’ll hear your staff telling the story too.
• Incent your staff. If you are afraid of your staff running away with the store if you empower them, you either have the wrong staff or you’re not giving the right incentives. Using franchising as a model, people whose pocketbooks are impacted by the bottom line are more apt to act in favor of the business. Use stock and/or bonuses that are tied to bottom-line performance.
If you want to create a thriving, valuable business, save your indispensability for personal relati
Do You Have a Disaster/Recovery Plan?With the recent onslaught of ice storms and flooding happening all over the US and Canada, as well as the hurricanes that ripped through Florida and the south earlier this year, many people are finding themselves faced with tremendous losses regarding both their homes and their offices. Most people have some type
Here are four ideas for creating business replicability.
• Open new locations. When you add locations, you create proof that your current success is not dependent on you or your first site. The more locations you have, the less time you’ll have to spend at each one, forcing you to develop systems and people.
• Franchise or license. The enormous success of franchising and licensing proves people are willing to pay significant sums for proven business models and brands. Franchisors as a group consistently outperform the S&P 500 because the market makes money on businesses that can be successful under a variety of circumstances.
• Systematize operations. Document procedures and hold staff to them. Multiplying businesses are not rocket science. Again, success is a numbers game. You probably know how many calls you have to make to make a sale. Take that further by studying your successful and unsuccessful transactions, and then documenting a roadmap. Develop a story and keep repeating it. Soon you’ll hear your staff telling the story too.
• Incent your staff. If you are afraid of your staff running away with the store if you empower them, you either have the wrong staff or you’re not giving the right incentives. Using franchising as a model, people whose pocketbooks are impacted by the bottom line are more apt to act in favor of the business. Use stock and/or bonuses that are tied to bottom-line performance.
If you want to create a thriving, valuable business, save your indispensability for personal relati
A probation period is a clause that employers typically include when extending a job offer to a new staff member.In my experience, the probation period is usually 3 months or 6 months in length although it could be longer. In most cases I’ve seen, a 3-month probation period is fairly standard.What does it mean to you in practice?D
• Systematize operations. Document procedures and hold staff to them. Multiplying businesses are not rocket science. Again, success is a numbers game. You probably know how many calls you have to make to make a sale. Take that further by studying your successful and unsuccessful transactions, and then documenting a roadmap. Develop a story and keep repeating it. Soon you’ll hear your staff telling the story too.
• Incent your staff. If you are afraid of your staff running away with the store if you empower them, you either have the wrong staff or you’re not giving the right incentives. Using franchising as a model, people whose pocketbooks are impacted by the bottom line are more apt to act in favor of the business. Use stock and/or bonuses that are tied to bottom-line performance.
If you want to create a thriving, valuable business, save your indispensability for personal relati
Are you so serious about working at home that you would pay money to prove it? If you answer yes to that question, you are a prime target for scammers because this is one tactic they love to use. They may word it differently on various websites and advertisements, but the main point they want to get across is that by sending them your money, you will be "pro
• Incent your staff. If you are afraid of your staff running away with the store if you empower them, you either have the wrong staff or you’re not giving the right incentives. Using franchising as a model, people whose pocketbooks are impacted by the bottom line are more apt to act in favor of the business. Use stock and/or bonuses that are tied to bottom-line performance.
If you want to create a thriving, valuable business, save your indispensability for personal relationships. In business, “be fruitful and multiply.”
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