Inflation is creeping in and the cost of living is rising through fuel and food prices. Consistent political volatility is not making the situation any easier. All this noise creates uncertainty from an individual and a business perspective and can erode your confidence as an entrepreneur and your future endeavors.
As a business owner, you need to steer your ship in the right direction, which means being the captain who stays on the bridge with a clear view ahead.
Business owners need to adopt one strategy! And there can only be one strategy behind your business, and that is to build it into what we refer to as an Asset of Value™
In this podcast of The Money Show, Pavlo Phitidis shares insight on a strategy that all business owners should be working on.
An Asset of Value™ has 3 elements to it:
A business built as an Asset of Value™ will enable you to sell it and reap the capital gain as a reward for all the risk you have taken over the five, ten, fifteen, or twenty years of getting it there.
To build your business into an Asset of Value™, you need to be able to move through the storms because even as a captain of a ship, there are storms that come to pass and how you steer through them will determine the end goal of your business.
Despite the difficulties in the market, your team must be able to find confidence in you to lead them through it all.
With that note, an exercise that will lead you in the right direction would be to take a note pad and, from Monday to Friday, in different colours, write down all your tasks and separate them to see where you are spending most of your time in the business. Is it working with the team? Or micro-managing them to make sure that the business is on track?
This exercise will help you determine whether you are working on the business or for the business.
Having a vision is essential. And sticking to your strategy is essential, because if you don’t have a vision or strategy, then what are you doing? Your business should be built into a business that can one day be sold and not be part of the 94.6% of businesses that are started that never, ever get sold.