Many business owners are successful because they have a “secret sauce” that differentiates their company from competitors. In order to maintain business value, you will need strategies in place to ensure that future owners won’t face any roadblocks when you decide to sell.
Documenting various processes for business development and executions can help you leverage the methods that contribute to your unique success into a planning process that lets you pursue your goals on your terms.
Document Everything
When it comes to long-term planning for future success, having a paper trail of everything is key. This can be challenging for business owners who tend to work in a more stream-of-consciousness style. For these kinds of business owners, documentation can seem constraining.
However, as your business grows, having a method to guide what makes your business successful becomes more important.
For example, say you’re the creative force behind business-development concepts at your company. You might come up with your best ideas after 3 hours of sleep, 15 cups of coffee, and an intense brainstorming session with trusted partners.
After going through this process, you’ll likely need to guide others toward how to implement the ideas that come from the process. It’s unlikely that the people who will implement the ideas will be able to do the exact same things you do to rouse the muse.
Having a documented method to pursue your great ideas is key to consistent success. It gives others who may not have the same strengths as you a way to make your ideas come to life. It can also insulate your company against risks, such as if you were to fall ill for an extended time and couldn’t be the catalyst.
Have Trusted Key Employees Assist You
If you find that your business isn’t quite executing on your ideas—or perhaps you’re having difficulty articulating what you need the business to do—next-level managers could be the solution.
These key managers have proven track records of solving problems relevant to their field of expertise. Their presence can strengthen a company both because of their inherent expertise and because they may have the skill to clarify and implement your unique strategic style.
Even if your processes make sense to you, it’s a prudent strategy to explain those processes as clearly as possible to others to reduce risks. This can be a challenge if you tend to view and do things differently. That’s why it’s critical to ask for help when necessary.
This content was published by Business Enterprise Institute, Inc., and presented to you by our firm. We appreciate your interest. Any examples provided are hypothetical and for illustrative purposes only. Examples include fictitious names and do not represent any particular person or entity.
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