What is your definition of a finished company?
Mastering the Art of a Finished Company: Create a Profitable, Self-Managing Enterprise for Long-Term Success and Growth
Here’s mine.
My definition of a “finished company” is a commercial, profitable enterprise that works without the founder … a self-managing company.
A company that manages itself to greater growth and success, without the owner having to be involved in all aspects of the day to day management of the business.
And with the day to day activities of running your business managed by your team, you’re free to look at the big picture vision, and continually innovate greater and greater value.
Sadly, in Australia, only 3% of businesses will generate >$2M in revenues. Only 0.45% will ever exceed $10M in revenues, only 0.15% will generate over $25M, and only 0.08% will generate >$50m.
Most companies do not achieve the goal of being a self-managing business – only 4% of startups ever get over 10 people in their team.
So why build a self-managing business?
- You are less vulnerable to economic downturns or market changes, as you have the resources to pivot your business or invest in new growth opportunities.
- If you become sick or want to retire, the income stream will continue, as there is a scalable business infrastructure to continue generating income.
- You can transition the business to family/leadership team to generate an ongoing retirement income and continue to build wealth.
- You are building an asset that can be sold for a significant amount of money to fund your retirement and your family’s needs.
Watch for more in this series. In next week’s blog, you will discover the key things that you need to do to build a finished company and sell it at a significant multiple of earnings.
cheers, Jonathan
P.S. Whenever you’re ready to Scale Up your company, here are 4 ways I can help you grow your coaching business:
1. Grab a free copy of my book
CEO Business Growth Secrets – It’s the roadmap to scale your business. — Click Here
2. Discover How To Unlock Your Business Growth Potential. Take our free Business Growth Assessment
Answer 18 questions and we’ll send you a personalised report on areas/processes optimised with actionable steps for unlocking growth.This Assessment has been designed to show entrepreneurs, startups and small businesses their blind spots and provide instant, actionable steps on how to take your business to the next level. It takes just 3 minutes & it’s completely free. — Click Here
3. Check out our podcast.
Check out my podcast, “Business.Focus” where we share stories from owners, MDs, and founders about what has made them and their organisation successful.. — Click Here
4. Book a complimentary Strategy Session or Work with me privately
Book a brainstorming session with me here to ask one question or to get coached through one specific challenge you face — Click Here
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Jonathan Herps
CEO & Chief Advisor
+61 (0)408 748 980
