At some point during your business life cycle, either you or someone else will ask you this question, “What’s my business worth?” The quick answer is it depends! It depends on a lot of factors. Some of these factors are things you can control while others are out of your control. For instance, you have some control over how you set your selling prices and control your costs, but you can’t control the overall industry growth or how your competitors act.
We were talking with a client was lamenting about a key employee who had recently given her 2-week notice. We asked her a simple question we learned from Jim Collins in his book Good to Great. We asked her if she was distraught about the resignation or secretly relieved. Our client said she was secretly relieved.
Most successful business owners, heck most successful people, have a group of folks who they talk with about their business on a regular basis. So do you have a group of folks you talk with about your business? And we don’t mean your spouse, siblings, or friends. We’re talking about people who actually get it. Other business folks.
With so many things changing over these past 3 months, it’s good to know that some things stay the same no matter what. When it comes to business, one thing that endures is MVP’s 7 Keys to Success. These guiding principles for how to run your business successfully continue to be tested in all sorts of areas including a global pandemic.
We are all continuing to learn a lot during this COVID-19 outbreak. One of the more interesting takeaways from this entire scenario is the definition of what’s an “essential” business. During the show we talked about how “essential” businesses and operations are defined in our home state of Ohio which has been one of the states at the forefront of the coronavirus response thanks to the leadership of our Governor Mike DeWine.