Your business running you.Have you ever observed a business that seems to be in chaos? Maybe you don’t know what that looks like. Maybe that business owner is you and it still doesn’t appear that there is a problem because you feel like you are in complete control.

Many business owners that think they are running their businesses are actually being run by the business and may not be aware. Here are some common signs that you are being run by your business: Continue reading

In this episode Kevin and I discuss starting small, knowing the value of your time. Other miscellaneous topics include documenting business processes and farmers as entrepreneurs, hand crafted products that complete the customer versus mass-produced products. Ops – Document the things that you do in your business. A real life example.

Actions and notes

References made during the podcast:

Start with small initiatives
Often we think that large is the best route to get started – for example A dressmaker goes out and borrows  money and opening a storefront may mean that you are in business but wouldn’t sewing three dresses and placing them in an online marketing place such as Esty (a marketplace for creators) be a quicker and easier way to start.

  • Blog, Facebook page, Esty page, attend a farmers market

Penn_State_Morelli_handoff_to_Scott_cropOne of the reasons for creating documented processes for your business is portability. Meaning that the day may come when you want to hand off ownership of your business to a third party. It could be that your business is being acquired or that you have decided to bring in a manager to run it for you. Either of these scenarios  are going to be a challenge if you do not have your business processes documented.

It’s like going to ikea and buying a brand new entertainment center and having the sale rep say that there is no manual. Can you figure it out without a manual? Some people can others won’t even consider trying. That is exactly how people will view your business if there is no manual and documenting business processes provides that manual.

I’ve seen this scenario play out before. A valuable deal fell apart because the companies founder had never documented any of the task required in the day-to-day operations of his company. 10 years in, he had no idea where to start and  when he figured it out, the timeline was lengthy. As a result, the prospective buyer lost interest and moved on.

In fact, I am currently in a the middle of a small deal myself where I am the buyer. The original agreement was to close the deal in two days. We were making good progress toward that end, until I found some documentation to be missing. This documentation is critical to the deal. Ten days later the deal still has not closed, my time planned for other things is now being impacted as well as the sellers. The seller is scrambling through what should be a vacation to get this documentation or I will walk away.

All of this could have been avoided if the owner had documented processes for the business. Very simple if it had been done upfront or overtime and because it was not, it is difficult for him to put together now. So get your business processes documented because you never know when not having them could prevent you from handing your business off to a 3rd party for sale or to be managed.

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Jeff Hardy (AUS) dive action Swimming 2000 Sydney PG

Start today!

Today we spend time talking about taking action versus of planning.

  • Take action on something today.
  • We think it is all good to wait on what we want until it is taken from us via pink slip, so why wait?

Actions and notes

  • Planning has its place but won’t get you to your goal without action.
  • Take action on something today.
  • Trying new things is only a waste if you don’t learn something.
  • Taking action buys you experience that you can not get from a plan.

Other episodes are available here https://www.kylembrown.com/category/podcast or at iTunes.