St. Patrick’s Day brings up thoughts of shamrocks, pots o’ gold and good luck. Is your business success a matter of luck? Or intentional value-creation?
One of the best things you can do to ensure a larger pot o’ gold when you sell your business is to hire the right people. Hiring people just like you may not be as impactful as hiring people with different strengths and skills. If you hire people to do the things you do not enjoy, it is likely that they will also do them better than you could, which allows you to focus on areas where you bring more value.
Note that hiring for different strengths and skills does not mean different core values, however. A culture built around consistent and strong core values will attract people with those same core values, and encourage those with different values to find employment elsewhere. As the leader of your business, you should intentionally create the culture in which you want to work, providing your employees with a clear picture of acceptable behaviors that exemplify your core values.
Another thing you can do to increase the value of your business is to implement systems and processes so that the business is not dependent on you or just a few people. Having written processes and procedures ensures that you can easily get new employees up to speed and expand your business. A scalable business adds value in the long-term and allows you to take those much-needed vacations in the short-term!
It takes more than luck to create a successful business. Why don’t you keep that pot o’ gold in mind as you hire the right people with the right core values and create the processes that will enable you to grow? In other words, continue to work ON your business rather than IN your business!