4 Proven Tips for Small Business Owners from the World’s Greatest Living Explorer
Ceri James BSc DipM MBA
Enabling Ambitious North-West Business Owners Make More Money and Build a Valuable Asset With A Proven 6-Step Process | Coach | Facilitator | Speaker | SSAS Investor | Property Investor
Ranulph Fiennes is a living legend when it comes to adventure. He has climbed the highest peaks, trekked across the harshest terrains and skied to the most remote corners of the earth. His fearless approach to pushing his body and mind to the limit has made him an inspiration to millions of people around the world.
But what can business owners learn from his journeys of adventure?
These are the highlights that I took from his recent talk at the ActionCOACH Uk Annual Biz-X conference
Lesson 1: Success requires resilience. ?Fiennes never gave up despite multiple failures, demonstrating the need to bounce back from setbacks to achieve business success.
Lesson 2: Preparation is key. Fiennes meticulously plans his journeys and considers every possible scenario, emphasizing the importance of proper planning for business owners launching new products, hiring staff or expanding into new markets..
Lesson 3: Embrace discomfort. Fiennes has learned to use discomfort to his advantage as he endures physical and emotional challenges that most would never dare to face. To succeed in business, owners must also be willing to take risks and step out of their comfort zone.
Lesson 4: Have a sense of humour. Fiennes has a dry wit and can find joy in challenging situations, providing a valuable reminder that running a business can be stressful but having a sense of humour can be advantageous. In a nod to competitor analysis “Always beware of the Norwegians”!
Ranulph Fiennes' journeys of adventure offer valuable lessons to business owners. From resilience and preparation to embracing discomfort and having a sense of humour, his experiences can inspire us all to push ourselves out of our comfort zones and reach for new destinations.
In the Spotlight….How to Optimise Hybrid Working For Your Business
Do you have a policy that rules out the "T.W.A.T." routine?
By which I mean, of course, people interpreting hybrid working as being in the office on Tuesdays, Wednesdays and Thursdays.
An article in a recent Sunday Times shared the interesting dynamic of more junior workers being more likely to return to the office than more senior managers in large companies such as M&G, making reference to larger homes with offices and gardens being a more attractive home working option than small flats with no space for a desk.
And some, such as JP Morgan, have banned hybrid working and told managers to get back to desks 5 days a week.
So what is the best balance for you and your SME? How do you best balance your team's home and working life whilst increasing productivity and building your culture?
Therein lies the challenge.
This is the topic I recently discussed during my Business Spotlight interview with John Eary, MD of JEC Professional Services, specialist consultants in Agile Working, Hybrid Working, Smart Working, Remote Working, Business Continuity, and the Digital Workplace.
Set up in 2010, John shares his thoughts on hybrid working and reflects on the impact of lockdown on his business and his clients.
If you'd like to share your story via Business Spotlight, get in touch at https://cerijames.actioncoach.co.uk/ (it's free)
And Finally....How to exit your business with no regrets
Imagine this: You've spent years building your dream business, putting in countless hours and making sacrifices along the way. But have you ever stopped to think about what comes next? All businesses change hands eventually, whether it's by choice or because of unexpected circumstances. The question is, when that time comes, will you be ready?
?Here are some key points to consider:
? All businesses change hands eventually: Whether it's due to choice or unexpected circumstances, it's important to plan ahead for the eventual sale or transfer of your business ownership.
? Plan for financial freedom: Your business is not just a source of income, but your life's work. It should provide you with the financial freedom, time, and resources you need to enjoy your retirement years.
? Avoid setting arbitrary goals: Many business owners have a certain amount in mind for selling or passing on their business to children with hopes of receiving passive income. However, this number may not be based on a true analysis of the factors that drive business value.
? Understand what drives business value: To sell your business for the best price, have a good understanding of what it's worth, what you want to increase that figure to, and what exit scenarios you're willing to consider.
? Make your business operate smoothly without you: If your business relies heavily on your expertise and experience, it may have less value than a business that can function smoothly without you. Invest in systems, strategies, and teams that allow the business to operate without too much reliance on the owner.
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In summary, having an exit strategy in place for your business is crucial. It ensures that you get the best price when you eventually sell, have the financial freedom you need during retirement, and can avoid unexpected surprises. Start planning your exit strategy now to secure your business's future.
Frequently Asked Questions
How do you value a business??
There are a range of options. An average multiple of 3.75 times the annual profit comes from an analysis of the sales of over 50,000 businesses
What impacts the value of a business?
Financial performance including robustness of figures, level of cash generation (ie how much needs to be invested in working capital), percentage of revenues that are recurring, perceived differentiation, proof of high customer satisfaction levels, growth potential, reliance on suppliers, customers and specific employees, and finally how reliant the business is upon the business owners.
Example 1?
Philippa (MD of DGA, a Quantity Surveyor Consultancy) runs a family based business and plans to gradually exit and hand over the reins to her son who currently heads up the London office.?
“We have a 5 year plan in place, as well as a 90 day focus. Whilst we do not intend to sell the business, we are crystal clear about what we want the business to look like, and what profits we expect to generate so that we can hand over MD responsibilities to our son and other members of the senior team, whilst retaining a financial interest.?
Ceri has been instrumental in asking the right questions and keeping us focused. More than anything, the benefit to me personally is the self-belief that comes from knowing we are doing the right things in the short term to get to where we want to be, as a family and as a business”?
P.S. Whenever you’re ready, here are 4 ways you can help yourself get what you want from your business:
1 - Take a 3-Minute Next Level Business Assessment
This assessment tool will help you diagnose the potential weaknesses and areas of improvement in your business. It takes just 3 minutes to complete and will reveal which of the 4 key business growth areas you should focus on.?
2 - Create Engaging Content to Share with Your Prospects
Are you looking for ways to create fresh engaging content to go onto our website and social media?
Our Business Spotlight series enables you to share your story and attract new clients via a well edited and packaged video interview.
It will take around 20 minutes and is 100% free.
Book your?30 MINUTE BUSINESS SPOTLIGHT INTERVIEW HERE ?and I'll get straight back to you with all the details.
3 - Book a FREE 30m Discovery Call
Go from uncertainty and doubt to clarity and confidence around your business goals and priorities in one 30m ‘Business Health Check’ Zoom call with me - 100% free.
4 - Join us to get a 90 Day Business Plan Built and Executed for Your Business
The 90 Day Business Planning Masterclass will show you how to break through profit-ceilings, create crystal-clear, short term goals with achievable outcomes PLUS identify strategies to help you hit your success targets faster than ever before.
You’ll also receive personal, hands-on guidance and support at every step from an experienced instructor who’s helped hundreds of other North-West owners successfully grow their business under any market conditions.
Register now for this exclusive, one-off event and take control of your future success.
VIP invitations are limited - so reserve yours today!