What does business success look like to you?

It’s a loaded question. Many would assert that success means a lot of people are buying your product or service. Others believe success is the ability to create something that grows and carries on long after you’re gone. Some think success is starting a company and then selling it for a high multiple. Then there is another school of thought that links success with work/life balance, remote working, or the ability to create employment for hundreds or thousands of people. Some even look at the money they raised to start their company, and equate that to success, despite never generating any profit.

What does success mean to us, at The UnBankers? Well, it’s a combination of all the above. Regardless of your opinion, achieving success in business requires strategy, a road map, a strong team, capital planning and creating an environment where people would fight “gladiator style” in order to be involved.  

We hear from many business owners that they do well and make money. They are hyper focusing on getting revenue in the door, but that’s only part of a successful story. Even smart businesspeople, in the thick of it every day, are often short sighted. They are so busy trying to keep up that they are unable to visualize what their success story looks like and what success really means to them.

Recently, we spoke with a seasoned businessperson who had done well in his career, but he had not thought about what his business would look like in 5 years from now or how to get there…not until this year. He now wants to focus on and plan for an exit. When small and medium business owners think of an exit, they think that is only something you read about in the Wall Street Journal where, “only big companies have million dollar exits”. This is simply not true. Selling your business is more common than you think. It takes planning, dedication and execution to create a business that is scalable and valuable enough to be acquired.

Some contributing factors to building a successful company are:

Solid business plan

Small and large scale targets

Key staff and management who are “all in”

Strong balance sheet

Consistent cashflow

Profit

Lean strategy

Process, policies and procedures

Many entrepreneurs don’t know where or how to begin the enormous task of turning a “business” into a “BUSINESS”

So, what are you doing to ensure the success of your business?

Ask for help. Seek out who can bring value to your business. The right consultants are an invaluable resource who can help propel your business to the next level. The UnBankers has a deep understanding, supportive mindset and extensive resources to help businesses who really want to be successful. We treat those key areas like ingredients in a recipe. The recipe requires all these basic ingredients in order to achieve true business success. Many entrepreneurs do not have the resources, or the experience required to bring all these ingredients to the table. It doesn’t mean they are incompetent; it means they’re human. When they realize that they need to plan effectively and understand they need help, their whole mindset changes and their business flourishes.

Helping is our passion; it’s what drives us. Reach out today to see how we may be able to assist.

By Cameron Gordon