As any entrepreneur can tell you, starting a business is tough! It takes a lot of hard work and time to build it up and gain traction. However, a lesser-known fact? You need to make your business buyable, whether you intend to sell it or not. Don’t believe us? We spoke with Steve Preda, an author and leadership team guide who is dedicated to helping entrepreneurs. He told us about how to find the management blueprint for your business’s success – from starting it through the time when you sell it. On our new podcast, he reveals why and how entrepreneurs must get their businesses into investor-ready shape.
Watch our podcast with Steve Preda to learn how to find the right management blueprint to make your business buyable:
Steve Preda is a Leadership Team Guide, dedicated to helping entrepreneurs build valuable businesses that propel them to their ideal lives. Building a Buyable business means creating an asset that is highly profitable and valuable, opening up options for the entrepreneur to live their Ideal life and to react to unexpected turns of events, such as illness, burnout, family changes or unique opportunities. Buyable emerged from Steve’s personal experience of not having his business in investor-ready shape when he emigrated to the United States and how he turned things around.
Entrepreneurs tend to be either proactive and reactive. What is the difference between the two, and what pros or cons do they come with? As Steve explains, the approach you have can determine your financial and emotional success. Spoiler: It’s far better to be proactive, plan ahead, and be prepared for multiple scenarios. Find out all you need to know on the podcast.
Another important question to ask yourself is about your financial goals. How can you determine your personal financial goals and which your business should help you achieve? Steve offers excellent advice here, including how to work backwards. What kind of lifestyle do you want to have? When do you plan to retire, and what kind of nest egg do you hope to have? He gives examples of what kinds of goals you may have and how to get there.
From there, we turn to the Seven Management Concepts that entrepreneurs need to master in order to orchestrate their business into a well-oiled machine. Steve explains what those seven concepts are and gives insight on how to implement them effectively.
Equally important: the Management Blueprint. What is that? What are the major principles involved, and how do you pick one that is right for you? As Steve describes, there are numerous Management Blueprint books out there, and more are being published every year. That’s a lot of information to wade through! Luckily, Steve has done the heavy lifting for all of us, and he distills the various, most popular methods down into bite-size chapters in his book. This will make it much easier for you to identify which Management Blueprint is right for your business and your goals.
Steve also outlines how Management Blueprints help you create the vision alignment, execution, and team cohesion needed to build a business that is self-managing, growing, high-profit, and talent-attracting. The right one will help you put everything into place, resulting in a business that is successful and buyable.
We end with that original question: Why do you need to build a Buyable Business regardless of whether you ever consider parting with it? Steve makes a sound case here, and you’ll see why it’s vital for your own business, too.
Listen to our podcast with Steve Preda to learn all about how to get your business investor-ready:
To learn more about Steve Preda, visit his official website here. You’ll also want to pick up his book, Buyable: Your Guide to Building a Self-Managing, Fast-Growing, and High-Profit Business.
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Managing day to day tasks while moving towards a long term goal is not easy, so having a management blueprint will certainly help.