In the real estate business, agents refer to a home that has been renovated recently as “turnkey.” A buyer can turn the key on the front door and start enjoying the home immediately. Equally, a turnkey house is one that can be rented out without much fuss, making it a valuable asset to the real estate investor.
What’s your number?
You know the one.
It’s the amount of money you would have to be offered to sell your business. It can be tempting to imagine selling for an outlandish sum, but is that amount necessary for you to consider your exit a win?
Section 1: Why Create Standard Operating Procedures What Is a Standard Operating Procedure? A Standard Operating Procedure is a set
Professional baseball scouts can get excited about a lanky 15-year-old lefty even though he has never faced a serious batter in his life. The scout sees what the young sophomore could be, not what he is today.
When Steve Jobs returned to Apple in 1997, the company — once praised for simplicity and quality — had had just experienced its worst-ever financial quarter. Jobs examined the future product roadmap. He felt a third of Apple’s products were “incredible.” The rest? Either “pretty good” or “businesses we didn’t need to be in.”
Have you ever considered hiring a president or general manager to run your business day-to-day? If your goal is to create a business that can thrive without you, a second-in-command (2iC) can free you up to work on more strategic projects.
Warren Buffett is famous for investing in companies with a competitive “moat” around them. Buffett defines a moat as something that makes your business challenging to compete against and impossible to copy. Buffett argues that your moat allows you to avoid price comparisons, which enables better margins.
Early in your company’s life, your greatest strength may be your ability to juggle multiple goals, priorities, and initiatives — to be an expert not just in your field but in your business.
Being the President of the United States is one of the most challenging jobs in the world. By the time a problem gets to the President, it’s a big issue. The trivial decisions have been made much further down the chain of command.
In the real estate business, agents refer to a home that has been renovated recently as “turnkey.” A buyer can turn the key on the front door and start enjoying the home immediately. Equally, a turnkey house is one that can be rented out without much fuss, making it a valuable asset to the real estate investor.
What’s your number?
You know the one.
It’s the amount of money you would have to be offered to sell your business. It can be tempting to imagine selling for an outlandish sum, but is that amount necessary for you to consider your exit a win?
Section 1: Why Create Standard Operating Procedures What Is a Standard Operating Procedure? A Standard Operating Procedure is a set
Professional baseball scouts can get excited about a lanky 15-year-old lefty even though he has never faced a serious batter in his life. The scout sees what the young sophomore could be, not what he is today.
When Steve Jobs returned to Apple in 1997, the company — once praised for simplicity and quality — had had just experienced its worst-ever financial quarter. Jobs examined the future product roadmap. He felt a third of Apple’s products were “incredible.” The rest? Either “pretty good” or “businesses we didn’t need to be in.”
Have you ever considered hiring a president or general manager to run your business day-to-day? If your goal is to create a business that can thrive without you, a second-in-command (2iC) can free you up to work on more strategic projects.
Warren Buffett is famous for investing in companies with a competitive “moat” around them. Buffett defines a moat as something that makes your business challenging to compete against and impossible to copy. Buffett argues that your moat allows you to avoid price comparisons, which enables better margins.
Early in your company’s life, your greatest strength may be your ability to juggle multiple goals, priorities, and initiatives — to be an expert not just in your field but in your business.
Being the President of the United States is one of the most challenging jobs in the world. By the time a problem gets to the President, it’s a big issue. The trivial decisions have been made much further down the chain of command.
