Without people, you have no business. Your people help create the success of your company and are the who of your business. You could argue that people are considered one of the most important components of your company. No matter how altruistic or innovative your services and products are to buyers, not having the right team in place with members who are motivated and diligent can leave you trying to wear every hat in your organization. This takes away from the time you are able to spend working on your business and developing the plan of action needed to take your company to the next level. The business owner should be the visionary, not the implementer.
Every business has responsibilities that must be handled by a management team or employees and preferably not the owner. Therefore, it is imperative that you find the right people, one of the ST 6 P’s®, to help you run your business so that it is not reliant on the founder or owner.
The following three signs can help you determine if you have the ‘right’ people in place to help you to build a sustainable, scalable, and sellable business:
One of the most obvious signs that you have hired the right people is when they are performing at an extremely high level. The people in your business are not only working diligently but are performing at a level that exceeds your expectations. They are getting their tasks done on time, understand their responsibilities, and are helping the company move forward. There are very few, if any, mistakes in their work, and team members, or yourself, do not have to backtrack and check their work.
- They Make You a Better Leader
A second sign that you have the right people in your organization is when they help you identify your blind spots. They recognize when things are falling through the cracks and put their best foot forward to help you become a better leader. These employees are multidimensional and truly understand how your business operates.
- They Are Team Players
A third sign that you have the right people in your organization is that they show up for the rest of the team when necessary. These employees make everybody in the organization feel important and are natural team builders. They offer support when necessary and do not mind helping other members of the team when needed. They help keep the company as a whole on track.
Having the right people in your organization is critical to developing a company that operates on all ST 6 P’s. Most buyers do not want to buy a job; they want to buy a business with tenured employees who will be committed and loyal to the new owner. They want to buy a business that works for them, not one where they will have to work for it. Because of this, one of the most important aspects of a business that a buyer will look at is people, the first P.
To learn more about running your business on the ST 6 P’s so you can build a sustainable, scalable, and sellable business that buyers will be willing to pay more for, visit www.exitrichbook.com to preorder your copy of Exit Rich®! Your preorder will include an instant download of the book along with a hardcover copy shipped to your doorstep, a Free Book Membership, and one-month of free access to Club CEOs so you can start working on your business immediately!
Exit Rich®: The 6 P Method to Sell Your Business for Huge Profit
In Exit Rich, author and authority on buying, selling, fixing, and growing businesses, leading M&A advisor Michelle Seiler Tucker joins forces with Sharon Lechter, finance expert and co-author of Rich Dad Poor Dad, to create a must-have guide for all business owners—whether they’re gearing up to sell a business now or just starting to build their company to sell for huge profits in the future.