Stop Straddling and Suffering! Re-Commit to Your Business With Your BHU®
Filed under: Business Growth, Pittsburgh, Profitable Growth, Uncategorized
Does it really matter why you’re staying on to run your difficult business? Is it out of choice or desperation? If you can’t sell it now, or don’t see an immediate alternative that pays you well and provides a similar lifestyle, then your business must improve and you have to do it.So what can you do and how can you get started? Please consider my matrix with its four choices to scope out your situation and focus your energies on fixing your business.
The BGC Growth/Sale Matrix:
As a re-committed business owner, consider your options. You could grow your business to keep it or sell it. And in doing so, you could focus accountability on your self as the owner or on the company and its management.
| Owner(Your)Roles, Responsibilities and Rewards | Company and Management Roles, Responsibilities and Rewards | |
| Grow and Keep Your Business | ? | ? |
| Grow and Sell Your Business | ? | ? |
To help decide which of the four boxes you should focus your attention, please review my concept of Best and Highest Use here or simply remember:
Your personal and your firm’s Best and Highest Use® is:
- Of all the things you do, what’s your Best and Highest Use® (BHU)
- What you like doing
- What you are good at doing
- What the market has valued in you and your firm
- And again, what’s your firm’s BHU?
- How can your firm focus on its BHU?
- How can your firm leverage its BHU?
With this thinking, let’s revisit The BGC Growth/Sale Matrix and use your and your firm’s BHU to decide which box to focus on and emphasize to fix your company:
| Owner(Your)Roles, Responsibilities and Rewards | Company and Management Roles, Responsibilities and Rewards | |
| Grow and Keep Your Business | A. When your BHU and your firm’s BHU are aligned and valued by your customers | B. When your management’s BHU is in demand by your customers. |
| Grow and Sell Your Business | C. When your own BHU is not in demand by your customers | D. When your management’s BHU is not in demand by your customers. |
To elaborate on the four choices above:
A. You should grow and keep your business by personally devoting yourself to doing so. Your value to the firm is it’s primary reason for its success and your passion in running it and serving customers is very high.
B. Whether or not your customers value your own BHU, your marketplace values your company and it’s management. Fortify and invest in your management and what they need to grow your company.
C. You are not connected or in touch with what makes your company special or profitable. Fix what your company needs to thrive by bringing in professional managers, resources and solutions. Sell your company when your investment can be maximized and your company’s can grow no further with you at the helm.
D. Your staff is not growing your business and you need management talent and solutions your firm may not be able to afford. To make matters worse, your BHU may not be what the business needs to thrive. Consider bringing in an equity partner or reinvesting your retained earnings to beef up what needs to be fixed. Or sell the business as a “turnaround” and move on.
Recommitting to your business doesn’t have to be a decision that takes a lifetime to fulfill. But doing so successfully means taking decisive short-term steps and not straddling or suffering. Your clients, management and employees are counting on you to act responsibly and successfully. Fortunately you have wonderful choices and can make them quickly and based on your BHU and that of your management’s and company. And you can decide to grow it or sell it after you have fixed it.
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