Which Path Is Your Business On?
Understanding which path your business is on is a major key to making it successful.
Path One - The Bridge Is Out
The SBA reports that 50% of the small businesses operating today will no longer be with us in 5 years. Unfortunately for most business owners on this path it is called being on the "Bridge Is Out" for a reason. That reason is that this path can lead to the loss of; personal savings, assets, credit, and many times personal relationships. Not a path that you select, but one that is traveled all too often. You need to avoid this path.
Path Two - Path To Nowhere
For the 50% of businesses that survive past 5 years, this is where most end up. They survived but did not thrive. This path is one where the business owners work 60 or more hours a week and take home less than $75,000 a year. Effectively they have created a long hour low paying job. It is said that they are not "Business Owners", but rather "their businesses own them". The unfortunate thing is that the IBBA reports that 80% of these business will never sell and therefore never create any equity for their owners. They end up just walking away with nothing to show for all their long hours and hard work. Another path to be avoided.
Path Three - The Success Path
The success path is easy to define and not so hard to reach. It is simply a business that has been optimized for all 12 Key Success Elements and that is generating at least $100,000 in Owner's Discretionary Earnings. These businesses earn a good living for their owners and are very attractive to new buyers. They also command a much higher price when their owners elect to sell and create walk away equity for their owners. If you take the time to get your business on the Success Path and keep it there, its value will continue to grow, it will earn you more money, and create equity for your future.
Our success service optimizes all aspects of your financial and digital marketing positions which in turn maximizes your access to capital and your exposure to new customers, placing your business firmly on the success path.
Which path is your business on now? Run your free success scan now to find out.