Run your company, don’t let it run you. Many business owners decide to go independent so they can have more freedom, invest in their passion, and work on their own future. But it doesn’t always easily shape and form to what the initial plans were. John Warrillow joined us to discuss the 8 drivers of company value. Here are three takeaways from our time with John Warrillow on Critical Mass Radio Show:
1. Ensure that your business has transferable value. Build a company so it can thrive without you, its current leader, personally. If someone were to acquire your business, what would happen? In order for a brand to truly be longstanding, it must be able to succeed without the owner. This can often be difficult to determine due to the owner’s involvement in the brand, but start by asking yourself this question: can someone else do the selling? In order for a brand to thrive, it is crucial that other team members other than the owner are able to act as spokespeople and effectively represent the brand.
2. Pick a lane. While on Critical Mass Radio Show, John Warrillow emphasized the importance of finding a unique niche in the market, adding that this can be critical to the success of your brand. Find something very specific that your brand can focus on, and provide that service at a higher level of quality than anyone else in the market.
3. Devise a recurring revenue model. Brands of practically every industry have the
opportunity to create recurring revenue models, and doing so can make a profound impact on your sales success. Having a recurring revenue stream will not only increase the predictability of your sales/business model, but will also add to the value of your company as a whole.
Listen to our full interview with John Warrillow here: