A business, like any precious asset, gains and loses value based on many factors. A house, for example, can rise in value based on location, demand, and amenities. It can also lose value when demand changes, a neighborhood declines in safety, or for a host of other reasons. Your business is not unlike the variables of other assets. It will grow and increase in value when all members of the organization contribute to its development.
The challenge for leaders is to move beyond just having a vision and mission statement. Nice words are talked about, and signage around the office is helpful, but it is not necessarily moving the focus to the top of mind for each and every person in the business.
What can help move an organization’s members to a higher level of supporting the growth of the value of the business?
As indicated, having a Vision and Mission is a good starting point, but putting in place and living up to the expectations and accountabilities of a solid core foundation of Purpose, Core Values, and Principles is the accelerator to value.
The business framework is also important. The business systems, processes, and procedures enable resources to perform fluidly in delivering the goods and services your organization offers in the marketplace. It is the combination and alignment of the foundation and the framework that drives the business’s value to grow.
The growth in value potential starts with leadership – not the team. If leadership is not 100% invested in business value and all that it takes to enable it, then the team is not committed, and thus, contribution drifts. As it drifts, the value of the business or its assets also declines. As leaders, it becomes part of your essential role to monitor and measure value progress or deviation. Just as with reviewing financials on a recurring basis, you need metrics to validate the assets’ appreciation or decline, so you can take appropriate steps to accelerate or adjust to a change in value.
This entire approach to improving the business’s value is not a one-and-done effort. It is woven deeply into the culture of the business. It can’t be viewed as just another annual business goal. Yes, you can set metrics and targets for the desired growth, but the daily inertia to make it happen comes from the culture, which keeps giving it energy.
This week, ask yourself what the real value of your business is. What metrics do you use to validate the value? Is the value of the business woven into everything and every person in the business? What one thing can you do in the next 7 days to improve the value of the business?
Looking to improve the value of your business asset? JKL Associates has been assisting leaders for over 35 years in growing the value of their businesses. Give a Promise Guide a call at MI (313) 527-7945 or FL (407) 984-7246.
Journey On!
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