How Business Owners Get Rich

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  • "We have to focus on REVENUE!"
  • "Our next month's profits DEFINE how well we're doing!"
  • "Hey! YOU GET NO REFUND. Should have read the FINE PRINT."
  • "WE JUST GOT AWAY WITH CHARGING 1000000% MARKUP ON A CUSTOMER!"

BOO

Focusing on short-term profits that improve nothing about your company in 1/3/5/10 years from now prevents you from building a more sustainable future for your business.

Result? The potential value of your business (it's where the bigger bucks lie, and how Fortune measures the wealth of Bill Gates, Steve Jobs, Sergey Brin, etc, etc) starts to wither.

Yes, short-term profits = good, but surrendering your chance to build for the future because you're only focusing on those short-term profits decreases the value of your company.

Your goal is not to just build a business that can make money next quarter, but to build a money-making machine that can keep making money the following quarter,  the following quarter, the following quarter, the following quarter, the following quarter, the following quarter, the following quarter, the following quarter, the following quarter, etc, etc, etc.

Long-Term > Short-Term

Every little incremental thing that you do to improve your business for the long-term? You increase your business's value.

  • Documenting how your business works that you can still use X years from now? Your business's value increases.

Building a fully-validated, search-engine-optimized, company website? Your business's value increases.

  • Finding and documenting better ways to source your products? Your business's value increases.

Eliminating your long-term debt? Your business's value increases.

  • Fixing customer complaints about X to ensure no more complaints about X? Your business's value increases.

Bagging a big client that you can showcase on your company's website? Your business's value increases.

  • Automating by documenting how you get clients? Your business's value increases.

Getting a profile review about your business from a big-time blogger in your industry that will be on the web forever? Your business's value increases.

Every tiny itty-bitty thing that you do to strengthen your business for the long-term becomes another selling point for the business (reflected in an acquisition, an IPO, sale of common shares, etc, etc, etc).

WUT WUT WUT

  1. Your business's value increases every time you improve it for the future.
  2. Plan actions accordingly.

WIN 4EVA

Bite-sized, continuous, sustainable improvements.

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Posted on February 26

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