8 ways to know if you have a job or own a business
May 29, 2019
The ultimate test of your business can be found in a simple question: would someone want to buy your company?
Whether you want to sell next year or a decade from now, you must be building an asset someone would buy – otherwise, you have a job, not a business.
Here are eight ways to ensure you are building a company, not just doing a job:
1. A job requires that you show up at work to make money, whereas a company generates revenue whether you are there or not.
2. If your company is so reliant on a single customer that they can dictate how you deliver your product or service, your company is more like a job than a valuable business.
3. A job is a place where your personal reputation impacts your results, whereas a company is a place where the brand is more important than the personality of the founder(s).
4. A job requires you to use your personal experience and expertise to get a result, whereas a company is a place where a process – not a person – consistently produces a desirable result.
5. In a job, you get fired for taking too much vacation, whereas if you own a company, the more vacation you can take without impacting your company’s performance, the more valuable your business will be.
6. In a job, the harder you work, the more money you earn. In a company, the smarter you work, the more money you earn.
7. In a job, you solve the problems. If you own a company, your employees solve the problems.
8. If the majority of your customers know your mobile phone number, it’s likely you have a job, not a company.
CT businesses: If you’re not sure whether you have a job or own a business, it’s time to get your free Value Builder Score. Whether you want to sell now or in a decade, the Value Builder Score assessment allows you to see your business as a buyer would see it, and to identify how you perform on each of the eight key drivers of company value. The questionnaire takes about 13 minutes to complete, and after you’re finished you’ll get a customized 27-page report outlining how you performed and where you could improve the value and sellability of your company.
Request your Value Builder assessment link now.
“CONNSTEP solved a huge problem for us and helped us bring our delivery rate to 100%. As a direct result of that, we have been awarded with an increase in business which, ultimately, will also benefit (our supplier) Har-Conn.”
“I see great value in the new experiences and perspectives CONNSTEP brings to our business, at reasonable prices. They’re not like consultants, they’re like partners in the business – willing to roll up their sleeves and help.”
“CONNSTEP has proved to be a tremendous resource for ESI. CONNSTEP has helped us to adapt to today’s marketplace and remain a quality minded, competitive global player. Our ISO/TS16949 implementation process was efficient and rewarding. I look forward to our future projects with CONNSTEP.”
“CONNSTEP worked with FuelCell Energy to educate and facilitate Lean initiatives and to help meet our needs to establish an overall production improvement plan. This plan has been utilized over a period of time as a ‘guiding light’ to spur numerous improvements that dramatically reduced our product cost.”
“CONNSTEP is a valuable partner to Hologic, providing the expertise and ‘outside eyes’ everyone needs to keep their continuous improvement on track. We are now well-positioned on a dynamic growth path and look forward to a long-term relationship with CONNSTEP.”
“Our experience working with CONNSTEP has brought us benefits we never expected. It’s a great team to work with!”
“The goals of the team were to reduce manufacturing lead-time, reduce floor space utilized, and increase worker productivity. All the goals were met. CONNSTEP helped us to better compete.”
“The Business Growth Program is working well for us. We enhanced our website following the meetings to improve our SEO and become more visible to search engines. The segment on negotiating … promoted changes in our thinking and improved how we interact with customers. The mentoring between sessions was helpful in boosting our progress.”