3 Ways to Grow Your Multiple: Part 2

Oct 10, 2019
 Minute Read

How to Grow Your Multiple: Part 2

Imagine you are starting a business. It’s opening day — you’ve got a product, you’ve identified your market, you’ve set your targets, and you’ve just cut the big red ribbon. Now it’s time to run the business. You need to go get business cards, email, phones, computers, internet, set up mail, get office supplies, hire employees, on-board them, train them, set up payroll, and that doesn’t even include marketing, sales, production, and customer service.

You have become woven into daily operations — maximizing revenue and minimizing costs and the cycle continues. Before you know it, you can’t take a day off, otherwise your business would stall.

Your business has become too reliant on the owner. How do you fix this common issue? We recommend our second multiple growth method...

The key to getting you, the business owner, spending more time working on the business instead of in the business is leveling up your people and shifting responsibility. Keep in mind there's a difference between delegating tasks and delegating responsibility. Business owners and managers often confuse the two, and end up still micro-managing all of the tasks.

Identify things in your business that you are currently responsible for that could be transitioned to someone else. The more you begin to shift this and give your staff more ownership of various functions of the business you'll see your business evolve.

Here are some key outcomes that can happen:

  • You'll have more time to spend on strategy and long-term planning for the business
  • Your managers and staff will be leveled-up and more engaged in the success of your business
  • You're beginning to build a bench of future leaders for the business
  • Your multiple and value will increase

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