In a previous article, How Much is My Cabinet Shop Worth? we said that for many of us, the shop is our retirement, our savings, 401k and everything else, so it's important to consider what it is really worth.
Our answer came from one of Lewis Cabinet's owners, Beau Lewis, who said on the Push Thru Podcast, "Your shop is only as valuable as what it does when you are not working in it." With that in mind, we said that our primary goal as owners is to be working ON our business and not just IN it.
We listed 5 ways to work on your business and make it truly valuable.
Start by firing yourself, every day.
SOP’s are are your MVP.
Outsource your bottlenecks.
Reinvest and stay current.
SEE IT IN ACTION
We hope you've had a chance to start implementing at least one of these steps so far. Today, we are quickly reviewing these steps from the shop floor.
Focus on these principles and they will enable you to build a business that can be sold or handed down, either way providing you with the financial security you deserve for all the years of hard work.
Are You Up for the Challenge?
If you have already put any of these steps to the test, be sure to comment below and let us know if how its going and what effect it has had on your shop!
If not, what is the ONE thing could do today to improve the value of your business? Could you commit 30 days to improving the value of your business? Start by making a list of all the items that would add the most value to your business without you. Pick ONE thing from that list and get going on it.
Let me know what your ONE thing is by filling out the form below. I will check up on your progress in 30 days and hold your feet to the fire! Are you up for the challenge?