Occasionally I spot something and think “Gee, that’s a great business idea!”
That’s what went through my mind when I saw a business recently during a trip to London.
It impressed me because I thought what a great idea to reduce traffic congestion in a city centre. It has many other benefits too. For example, it is also helping to reduce pollution from motor vehicle exhausts whilst providing locals and visitors with an inexpensive, convenient and easy way to get around the city. This is what the business looks like…
Automated bike hire! When you look at it as a business it ticks a lot of boxes. One of the biggest ticks for me is the fact that it runs without the business owner having to be there! It’s all done by some simple mechanics and machines to process credit card payments. People just serve themselves!
One of the key things about developing a business to a “ready for sale” state is making it independent of the owner. It’s an area many business owners struggle because they don’t systemise their business and they are reluctant to delegate. These two things are probably
the top two reasons why business owners stay stuck in their business, and why it makes the business difficult to sell!
One of my consulting clients is making great progress in these areas and it’s great to see the staff taking up the challenge of the extra responsibilities. Often, as business owners we underestimate the abilities of our staff and their desire for my ‘meaningful work’! As they take on more work and responsibility it frees up the owner to work ON the business and less IN the business. All of which helps to grow the business, making it more valuable, and makes it more attractive to buyers.
Think! What would a new owner have to be able to do and be prepared to do, to replace you in the business? How easy or difficult would it be to find buyers like that?
Want help with systems or delegating? Contact me!