Turning Businesses Into Assets
Updated: Nov 15
Is your business one of your biggest assets? John Lee Dumas interviews Dr. Lance Knaub on his award-winning podcast, Entrepreneurs on Fire. In the podcast episode, "Create the Revenue Streams of Your Dreams", Dr. Lance Knaub uncovers three steps you can take to build your business(es) into your biggest asset yet.
"Think through the perspective of a long-term investment to build a business that's an asset that will provide you legacy, and can generate a steady revenue stream in profits" (Dr. Lance Knaub, 2021).
Step 1: Create An Executive Team That Can Operate Your Business on Their Own
Have you struggled with taking your team to the next level? Developing a high-caliber team can prove to be more difficult than it sounds. Dr. Lance Knaub suggests continuously recruiting and developing talent.
"Always be recruiting on the lookout for talent. Develop your people at every opportunity as great head coaches do" (Dr. Lance Knaub, 2021).
Once you attract the right people, it's crucial to retain them! By spending time with your highest performers and developing their strengths, you can cultivate a team that fearlessly operates the business.
Step 2: Build A Strong Foundation
Create your business's foundation by establishing your company's organizational and fundamental processes. Dr. Lance Knaub explains spending time documenting your business's operations and organization is time well spent.
"Do this by spending 10% additional time along the way. The rewards are going to be exponential and net gain in time and results" (Dr. Lance Knaub, 2021).
Step 3: Determine Your Business Valuation
Learning the valuation in your industry and company will help you measure your business's progress and success. Dr. Lance Knaub admits to constantly evaluating his company to help grow his business.
"Over time, you can build a business that's an asset and develop an executive team to lead your organization" (Dr. Lance Knaub, 2021).
Dr. Lance Knaub created a multi-million dollar business with healthy double-digit profitability that proves these three steps work! With the right people in place, a strong foundation, and valuation, you too can reap these rewards with your business.
STRATEGIES TO BUILD YOUR BUSINESS INTO AN ASSET
What strategies are you using to build your business into an asset? I would love to hear your thoughts and suggestions. Please leave your comments below!
If you'd like to listen to the complete episode click HERE.
John Lee Dumas, JLD. (Host). (2021, January 4). Create the Revenue Streams of Your Dreams with Lance Knaub [Audio podcast episode]. Entrepreneurs on Fire. EOFire LLC. https://www.eofire.com/podcast/lanceknaub2/