For most business owners/entrepreneurs, their biggest challenge is scaling their business. Now, a lot of people don’t understand what scaling really means – the goal is to build an asset.
Just to be clear on this, you’ve got an accountant with you, so you’re going to be having a balance sheet discussion with them coming up very soon and to discuss pre-tax planning, if you haven’t already done so. When we’re talking about an asset, think of it like a property asset for a moment: you’ve got a house, you’ve got a building that you invest some money, you may invest some time, put some energy of some sort into it, then over a period of time it will be giving you a cash flow. It will give you something else off the back end, and there will hopefully be an increase in the value and the valuation of the property. That should be the same for a business as well, because the goal is to build an asset that can run independently of the owner.
Now I know someone’s going to say “But I love what I do, this is what I was meant to be doing, I’m going great.” That’s perfect, you can still do it, but the difference is you don’t have to do it. You do it because you choose to do it and you only do the parts that you want to. And here’s the kicker, this may have a little bit of curry powder with it so bear with me on this one: until you achieve that, you’ve really just got a job. It could be a very high paid job or it could be a low paid job, but just understand that it’s still a job.
Watch the full webinar replay at https://learning.benwalker.com/courses/how-to-navigate-2021
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