^Blog 5 Financial Strategies Every Business Owner Should Know

Building a successful business isn’t just about making more money today. The decisions you make along the way can determine how profitable your business becomes, how much freedom it gives you, and ultimately how valuable it is when you’re ready to exit.

Build a Better Business by Focusing Your Time and Energy

1. Focus on one business until it’s successful.

It’s easy for entrepreneurs to get excited about the next opportunity. The problem is that every new venture requires time, capital and attention. Often, one successful business ends up funding several unsuccessful ones. Before chasing the next opportunity, focus on making your core business as strong and valuable as possible.

2. Get a business coach when you can afford one.

As an owner, you’re emotionally connected to your business. That can make it difficult to see problems and opportunities objectively. A good coach brings an outside perspective, challenges your thinking and can help you identify changes that might take years to recognize on your own.

3. Buy back your time.

In his book Buy Back Your Time, Dan Martell explains how entrepreneurs can grow their businesses by systematically removing themselves from lower-value activities. It starts by building a great administrative team to take tasks off your plate, but it doesn’t stop there. As the business grows, you continue buying back your time by building teams to handle fulfillment, then sales, and eventually marketing. The goal is to progressively free yourself from areas of the business that others can successfully manage, allowing you to focus your time and energy on the things where you create the greatest value. This can also help you build a business that is less dependent on you.

Build Today With Your Future Exit in Mind

4. Make yourself redundant.

One of the biggest mistakes owners make is building a business that depends entirely on them. That may work while you’re running it, but it can become a major weakness when you eventually want to sell. Develop your leadership team, document processes and build systems that allow the company to operate successfully without you.

5. Never stop learning.

Set aside 20–30 minutes every morning to read about business, leadership, finance and personal development. A great book can condense decades of someone else’s experience into a few hours of learning.

Ultimately, these five strategies work together. Focus your energy, surround yourself with good people, protect your time, keep learning and build a business that doesn’t depend on you.

That doesn’t just create a better business today. It can create a far more valuable and transferable business when it’s eventually time to exit.

Authored by: Jason Nagel, Head of Business Development at Three60 Wealth