By Rob Driscoll
Business Edge Media
Driving along the highway, if you fail to check your blind spot, you can get smashed by another vehicle.
Similarly, as a business owner, if you fail to observe your blind spots, there is a good chance that you will be crushed, or at least bumped off the road to ultimate success.
In his book Scale Up to Sell, Rick Moore outlines “10 blind spots every business owner must know to make their business more profitable and magnetic to their ideal purchaser.”
In a business scene increasingly cluttered with literature by so-called experts, Scale-Up to Sell is refreshingly insightful and relevant. In fact, the book resonated so deeply with me, I immediately started re-writing my business plan.
It is important to note that Moore is not in the “so-called expert” category; he is the real deal.
Moore was a founding director of five-star success story Western Investment Company of Canada. Senator Scott Tannas, one of Western Canada’s most celebrated entrepreneurs and CEO of WICC, had this to say of his former interim CFO:
“I have known Rick Moore for more than 22 years, stemming back to his being the lead broker in financing my first public company Western Financial Group. In the early years, Rick was a vital part of our team of external advisors as I built the company. . . . Today Western is a $1.5-billion enterprise, serving almost one million customers and employing 1,500 people across Western Canada. . . . Without his help in those early years, we would have struggled to grow.”
Scale Up to Sell is an essential read for business operators seeking to maximize the rewards for their hard work. Moore’s Top 10 Blind Spots to follow are supported with compelling case studies, anecdotes, and alarming statistics backed by reliable research.
- I’m so involved in the day-to-day operations of my business I don’t even have time for a vacation. It’s hard to imagine taking time away from my daily work to focus on my scale-up plan.
- We have sales coming in, but often we’re short of cash to invest in the growth of the business.
- Our competitors continue to lower their prices, which puts pressure on us to do the same, reducing our margins and free cash.
- After I pay everyone and our taxes, I’m very limited as to what I can take out of the business.
- I’ve got a good team, but I’m constantly juggling hiring new talent and retaining existing talent.
- Our marketing is effective to a certain extent, but it’s not enough to scale up the business.
- We have systems and processes in place, but they have clear “holes” in them, preventing us from taking the business to the next level.
- I’ve considered the idea of selling my business at some point, but I don’t know how to determine its true value.
- I’m not aware of exit strategies other than selling to an outside acquirer.
- I know my business inside and out. I don’t need outside help to take my business to the next level.
Scale Up to Sell identifies shortcomings that virtually all entrepreneurs face. His straight-forward, research-backed style drives home critical messages that will inspire many of us to take action.
The bottom line – business owners must observe their blind spots in order to avoid becoming road kill on the road to a highly profitable outcome.