In this episode of the Exit Mindset we join Rem Oculee, the Founder and CEO of Confidence Wealth Management to discuss rebasing a business that has fallen into a rut. As a business owner it is important to be able to sense a status quo change, or loss of excitement, or anticipation around the office.
Your Business is a Journey
The core principal of the Exit Mindset is the ability to reframe your outlook on your own business. You need to look at from an outside buyer’s perspective. To think like a buyer, you need to imagine as if you are interested in purchasing your own company.
You must envision your business ownership and its success as a journey, when you do this your milestones become more achievable. Just like any traveler, your business and your team will need breaks and time to resupply, after large victories, but shouldn’t be allowed to become complacent or bored.
In order to avoid non-productive days in the office blending into weeks after reaching a sales goal or milestone, it’s important to lay out the road map to the next achievement, or city if you’re still envisioning a traveler’s journey!
When is it time to Rebase?
So, when is it time to move on to the next initiative, level, or base?
Rebasing your business is always a difficult decision but needs to be part of your long-term plan. You need to consider things like, if you have noticed a lack of enthusiasm from your team, a decline in sales, or even stagnant consistency.
As a business owner, sometimes accepting the numbers that you currently have are the first step to rebasing. You need to set a baseline for improvement now and in the future. If you do nothing and stay on the same path it can be just as disastrous as noticing a decline in revenue and not making a change.
Being Honest about Your Businesses Current State
The decision to rebase your business must begin with honesty.
As CEO, you are the leader of the company. You have to be honest with your data, your team, your businesses product, infrastructure, and the conversation you are having with your consumer is important. Taking the perspective of both honesty and thinking like a buyer is necessary. What a potential investor may ‘see’ when making the decision to purchase your business or move along to the next, is important too!
You need to know how to tell whether all of your troops are moving in the same direction. As well as knowing that your leaders can affect the process of rebasing. If you’re unable to look at your business objectively, or through the mind of a purchaser using the Exit Mindset principles, it’s almost impossible to spot glaring deficiencies.
Move the “Big Rocks” First
Rebasing is the process of focusing on larger accomplishments, or the “big rocks”. When you focus on the initiatives that are going to give you the most results, rather than the more minute daily tasks that would equate to sand in the metaphor of applying the principle of finite volume to your business. When you set-up your business from the top down to focus on the plan and move the “big rocks”, you will be able to move down the road towards a new base. You reach that base, re-evaluate and do the process all over again!
Your Team’s Feedback is Necessary
If you are struggling to understand the reasons behind your team’s lack of enthusiasm, or inability to climb out of a rut, empowering your leaders and their teams to provide feedback is a great starting point. Think about rebasing as a way to rejuvenate your team as well as a feedback loop. Rebasing can make plain points more obvious than ever and allow your business to see the light at the end of the tunnel.
At the end of the day, the journey needs to be worth it for your entire team. Taking action to set your baseline for your current state, you’ll better understand how rebasing can contribute to not only a larger valuation for your company but it’s overall and continued success as well.