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Ep 403: Building Business Value and Minimizing Risk with Nana Bonsu
Elzie engages in a transformative conversation with Nana Bonsu, management consultant and business advisor at Infinite Horizons, Inc., who specializes in building high-performing teams for business leaders. Nana's mission is to provide adaptable solutions for business owners, offering peace of mind while reducing risk exposure, considering the significant wealth tied up in businesses.
The discussion covers crucial aspects like effective delegation, scenario planning, and utilizing the Value Builder System. Nana emphasizes the pivotal role of strategic planning and value optimization for business owners. The episode also delves into the Value Builder System, which assesses businesses based on key drivers of success.
Through insights on overcoming redundancy and embracing AI in business, this episode equips entrepreneurs with actionable strategies to enhance business value and minimize risk. So, don't miss this episode for a wealth of valuable business advice!
Episode Highlights:
03:27 - I think the main thing, in terms of not being comfortable, is starting to think about the future "what ifs?" How would you like to be able to take a three-month vacation without your business being impacted? If something were to happen to you, a family member, your business partner and whatnot, would your business survive and for how long? If you were to decide if there was some kind of emergency, whether it's divorce, disqualification, or disability, would your business be able to make it? If you start thinking in terms of that, then it just puts a whole different–because nothing is forever. Yes, you love your business, but we're all not going to be on Earth forever.
04:53 - One is that the first thing is you want to have the people that you've identified as people you want to delegate. You want to have them watch you do it. And then as they watch, you want to then switch turns and have them do it while you watch over them. And then the next thing then is they go do it and then report back to you what is weekly status or whatever the frequency is. And then the final thing is they got it, they own it, they don't come to you anymore. So, those are the stages.
08:25 - The first one is customer satisfaction. How satisfied? So, essentially we start with what do you buy or sell, your products and your services? And then the main thing is, how differentiated is that? And then how satisfied customers are with it. How dependent is your business on you, the owner or the owners, if there's multiple owners? How dependent your business is on key people, your suppliers, your customers, your employees? What does the cash flow picture in your business look like? Those are some of the things that basically, and then, of course, in terms of your business model, is it a one-time transactional business model? Or is it a business model that relies on recurring revenue?
16:31 - I think the way to manage that is give them bigger responsibilities. Having them more involved in strategic planning and other brokering of relationships. That's when you start to realize we are trying to make sure you start to contribute to more value added activities. And so, giving them more and more responsibilities. Which is why, the reasons why you set it up. They start to feel like owners. You start to make them feel like they're owners, owners of certain areas of the business. So, you have, it's almost like an employee-owned business without making it official necessarily that way.
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