Listen to the Episode Below:
How much of your business is in your head? If you’re not in the picture (even for extended vacation), can your employees–or a new owner–easily pick up where you leave off?
In this episode, Terena Bell talks about the systems she developed to successfully sell her translation business, and you, too, can make your business more efficient for the here-and-now.
Get Your Business Out of Your Head…
- Just do it. There are lots of people with business ideas, but few with actual businesses. Don’t get mired in the business plan/planning. Ideas are fun, but ultimately, you need to jump in and start.
- Create systems that allow your business to run without you. This is what will make your company sellable later on. It will also protect your company in the event that you become incapacitated for any reason.
- Document everything. Don’t leave anything in your head. Having your systems and business strategies in writing and well organized allows someone else to pick up the flow of operations seamlessly.
- Customer value is key. Terena created a point system to objectively evaluate the best translator for the job. Brainstorm different strategies that bring effectiveness to your business.
- Do it for you. Designing a business to be sellable doesn’t happen overnight. But it’s a vital part of building your legacy, and giving you the freedom to explore “what’s next?”.
Terena Bell put a lot of time into developing systems that keep her companies sellable and efficient. If you want to incorporate these strategies into your own business, make sure you take the time to listen to Cash Out Big.
Terena Bell is CEO of TVRunway, a backend API search engine that women use to identify clothes in online videos while they watch. Before starting TVRunway, Terena was a local news producer with CBS & NBC and served on the White House Business Roundtable. TVRunway is her second startup; she sold the first, an international translation company, in 2015.
“Anyone who’s able to drive a business to the long and tedious point of being able to sell it, has to have passion and a story behind what they do.” ~ Terena Bell
Learn more about Terena Bell:
Personal Twitter: @TerenaBell
Company Twitter: @TVRunwayIt
Company Facebook: www.facebook.com/tvrunway
Company LinkedIn: www.linkedin.com/in/terenabell
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