Blog: recommended reading (06/04/22) | Southeastern Missouri Log, Cape Girardeau, MO

We see a lot of companies. And financial statements. And business models. And the methodologies. Some good, some not so good. For this reason, we are often asked for recommendations and best practices to increase the value and marketability of a business. So we thought we’d dedicate this month’s newsletter to a few of our top recommendations that you might want to check out.

#1: Between-leadership by Dave Ramsey

You may have heard of Dave Ramsey because of his talk show, his book the Total Money Transformation, or the “debt snowball” concepts in personal finance. Ramsey is also a wealth of information for business owners and the methodology that made him successful is very well explained in Between-leadership (a mixture of “entrepreneurship” and “leadership”). Although not a requirement, it is best suited for Christian business owners who want to build a strong team and build a business you will be proud to own. Pro Tip: If you like the book, consider joining an advisory group of other small business owners across the United States via Between ELITE leadership. It’s incredibly beneficial to have a built-in support system…as business owners, you can feel lonely at the top!

#2: Traction by Geno Wickman

The Entrepreneurial Operating System® (often referred to as “EOS”) is a hands-on method to achieving the business success you’ve always imagined. It’s a tactical approach to managing your business on a daily, weekly, monthly and yearly basis. When we encounter an EOS company in our work, they are some of the strongest companies we have ever seen that are ripe for both organic growth and acquisition. If you’ve ever had a hard time staying focused or moving forward on something you know you need to do, you’ll appreciate the approach used in this book.

#3: profit first by Mike Michalowicz

Have you ever looked at your operating account and decided to reduce what you pay yourself in order to cover all the bills or payroll for your team? Or maybe you sort through your bills and only pay yourself if there’s anything left? It’s a common occurrence, but it’s not a sign of a healthy business. When you embrace what you learn in this book, you will pay yourself first and then allocate to expenses. The best practice percentage allocations in this book work, and if a business successfully follows the model (which requires a change in thinking and behavior), increased value is likely to follow. Side benefit: When you follow Profit First and your tax bill comes due, it’s not a stressful event because you have what you need in your tax account…it’s empowering!

Now you might be wondering, do we practice what we preach? We do! In fact, we use all three in concert by participating in our Interleadership Advisory Group twice a month, following EOS, and using Profit First with every income dollar we earn. In fact, since the implementation of the last two components in 2021, we had our best year yet!

Happy reading and let us know when you’re ready to start the conversation about maximizing the value of your business, whether you’re selling now or selling later.