Today we’re gonna talk about your brand. You know, you probably noticed that you’re at The Sustainable Business. And you’ll be correct if you thought my business is about helping business owners create a sustainable business – the one that will last past you.
You know, when I talk about sustainable business, people will often ask me, what’s the most important thing that someone needs to do, to create an economically sustainable business? You might even be surprised by my answer, and that’s what the topic of today’s video is all about.
Today we’re gonna talk about your brand. You know, you probably noticed that you’re at The Sustainable Business. And you’ll be correct if you thought my business is about helping business owners create a sustainable business. But you also might have a question about what type of sustainable business. And for me, a sustainable business is really, the definition is really quite simple.
A sustainable business is one that will last past you. It’s a business that, at some point in the future, someone else would wanna own. But I often get questions about, well when you say sustainable business, do you mean environmentally sustainable? Well I think environmentally sustainable is a really important and good thing. But in this particular case, a sustainable business is one that’s personally, and economically, sustainable and one that’s gonna last past you.
You know, when I talk about sustainable business, people will often ask me, what’s the most important thing that someone needs to do, to create an economically sustainable business? You know, one that’s gonna last past you? And you might even be surprised by my answer. And that’s what the topic of today’s video is all about.
Hi, I’m Josh Patrick the founder of Stage 2 Planning Partners and The Sustainable Business. I’m also the one who’s responsible for putting together our Cracking the Cash Flow Code Program and I’m also the author of Sustainable: A Fable About Creating a Personally and Economically Sustainable Business.
So here it is, the number one thing you need to do to create a sustainable business. Drum roll, are you ready? This is really a big thing.
You have to take yourself out of the day-to-day operations of your business and not have the business be about you. Now I call this becoming operationally irrelevant. And I wanna tell you about why it’s so important.
You know, a lot of businesses are named after yourself. In fact, my wealth management business, used to be called The Patrick Group. And I realized that The Patrick Group was a really bad name for our business because then it was about me. And the second thing is, I couldn’t use the name to get someone to ask me a question.
So right now, the business is called Stage 2 Planning Partners. Now when I tell someone that I’m from Stage 2 Planning Partners, or I’m from The Sustainable Business, I’m gonna have a lot of times that people come to me and say, okay, what’s stage one, or is there a stage three, or what’s stage two? And with a sustainable business, people are gonna say, well what do you mean by a sustainable business?
So I get a chance to ask ask the why and give people a reason of why the business is named the way it is.
Now you wanna be the spokesman for the business, not the star for your business. You know, Tony Robbins has created a great business, big business, huge business, but it’s all based on Tony. So my question to Tony would be, okay, what happens after you stop working, or you can’t work anymore? Now, there’s a pretty good chance he’s gonna say, I don’t really care, because Tony is the business.
Now when I compare that to Apple Computer, Steve Jobs was the spokesman of Apple. It wasn’t Steve Jobs and Company, it was Apple Computer Company, or today, it’s just plain Apple. Tim Cook came in, took over from Steve Jobs, after Steve died. Business is continuing on. And Tim is also the spokesman for Apple. And now, he’s expanded it to lots of people being the spokesman for Apple. You want your business to be the star, you don’t wanna be the star of your business.
Now this is only if you wanna have your business last past you. It’s perfectly fine for you to be the star of your business. Just realize that it’s gonna be very difficult to transfer your business to somebody else, ’cause if you’re the star of your business, the next owner of the business, is not gonna want to have you be the star. And they need to have the business being the star. So you’re making it very, very difficult to transfer your business if you wanna transfer your business in the future, if you’re the star of your business.
Even if you have a professional service company, you don’t wanna be the star of your business, you want your business to be the star. So make sure that when you name your business, that it’s named, not after you, but something that will get you questions, like Stage 2 Planning or The Sustainable Business.
So I got a question for you.
What do you think about your business being the star and not you? Remember, when someone decides to buy your business, they want your business, they want your cash flow, they want your people, they want your systems, they want the methods, but they don’t want you, and they certainly don’t want your name.
So why don’t you leave a comment below, let me know what you think about not having your company be about you, or you being the star of your company. And while you’re at it, why don’t you DOWNLOAD our FREE Infographic on Cracking The Cash Flow Code. After all, the number one issue that all business owners, I know, face is there’s just not enough cash in the business.
So this is Josh Patrick, you’re at The Sustainable Business. Thanks a lot for stopping by. I hope to see you back here really soon.