Learning From Other’s Mistakes

Updated: Sep 24

5 Strategies to Master Business Success


I’m sure you can think of a time when you knew better... but didn’t act on it and that cost you in the long run. A wrong decision can affect your business and your life far more than expected.


In the 20th century, Kodak was at the top of the photography industry. They had successfully transitioned the business to benefit the general public; first inaccessible and expensive, then convenient and affordable. However, the development of digital cameras changed their trajectory.


Sadly, Kodak ignored the idea of this digital transformation. Their COI - Cost of Inaction - destroyed their position in the industry and caused the company to fail.


None of us have a crystal ball to know what will happen in the future. And it is definitely easier to Monday morning quarterback what they should have done. Mistakes are going to happen. So, how do you not fall in the Kodak or Blockbuster pit? There are a few steps you can take to avoid it.

  1. Work with a mentor or business coach. Learn from the wisdom of others who have been there already. As Tony Robbins likes to say, “Take what took me a decade to learn and learn it in a day.”

  2. Know your goal. Where do you want to take the business? Having a roadmap of where you want to go helps you stay the course and also judge if it’s time to take a detour.

  3. Have a strategy or plan. A written strategy or plan helps keep you focused on the long-term goals of the business.

  4. Be a part of a peer group. None of us is as smart as all of us.

  5. Know your business. Where is it succeeding and where is it struggling?


Preparing to Transition

Every business on the planet will eventually transition. That is an undeniable fact.


And 83% of businesses that attempt to transition fail to do so. That means only 1 in 6 businesses gets to the finish line. That’s right - only 17% of business owners will be able to transition on their terms.


The biggest reason most businesses fail to reach the finish line is that they are not prepared for transition. This is a once-in-a-lifetime transition for most business owners. Kodak’s lack of preparation caused them to miss their opportunity to transition, so they wound up not being included in the successful 17%.


At Mastery Partners, our mission is to equip business owners to prepare their business for transition. We have the know-how and real-world experience they need to get the results they want to maximize business value in their business. I’ve completed 100 business transactions myself (as either the buyer or the seller) with a 100% success rate, so I know what it takes to get businesses to the point to successfully transition them. Simply put, we help business owners prepare for their ultimate transition.


We are also about taking massive action. Don’t let the COI affect your ROI. Here’s how we can help.


Our Helpful Solution


The Maximize Business Value MasterYclass is a 12-month program where you can join a select group of business owners who meet for 3 hours once a month working through our Transaction Readiness Assessment (TRA), expanding your business toolbox through workshops and presentations, and expand your network with other business owners. Every MasterYclass participant also receives one hour of coaching monthly with me 1-on-1 to talk about your business and how to use the tools we provide to maximize business value for their specific business.


How does it work?

  • Attend live virtual sessions monthly with me and other Mastery Partners

  • We’ll walk you through our signature assessment tool (TRA) so you’ll know exactly how ready you are for your future transition.

  • Get great business insights from me and our partners - things you can do immediately to improve the value of your business

  • Expand your network as a part of a small group of fellow business owners, so you can work and learn together with a group of people who are in the same boat

  • Expand your business toolbox

  • Monthly one-on-one coaching with me


Leadership Toolbox

In addition to working through our proprietary Transition Readiness Assessment, which helps clearly identify risks and opportunities to improve your business, we’ll have monthly workshops to build a leadership toolbox where we’ll give you actionable things you can do in your business that you can easily implement immediately. Lessons include:

  • Productivity

  • Ivy Lee Method

  • NET - Time Savers

  • Intentional Procrastination

  • Taking Massive Action

  • Financial Planning

  • Budgeting

  • Cash Flow Modeling

  • Key Performance Indicators

  • Culture Index

  • EOS / Traction

  • Story Branding

  • Growth Strategies

  • The Green Box Exercise

  • And more!!


Sharpen the Saw

Over the years, I’ve really learned the value of sharpening the saw. A commitment to lifelong learning has taught me many things that I have been able to implement in my businesses and in my life. This commitment to learning, and then applying my newfound knowledge, is the #1 reason I’ve been able to successfully buy, build, and transition my businesses. And I’m passionate about sharing my knowledge with other business owners.


Find Out What Your Business is Really Worth

And, in our last class, we’ll even provide you with an Opinion of Enterprise Value to tell you what your business is really worth today.


Look, it doesn’t matter if that transition is going to be in 2 years or 15 years, business owners should always think with the end in mind.


Don't be like Kodak. I encourage you to take action today to advance your place in your industry. Don’t wait - this will have a huge impact on the future value and transferability of your business!


Want to learn more?


Click this link to join us for a free webinar at 10:30a CST to learn everything there is to know about the MasterYclass live webinar on October 14th.


Or - if you’re ready to join the next MasterYclass - you can learn more and sign up here!


ABOUT THE AUTHOR

Tom Bronson is the founder and President of Mastery Partners, a company that helps business owners maximize business value, design exit strategy, and transition their business on their terms. Mastery utilizes proven techniques and strategies that dramatically improve business value that was developed during Tom’s career 100 business transactions as either a business buyer or seller. As a business owner himself, he has been in your situation a hundred times, and he knows what it takes to craft the right strategy. Bronson is passionate about helping business owners and has the experience to do it. Want to chat more or think Tom can help you? Reach out at tom@masterypartners.com or check out his book, Maximize Business Value, Begin with The Exit in Mind (2020).


Mastery Partners, where our mission is to equip business owners to Maximize Business Value so they can transition their business on their terms. Our mission was born from the lessons we’ve learned from over 100 business transactions, which fuels our desire to share our experiences and wisdom so you can succeed.

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