Nancy and I don’t watch much TV, but we do enjoy ABC’s Shark Tank. The questions asked by the sharks are the same questions all business owners need to ask themselves about their own firms.
There are always lots of questions about the value of the company. Every week the sharks ask about the cost of customer acquisition, profit margins, manufacturing costs, annual sales, forecasts, and marketing strategies.
- Take a peek at the show and imagine how well you would make out ‘in the tank.’
- Could you answer those questions?
- Would a shark invest in your appraisal business?
- Would YOU invest in your business?
Think like a shark. Be your own business analyst. Look at your marketing strategy, your sales program, your expertise, your competitive edge, your unique selling proposition, and how well you manage your time and resources.
One of my favorite sharks is Mark Cuban. He owns the Dallas Mavericks and is a very energetic, enthusiastic, entrepreneur.
Mark understands the value of his time. Here’s one of my favorite quotes from Mark:
“Time is the most precious commodity. Time is more valuable than money. How effectively you manage your time will have far more impact on your success than any amount of money.”
I just finished reading Daymon John’s book The Power of Broke.
It’s a good read with practical advice for any business owner. Check it out.