Business owners often believe that they are their business and that it has no value without their personal expertise.
So if this is you, and what you sell, like a PR consultant or plumber, is your experience and knowledge, how do you change your business from a lifestyle into a valuable asset – one that can be sold.
To grow a knowledge-based business, it first has to be teachable so your employees can learn how to deliver the service. So how do you condense years of school and on-the-job learning into a few weeks of employee training? Especially as the more specialised and therefore valuable your knowledge, the harder it is to hand over work to employees.
The key to scaling a service business is often found in prevention; simply stop customers from calling you in the first place. Start selling prevention rather than the cure.
For example a plumber can teach an employee routine maintenance of a boiler, much easier than fault finding.
A dentist takes years to acquire the skills to successfully complete a root canal, but it’s relatively easy to train a hygienist to perform a regular scale and polish.
It’s no trouble for an letting agent to hire someone to clean the gutters once a month, but repairing a flooded basement caused by clogged gutters is much more difficult.
Only a very experienced car mechanic can overhaul a seized engine, but he can train a lot of junior mechanic’s to change the oil and prevent the problem.
In a IT support company, only the experienced engineer can restore a customer’s network after a virus infection, but preventing the virus by installing and maintaining the latest anti-virus software is a simple task for a much less experienced employee.
The added benefit of building your business in this way is that customers will often pay regularly for maintenance services, providing regular