The short answer
Kobi Simmat explains how modern people systems and process discipline create operational independence, and why these are the value levers buyers look for when assessing a business.
Key takeaways
- The three key ingredients for a successful business
- What modern management systems will look like as the industry evolves
- How small, daily changes in process can have large, long-term impact
Listen to the podcast
1 hr 4 minWatch the full interview
About this episode
How do you grow a business? This fundamental question circles around and around an entrepreneur’s head – whether it’s their first business or their fifth.
Our latest guest helps answer that question in precise detail. Kobi Simmat, CEO and Founder of Best Practice has spent 17 years growing his own portfolio of businesses, as well as helping his clients grow theirs. He lays out three steps to any successful business, and then gives listeners tangible instructions on how to get to the finish line.
There are so many lessons for entrepreneurs whether they are starting their journey, growing a business, or who have on eye on an eventual exit.
Chapters
- 10:36You grow from your very lowest point, and Kobi Simmat has a very relatable story to a lot of Australians whose families lived through the recession in the 1990s
- 16:00Best Practice ticks are found all across Australia as a point of pride for certified businesses, but a point of pride for Kobi was taking his business and spinning off a coaching arm - Next Practice - to help businesses be more impactful
- 21:23What will people and operations management systems look like in 2025? It’s a mix of who the workforce is going to be, what skills they’ll acquire in university, and what they can bring to the table
- 26:30Why do you even need a People Management system anyhow? Here are some of the greatest benefits and how to unlock its potential
- 42:00Concentration risk impacts the multiple in a business valuation. The best thing you can do to decrease your concentration risk is knowing the value drivers in your business
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About Kobi Simmat
Kobi Simmat is an Australian entrepreneur, investor, and a successful business advisor.
Kobi had a couple of attempts at starting businesses. Straight after his Uni degree, he started an assessment-based business in 2000. He was doing greenhouse assessments and energy audits for a number of organisations. Then GST came in and lots of little contracting businesses folded because doing BAS paperwork was too hard.
Kobi’s business was essentially one freelance skilled person helping people improve their business. He acted as an external set of eyes, identifying inefficiencies, then making adjustments to make a big difference to the client’s bottom line but at little cost.
In 2004, Kobi had a serious go at it with his own funding. He did a radical rebrand in 2009, and transformed what was previously an outsourced team, to a fully-fledged business.
As the Founder and CEO of Best Practice, Kobi shares his unique knowledge of the workplace and people management. Most importantly, he believes in people having fun.
He has conducted 20K business performance reviews, has been featured in ‘Top 50 Unsung Business Heroes’, and was a host at the 2020 Business Summit.
Connect with Kobi Simmat
About the show
Buy Grow Sell is hosted by Simon Bedard, founder and managing director of Exit Advisory Group, a boutique mergers and acquisitions advisory firm that helps Australian business owners value, prepare for and navigate a sale. Every conversation draws on real deals and the patterns behind them.
