All the decisions you make should be directed towards increasing value within your company, even if you don’t intend to sell for years to come.
Here are five factors that will make your company appealing to an outsider:
- A healthy income stream
- A substantial profit after all costs and overhead are paid out
- A proven plan of marketing that produces consistent sales
- A strong client/customer base
- An organised, efficient work-flow system
The sixth, and perhaps the most important factor is: If you leave the business, what happens to it?
Sell Your Business, Not Your Ego
Service providers beware: The more your business relies solely on you, the less valuable it is. Your “irreplaceability” may do wonders for your ego but little for your pocketbook when it comes time to sell the business. Your business should solely rely on what it is you do. You may have started a business to sell your expertise, but if you can’t teach what you sell then how much faith do you really have in your skills?
By building value in your business, you are preparing for a brighter future. In short, you are opening your business up to many more opportunities. It’s never too late to set your business up as if you were going to sell it… that way you’ll be ready, should the need arise, rather than regretting what you might have done, “if only you’d have…”
There are lots of unique problems you may encounter as a business owner. In fact it can be a very lonely mindset to exist in. As a business growth specialist, my mission is to help you grow your business and make it work for you!
