Whatever you do in your business, remember that every decision you make as you grow should be directed to your companies future value, even if selling it is not on your radar right now.
There are multiple ways that you can focus on building the value and by value I mean value to a third party, someone other than you.
In no particular order these are my top 5:
1. A profitable business, after you have paid all your bills AND paid yourself the same as if you employed someone to come in and do your work.
2. A reliable customer base that buys from you multiple times each year.
3. Consistent quality Marketing that drives leads into your business and provides consistent sales.
4. That the business does not rely on either YOU, one specific customer or one specific supplier in order to function and be profitable
5. An organised and efficient system for running your business processes that requires only 1 touch by a team or a staff member on any particular thing.
Always be aware that the more the business relies solely on you the less valuable it is to someone else. Being indispensable might feel good but it will cost you dearly if and when you decide to sell. As the Business Owner you should be looking to make yourself redundant (not literally:)) by hiring early to relieve your workload and by leading your team, not managing the work.
If I had my time all over again then I would have built my first business to sell, not to work in, the danger of just creating a job for yourself is all to apparent and that is counter intuitive to living the life of your dreams. Building a business to sell will also mean that when the time comes ’sellers remorse’ never arises and you will have no regrets.
Remember that ‘being in business should give you more life’ not just be your life.
Would you like a quick assessment of the current Value of your Business? Here at ActionCOACH West Dorset we are proud to offer The Value Builder System – a statistically proven method for increasing the value of your business. Discover your current business value in minutes HERE.
Once completed, we will create a custom report detailing your score. This is based on the 8 factors that drive the value of your company, along with some suggestions for improving your score.
