Are you really building a valuable business?
Something to sell – What is it you will actually have to sell? Is your business robust, with an established reputation, a strong management team, a reliable workforce and fully systematised?
Less dependence on you – The less dependent the business is on you the more valuable it is likely to be to a buyer. If you are a major part of your business then it has zero value without you. You need to work towards a business which can function without you. In doing so, not only will you create value but you will make your own life so much easier as well.
Strong management – A strong management team will not only allow you to step back but will build a more resilient business with shared responsibility. As you develop the team you will find the business better able to anticipate and deal with the inevitable problems you will encounter on your journey.
Reliable workforce – As the business owner you will set the business strategy which management are tasked with delivering. If they are to succeed in doing so you will need a reliable, properly structured workforce. Your employees need to feel valued, so will be looking for clearly defined roles and genuine career opportunities. This all needs to be supported by both in house and external training and a great working environment. Get this right and you should find it far easier to attract and retain great team members who can be offered a rewarding and challenging role, which helps to grow your business.
Systemisation – Most small businesses develop in a fairly unstructured way with little in the way of formal systems. If your business is to operate at its most efficient, and especially without you, it needs to be fully systematised. Of course, if those systems aren’t actually recorded they won’t be followed and you’ll never be able to fully step back form day to day involvement.
We understand that this requires a lot of work on your part and you’re already stretched running the business you have now, let alone the one you’d like it to be. We can work with you, following a logical roadmap for your business to address these areas in a step by step way resulting in a business which is more robust, easier to manage, making more profit and hence is more valuable.
Disclaimer: The information in this article is provided for general information only and does not constitute legal or professional advice. We cannot accept responsibility or liability for any actions you may take, or not take, based on this information.