Will your business be more valuable
this time next year?
For many, January is a time of
rebirth and resolutions. It’s a month to reflect on last year’s achievements
and to set goals for the year ahead.
Some people will set personal
goals like losing weight or quitting a nasty habit, and most company owners
will set business goals that focus on hitting certain turnover or profit
milestones. But if your goal is to own a more valuable business
in 2015, you may want to plan around some of the following areas:
·
Write
down at least one process per month. You know you need to document your
systems, but you may be overwhelmed by the task of taking what’s inside your
head and putting it down in writing for others to follow. Resolve to document
one system a month and by the end of the year you’ll own a more sellable
company.
·
Offload
at least one customer relationship. If you’re like most business owners, you’re
still your company’s best salesperson, but this can be a liability in the eyes
of an acquirer, which is why you should wean your customers off relying on you
as their point person. By the time you sell, none of your key customers should
think of you as their relationship manager.
·
Create
a recurring revenue stream. Valuable companies can look into the future and see
where their revenue is going to come from. Recurring revenue models can vary
from charging customers a small amount for a special level of service to
offering a warranty or service contract.
·
Get
your Sellability Score. All goals start with a benchmark of where you’re at
today, and by understanding your company’s Sellability Score, you can pinpoint
how you’re doing now and which areas of your business are dragging down your
company’s value.
A lot of company owners will set New
Year’s resolutions around their turnover or profits for the year ahead, but
those goals are blunt instruments. Instead of just building a bigger company,
also consider making 2015 the year you build a more valuable one.
Ensure that you don’t begin
2015 without a focused plan by completing the Scalability score now and
incorporating findings in what will then be your biggest year yet! Its fast, its free and confidential!
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