Enduring a challenging phase? There's a good chance that you may be feeling a bit flat and equally this could be impacting on your business. If you are finding that you are now grinding along then it is time to re-ignite your passion for your business. It's time to pimp your business for selling.Review your business plan. Your business may have changed – from the overall business climate to your product line, services, staffing and sales. Take those changes into consideration, factor in your ‘now’ goals and get a clear assessment of the direction you wish to take your business, then formulate your ‘to-do’ pimp list and change up a gear.
Be clear on what's important to your business to lift your business’ performance. Benchmark key indicators, this will allow you to determine the effectiveness and efficiency of your strategies. Start with ways to energise then expand your business through innovation, adopting new ways of taking your business forward. Keep track of where your business has been and what you are now achieving – this score keeping reinforces your investment in the things that matter most, this will help when preparing your business for selling.
Enlist and engage the assistance of your employees, keeping them involved keeps them interested and motivated. They will have identified areas of your business where improvements can be made which directly impacts on the profitability.
Once you have gone back and reviewed the basics of your business you can then focus on key areas where improvements can be made. Cashflow is the key to any successful business so get your accounts in order and make sure it's all going through the books when it comes time to sell, a healthy bottom line is very attractive to prospective business buyers.
Does your brand feel tired? Redefine your position then develop and implement a programme to embrace and promote your new look. Take a fresh look at your premises. Is your maintenance work up to date. It is time to modernise the décor, replace, fix, clean and paint? Get rid of stuff. It takes up room, it clutters and is surplus to requirement. Sell dated stock and realise the value of any surplus plant.
Now you are ready to build your business - think big, be big. Market your business - don't just rely on your current client base. Push for new business and be sales focused. Explore other revenue or sales channels that fit with your business. Inspire your sales team and lead by example. Identify and set new sales goals and measure and reward results.
Move forward a little every day by increasing profits, reducing costs, increasing your client base, expanding markets and becoming more visible in the community. By giving your business a boost, you'll feel more engaged, your profitability will improve and you will make more money the day you sell.
Find out more on Preparing your Business for Sale and organising your business for selling.
Richard O'Brien - nzbizbuysell
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