All wise business mentors will tell you that you want to buy or grow a business with the "end game" in mind. Meaning, what do you want your business to achieve and how will you exit when the time is right? How will you grow your business and sell it?
My goal is to build my business up and sell for the highest price
If you want to build your business up as much as possible and sell for the highest price, there are a number of things you need to do:
- Maximise your capacity
- Achieve the greatest efficiency possible with each of your resources (facilities, people, machinery)
- Reduce costs
- Streamline and automate your operations
- Maintain reliable sales and cash flow
- Increase market share and protect against competitors
Plus, you will need to satisfy these success factors to generate income on the way through while being ready to sell when the time is right.
Having a clear set of goals, staying focussed and having the right support will get you there.
I want to grow my business and sell it:
- Do you have an action plan for achieving success in each of the areas listed above?
- Who will help you work towards and achieve each success factor?
Other tips for success
- Spend more time in sales - you have the most knowledge and passion and are the best person to make the "big sales"
- Focus on niche markets or customer groups that will generate the best returns
- Build a sales pipeline that attracts new business, converts sales and drives repeat business and referrals
- Establish a strong network and keep them educated and enthused about your products, services and goals
- Increase your price, provide excellent customer service and value while remaining competitive
Maximising your sales price
- Can you demonstrate a strong profit story?
- Can you reduce debt?
- Can you lock in long-term contracts?
- Are you investing in the brand and is it protected?
Want more information?
For more information and a step-by-step guide on how you can prepare your business for sale, click on the image above to instantly download the Archer Gowland PDF White Paper "Building a Saleable Business – A FREE Guide for SMEs" written by Ian Walker.