Having a business you can count on year after year to come through for you is a good feeling.
So, what is it that stands out about your business?
From doing well with sales and revenue to great employees and more, your goal should be a long run.
That said do you think you have a business that will survive the long haul?
Are There Things You Can Do Better?
As you may look to add value to your company starting today, focus in on the following:
- Increasing sales and revenue – How good of a job have you’ve been doing when it comes to bettering sales and revenue. Without strong sales, it stands to reason your revenue stream is going to suffer. That said look at how you can always be improving sales. For example, customer discounts, memberships and more can help you out here. The more you do to help customers save money, the better chances you have to increase sales. Also look at what you charge compared to the competition. As an example, say you operate a gas station across the street from a competitor. If they are selling gas at $6 a gallon for regular unleaded, think about selling yours at $5.70. Although that is 30 cents less for each sale on the asking price, odds are you will make up for it and then some. That is because more drivers are likely to come to you when they see the cheaper price. If you have a mini-mart at your station too, this can lead to added sales. That is as more customers come by and do business with you.
- Hiring the top talent – You can never sleep on hiring the top talent. With that in mind, have you been bringing in the best people over time? Not only does experience for each position matter, you also want people to give 100 percent each time out. So, think long and hard about the people you hire. Also make it so employees have incentives to want to stay with you as time passes by. Not having a revolving door of employees can go a long way in providing stability and success. Finally, provide a fun atmosphere with which to work in. As important as a good salary, benefits and more are, you want people enjoying the jobs they do for you.
- Knowing when it may be time to move on – Last, there may well come a day where you are pressed with a major decision. That decision would be if it is wise to sell the business. That said it can be one of the toughest calls you will have to make. What you do not want to have happen is your business is in such a bad financial position that you are forced to sell. In deciding when to go about selling a business, weigh a variety of factors. These include finances, how your industry is doing, how motivated you are to continue owning and so on. If selling makes sense sooner than later, you may well have to do it.
- To maximize the purchase price of your business, consider working with an exit planning professional.
In reviewing if your business has what it takes to survive, what are you seeing before your very own eyes?