A growing business is a valuable business. Buyers want to see consistency in the upward direction when considering whether or not to purchase.
Your management team should be actively focusing and aligning your resources at a high level to create the right conditions for your business to succeed and grow. The key word here is “high level.” The daily grind can keep us from looking at the big picture and it will pay off in the long run if you step back and examine your high level plans in light of building value. Take the time to consider the following aspects of your business with your team of advisors:
Having a broader vision than the immediate future will help you make the right decisions now to have the company you want — valued where you want — tomorrow. Do you know your business’ vision statement? Do your managers and employees? If not, delve into what you want your company to become. Find your vision, make it clear and drill it into the fiber of every corner of your business. Make sure everybody in your company, from your newest intern to your CEO, is aligned with this vision.
Listen to your customers. Are you delivering what they want? Are you focusing on the right products and services? Tools like SurveyMonkey make it easy and affordable to ask your customers directly about their experience and find out what they would like to see change. Happy customers are devoted customers. They're also evangelists for your brand who can help grow your business, but only if you're listening closely enough to take action and deliver what they really want.
Your company’s culture, your people and your innovation are central to making your business strong enough to grow with viability. A business with great people is a valuable business. Great people want a workplace they enjoy. Are your people happy? Are they innovative? Both of these questions will likely tie back to your company culture. Fight the urge to assume and take the time to find out what your employees think. Just like with your customers, listen and take action accordingly. Good culture, people and innovation will carve out a solid path for your business into the future.
Speak with an expert about transitioning your business.