As we approach the end of the year, are now the perfect time to plan and your company's goals for 2011 reset to start, let's go through these simple questions:
- you know how much your business is worth
- is the number that you are based thinking based on market value, the result & analysis, which said a friend, or the number of what you need to retire?
We need to measure a fixed starting point when goals and achievements adjust. Look at it this way. If you want to lose weight and a diet on it is important to first know what you weigh before you set a goal and timetable.
Once you we have to work your company's value to increase a base.
Here are 8 things you can do your company's value to increase:
- Specify the market a "first-place" to be recommended. typically buy companies with market-leading products and services Larger companies that want to buy like yours private companies. If you narrowed your market focus could argue you leadership? For example, instead of defining itself as a different commercial cleaning company, you could have your company position the "leading film and film studio cleaning business in Greater Vancouver" to be. Find your niche and own it.
- implementing contracts with survivors clauses. We just had a situation where the owner of a company away we and its material contracts were sold failed transferable. This led to a major problem for the company to move forward. Make sure that you move as many customers as you can long-term written contracts that survives a change in corporate ownership.
- Diversify your customers. If you lose your two biggest accounts, what will happen your business? What can you do to reduce your reliance on a handful of large customers?
- It is on steady profit-margin growth. Can you reduce prices or the cost increase to improve your profit margin? see companies looking for acquisitions as an increase in your margin, which a sign is often that you have something unique to the market.
- Enter Manager real responsibility. your manager you will advise you in all areas of your business or go the problems themselves? Give your team responsibility to manage tasks independently and if you can, take an extended vacation with a good team in place to ensure that the company without you being able to run.
- Build a team full "A" s. One of the worst things that can happen is to have led the fluctuation in the sale of your company. With the beginning of the year now is the time to replace someone who you do not see as a long term domicile. update
- Upgrade your site. as potential buyers develop an interest in your company, do the first thing is google the name of your company. Do you have a website? When was the last time it was updated? Do you have social media accounts such as Twitter, Facebook fan pages and a Corporate LinkedIn account? Are they active and your customers can see several ways?
- Develop a predictable, recurring revenue stream. buyers in the market today want to know how your business will earn them money continues. Models to achieve this objective are memberships, subscriptions, service contracts, licensing, online courses, etc. What do you currently have in place and what you created before next year?
These are just some of the things you can do to increase the value of your company. For a more detailed plan, please send me an email.
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