Ronen Shefer, BusinessExit.com
Ask yourself this question; If you decided to take six months off from the business – as opposed to the old “what happen if you get hit by a bus” question – can your business survive without you for an extended period of time? If your answer is Yes, congratulations! You have achieved something most business owners only dream about. If your answer is No however, you should consider implementing strategies to lessen the business dependency on you.
Ronen Shefer, BusinessExit.com
50% of business fail within the first 5 years of business and less than 1/3 of businesses survive 10 years+. Many of these companies failed simply due to their inability to juggle multiple areas of their businesses at once. The dropping of the ball when it comes to financial planning and monitoring, marketing, staffing, inventory management, order processing, customer mining and acquisition, billing, to only name a few, can be devastating to a company’s vitality.
Are you finally pushing profit margins into the green? Great! But do not jump on the expansion wagon just yet… Take a breather, reassess and make sure that your business ticks the boxes (or at least most of them) that signal you are ready for growth.
When is the last time you reflected on why you started your business?
Was it for a stream of income to provide for your family? Or was it also about building a business that created a value that you’d cash out on one day? To be able to do that and to maximize the value you’ll receive, you’ll need a sustainable business model to pass along. It’s all set up in your business plan. I have a special approach for my clients that makes a huge difference to the sale price of their business.
