Begin with the End in Mind
The 2nd Habit of Stephen Covey’s 7 Habits of Highly Successful People is: Begin with the End in Mind. Yet, most business owners don’t have a plan for how their business will end. Failing to plan for your business’ exit leads to subpar results and disappointment.
Do you know a business owner who had to simply shut down a business because there wasn’t a buyer or there wasn’t a plan of how to transition? Many business owners assume that they will be able to pass their business along to their children. Often, children decide to go in their own direction rather than take over the family business.
If you are business owner, how can you ensure that you plan for the future so you can leave your business on your own terms? Below I share with you 5 key strategies to increase your options when the time comes to sell your business.
Know Your Numbers
The success of a business of is rarely visible from the outside looking in. Many businesses who appear to be very successful are actually in debt or barely breaking even. To ensure your business is healthy and attractive to potential buyers, you need to know your numbers. If you don’t know your numbers, connect with a CPA or Business Consultant who can help you understand your key indicators such as your profit/loss statement, balance sheet, cash flow, etc.
At Rock My Image, we work with our clients to ensure that we focus on marketing their products and services that deliver the highest profit margin. Marketing the wrong product or service can do more damage than good. As a business consultant, we also work with our clients to strategize their pricing to deliver the best experience and value for their clients and profitabilty for their business.
If you say that your business works with anyone, you are not increasing your opportunities you are actually reducing them. By saying you work with anyone, you are watering down your message. I’m sure you have heard that the riches are in the niches. The reason this is true is that consumers, clients and patients are looking for a personalized experience. If you cater too many segments, you cannot provide an elevated experience.
One of our clients, Steve Watrel, P.A. is a personal injury attorney. Steve provides many legal services that span a broad spectrum. It would have been easy for Steve to try to market to all the clients he could serve. However, Steve made the wise choice of specializing and leveraging his expertise. Steve was well known in the legal community for his work with nursing home abuse and nursing home neglect. He decided to focus on this niche and position himself as the Nursing Home Abuse Expert.
By being different than his competitors, Steve Watrel, P.A. was able to be known as the go to authority for nursing home cases. Other attorneys and professionals began to refer cases to Steve and his firm. Steve was able to leverage his success and was recently acquired by Coker Law Firm.
As your business grows, there will be more tasks and responsibilities than you can handle. Hiring new team members is a great way to grow your business, but labor is costly and will strain your cash flow. One way that you can continue to grow while also reducing your work load is to leverage systems.
The 80/20 rule states that 80% of your results come from 20% of your efforts. To effectively leverage your time, you will want to create systems for the tasks that are not part of highest value work (your 20%).
At Rock My Image, we leverage marketing automation and other marketing systems for our clients. These workflows allow actions to be triggered automatically saving our clients numerous hours so they can focus on their most important work.
Claim Your Stage
As your business begins to see success, more opportunities will be revealed. Be ready to grab these opportunities and claim your stage as the rockstar profession in your industry. If you are like me, you may not gravitate towards the limelight, but if you believe in what you do – it is your duty to share your talents and gifts with the world. If you avoid sharing your story, you are being a disservice to those you can truly help and impact.
Here’s an example of claiming your stage from one of our clients, Ryan Melin, President of Innovative Construction Group. Ryan has been growing his company for 10 years. ICG’s success stems from their pursuit of innovation, proven systems, willingness to specialize in off-site construction and Ryan’s willingness to claim his stage.
Over the last year and half, Ryan has stepped into the spotlight to share his company’s vision. Ryan has spoke on numerous stages and panels, has been appointed positions on prestigious industry boards and has shared his story on video.
Ryan and ICG’s hard work and dedication recently paid off when PulteGroup, Inc. announced acquisition of ICG.
Create Your Success Team
Systems can help leverage your time, but there are some areas where you cannot use systems or do not have the knowledge to do so effectively. In these cases, it is important for you to build a success team of experts who you can rely on. These partners can be internal members, contractors or vendors. By handing off a portion of your responsibilities to your success team, you can focus your time and effort on your key talents.
Rock My Image provides business, sales and marketing expertise for small and medium sized businesses. We implement proven frameworks and systems in conjunction with key metrics to measure success. Whether it is mapping your Customer Value Journey, developing lead generation strategies and systems, or projecting your future profits with our Profit Acceleration Software, we have a solution to meet your needs.
Ready to Start Your Plan?
If you are ready to claim your stage and elevate your results, lets jump on a call to see how we can help. Click here to take the first step to your bold vision.Click to Take the First Step