Like all things owned, there is a resale value. To protect these investments, you need to take care of them. Your home is a large investment and to keep it that way you choose to update to modern appliances, add on to your space, or at the very least you make the necessary repairs needed to keep your home running. You have a nice car, you keep up with the routine maintenance such as the oil changes, not just to keep it running but also to protect your investment. What if you decide to sell your car or your home? Are you ready? Most people are NOT.
Like all things of value, your business needs ready for resale at any moment, even if you do NOT plan to sell it in the near future. Here are 7 tips to plan for the future of your business.
Related Topic: 5 Tips to reach your goal to grow your business
1. Write a complete business plan
If you are just starting out and need funding, or you are running a successful company, writing down a business plan helps you consider and tract all aspects of your company. It’s important to have set goals, a mission and be aware of your operational costs and what part of your business is sustaining the others. Write down a business plan and have a clear account for the following:
- Tangible Assets: equipment; property;
- Insurance: What exactly is covered?
- Finances: How much does it cost to run your business? What do you owe?
- Cash flow: Are people paying their bills on time?
- Profit: After all the bills are paid, what is the profit, per month, quarter, year?
- Expenses: marketing; cost of running business; payroll; etc.
- Your competition: Who are they and what are you doing better to compete?
2. Analyze your customer base
Is your revenue based on a few large clients or multiple smaller clients? This is important because like the stock market, you wouldn’t want to put all your eggs in one basket. It’s important to have cash flow to come from multiple places including multiple large clients to protech your investment and to grow your business.
Related Topic: 5 Customer service practices in 2017
3. Access your advantage
What makes your business special, what do you offer that adds value to your customers and business that your competition does not have? It’s important to know this and to be honest with yourself and with anyone that asks.
4. Marketing and Sales
Define your process, what is it that you do to generate sales? Certainly today, Sales is more than just about the product. It’s about the experience, validity of the company and their policies, and yes, the product has to deliver satisfaction. Most of all it’s about the business relationship, does your company rectify problems? By knowing the value of your product to the customer and having a sales force to share this is a clearly defined transparent way is a refreshing way to do business.
5. Automated technology
It is always desirable to be able to produce more by doing less. By creating an automated work environment you are streamlining the process while documenting all the efforts. Managed Print Services, among other unique customer oriented set-ups can produce a great ROI in saving time and money, with very minor tweaks along the way.
Related Topic: IT Standard in a growing office
6. Have your financials in tact
Having a clear and easy to use financial data and reporting system is the key to running a successful company. Full transparency is always desirable from the accountant to the auditor, it shows that you are authentic and have nothing to hide. Protect your business with transparency.
7. Work culture
Lastly, define and build your work culture to reflect the values that you hold dear. Build happy employees that are aligned and engaged with your goals as a company and what you want to deliver to your clients. People that work creatively together as a team is a valuable asset that will produce ROI!
Related Topic: 4 Tips to hire the best talent in 2017
For more information on how to make your business run better...