Operations and Improvement
Sound business operation requires the right foundations. This means access to accurate numbers and key measurements in a timely manner so you know what is happening in the business at any point in time.
Three main areas for business improvement include:
- Increasing Gross Profit margins,
- Reducing overheads,
- Growing sales.
- Regular meetings, monitoring and implementation of your strategies enable you to quickly see improvements to your profits.
- Many businesses fail because of a lack of planning. It is imperative that business owners manage, monitor and measure business performance to know where changes can be made, and to see that business plans are working.
Business owners must be able to regularly review and monitor performance, and make changes quickly.
What is wealth? To be wealthy simply means you can afford your lifestyle… now, and into the future. Business owners should manage their affairs to grow and build wealth – and look towards reducing input into the business, and ultimately retiring. There are many ways that this can be achieved.
Succession Planning (or exit strategy)
A succession plan will help your business transition smoothly to the new owner – and derive more value. It clearly outlines your timeframe, expected sales value and who is your targeted purchaser.
It is highly recommended to plan your exit early, the sooner the better. That way you have time on your side to maximise the value of your business for sale.
Once your timeline is set you can then clearly set measurable targets to reach your businesses full market potential for sale.
It is important to know who your targeted purchaser is, being your family, an investor, a new working owner or your business team. There are many different strategies and planning solutions depending on your ideal purchaser.. So get planning your exit strategy – right now!
Strategic Acquirers pay more for businesses.