How To Future Proof & Grow Business Value
MAKING BUSINESS EASY FOR PROFESSIONALS, CONSULTANTS, TECHNOLOGY STARTUPS, SERVICE BUSINESSES, SMB’s & SME’s
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Grow Business Value By Focusing On Building An Asset
Most people know that the objective of any business is to be profitable.
However, the part many entrepreneurs don’t focus enough on is the big picture.
Because even more important than profitability is creating long-term business value.
Ideally, you’re creating a wealth asset that gives you and your business options in the future.
Options like borrowing funds, expanding through franchising or even the ability to license your business, all of which become available avenues when it’s clear your business is valuable.
If you ever consider selling your business for retirement or to fund your next venture, having a business that is considered valuable will impact the outcome significantly.
Your Balance Sheet Only Tells Half The Story
A healthy balance sheet is excellent, but it doesn’t always guarantee future value.
Suppose you haven’t established critical business assets such as formal structures for operating your business, repeatable processes or embedded marketing systems.
In that case, future investors may not see the long-term value or even understand your business.
Having all of these things established adds importance and enforces your company’s true value by combining current and projected financials, brand value and market value.
The Imperative Of Sustainability & Being “The Investor”
To ensure you are working “on your business and not in your business” (as Michael Gerber, author of the E-Myth says), you need to implement The Imperative of sustainability.
This means you need to implement systems that help you plan, manage, campaign and reinvent your business, keeping you relevant and sustainable in the future.
To help you get started with The Imperative of sustainability in your business, we’ve identified four critical steps for you to follow.
4 Steps To Grow Your Business Value By Implementing Systems, Being Focused And Executing Consistently
Step 1 – Have A Plan Of Attraction
Before starting a prospective business, it’s essential to understand how the business will work.
Typically, this is achieved through a business plan.
This document outlines the management team, what you are selling, industry trends, marketing, how your business works, enlightening extras and converts your ideas into financial terms.
All wrapped up in a shiny, focused pitch.
Step 2 – Create A Management Operating System
Once your business is up and running, it’s important to establish a working rhythm through a management operating system.
This is a series of key activities for your business that ensure things get done.
Step 3 – Campaign
Any business just selling and not running disciplined marketing and advertising campaigns is missing out on sales opportunities.
The keyword in all of that is ‘disciplined.’
This means that you are running a specific campaign over 12 weeks, four times a year, on top of your day-to-day business.
This starts with planning, then, finally, sales conversion.
Step 4 – Focus On The Long Term
The last step is the most important.
Throughout our business, you’ll see us talk a lot about the big picture.
That’s because, for your business to be sustainable, your overall objective needs to be to build business value.
At The startup business, we don’t just want to help entrepreneurs to start their businesses.
We offer support right through to their business succession plan, opportunities for licensing, franchising and even selling your business.
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Living in New Zealand you are often disconnected from the rest of the world. While there are benefits with that, our market is tiny and that is the challenge when starting a new business. So working with Dr Ross McKenzie, we were able to come up with a different strategy to access a huge market by going global – and we have never looked back since!
Entrepreneur | Auckland – New Zealand
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