Caught in the economic downturn?
The key to operating a successful business and making money in an economic downturn or recession is to know where your business performs well and where it can improve.
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A "Business Value Gap" is the difference between the value of your business today and what you need it to be at time of sale. A shortfall can have a significant impact on your retirement plans and may force you to reassess your desired standard of living in retirement.
Worst case - it can mean you can't afford to sell.
As business owners we often want to feel essential to the success of our business. Some common quotes from business owners are:
“My Customers are totally loyal to me”
“I am the face of my business”
“My clients will only deal with me personally”
In uncertain times or slowing sales, you need to move quickly to protect your bottom line.
Ignoring or delaying a decision to 'cut' the fat from your business will significantly impact your business' performance, cash flow and future survival.
It is critical that business owners have a succession strategy. Many people are led to believe that succession means selling.
This isn't necessarily the case, however, as there are a variety of succession strategies available that are not widely considered by business owners.
If you're in business, you should be aware of the changing nature of accounting software. Historically the most common business accounting software for small business was MYOB or Quicken. However the past few years has seen a seismic shift to Cloud accounting.
You've grown your business gradually, and now your mind turns to collecting your reward from your investment of capital, know-how and years of effort.
Achieving the most money for your business requires the same diligence it took to grow it.
So how can you ensure you receive a return for your efforts?