Sometimes the motivation to get something done can result in unexpected benefits. If you own a business you may not be thinking of selling it right now. But what if the measures you took to prepare it for sale actually improved its sellability anyway?
Just as mystery shoppers are used by retailers and service providers to get a clear measure of how they are performing from a customer perspective, so looking at your business from the viewpoint of selling it can open you up to all sorts of ideas of how you might improve how it runs.
Imagine yourself as the prospective buyer of your own business. What would you ask yourself?
- How dependent is it on the personal involvement of the current owner
- What kind of gaps would you have to fill in the owner’s absence?
- Are there authorisations in place that allow it to run smoothly on its own steam?
- Are the processes and procedures properly documented and followed?
- What is the management structure like?
It is a case of how you work on your business, not just in it. If it feels like you’ve been sucked into a vortex of over-involvement where you can’t leave your business alone without fear of it going off the rails, then you need to think about how it is structured. More importantly, how does this appear to others? Do they see your business the same way you do?
Benchmarking your business is like having your home valued. It gives you a clear idea of how your business appears from a wider perspective. It also provides essential guidance for how best to prepare your business for sale, and in doing so, how to improve it.
Sometimes sellability isn’t just about selling; it’s about adding intrinsic value.
Uscita Solutions have produced a guide which covers the issues highlighted in this article along with 7 other drivers that can improve the value of your business.
To download your free copy of this guide, please click on the link below;