You could be going backward if you’re not increasing sales fast enough.
Here are some key things you should assess every year. This video is sponsored by the MyPlace4Parts Studio.
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can’t let your business run on autopilot and expect positive results. Any business owner knows you need to make numerous adjustments along the way. For example, there are decisions about pricing, hiring, investments, and so on.
According to a recent article in The Wall Street Journal, some CEOs are starting to understand the price they have to pay for quick profits, and many of them are now taking a different approach. Although all companies should consider their long-term growth and financial stability, there has been an ongoing challenge that today’s CEOs face – the relentless demand for immediate profits that is put on them by their stockholders.
In the best-case scenario, the new equipment pays for itself, increases trust and loyalty with your customers, improves efficiency, and leaves you with no regret. But, the opposite is always a possibility: the equipment never pays for itself, it goes unused, it breaks down and makes your team inefficient, and ultimately makes you wish you’d never have written the check.
As a shop owner contemplating the sale of your business, understanding the elements of bank financing is key to ensuring you will maximize the sales price and minimize the process time.
“Sellability” is a powerful indicator of the value of your business, regardless of whether or not you have any intention or even interest in selling your business today. A high Sellability Score may confirm or surpass the value you have in mind. A lower Sellability Score may point directly to the underlying issues in your business which undermine its value.