Being on good terms with suppliers could translate into special deals or preferential treatment. Your suppliers may also give you greater leeway in the face of a cash shortage or when you need extra time to pay.
If you’re buying or selling a small business, it’s critical to know what the business is worth. The challenge is that what you think a business is worth, and what the person on the other side of the fence thinks it is worth, are usually two different figures.
In the end, the motivation for both buyers and sellers is always the belief that they’re getting a good deal.
Once your business is up and running, it’s important not to rest on your laurels. Successful business owners are always looking at ways they can grow their business and maximize their profits. We’ve put together a guide and checklist that can help you identify ways to get the most out of your business.
The key to building value in your business is to plan the process in a systematic way, whether you’re aiming to grow your business or groom it to get a better price from a buyer.
Looking through the eyes of buyers
Whether you just want to build a stronger business, or you’re looking ahead to the day when you might want to sell it, it helps to think of your business through the eyes of a buyer. Aim to:
Questionnaires provide an excellent way of getting feedback from your customers because everyone is familiar with them and is used to filling them in. You can use the feedback from a well-designed questionnaire to improve your business procedures and your marketing. A questionnaire-based survey should be conducted on your customers at least once a year. It’s likely that over time your customer base will change, so you must keep up to date with the profile of your most common type of customer.
Getting your business up and running and making a profit is usually much more difficult than it sounds. This article focuses on the skills you’ll need to make it happen, either by acquiring these yourself or consulting professionals to help you out.
FULL LIST OF GUIDES