Assistance available for business owners
One of the most common mistakes made by struggling business owners is focusing on the day-to-day operations of the company rather than planning for the future, creating a vision and looking at the bigger picture.
If you’re a business owner you are likely a master in your field, so the natural first instinct is to continue to do what you do best and work on the product or service you provide, but in order to elevate your organization there must be a clear direction for the company and a leader focused on elevating the business as a whole.
I have had the opportunity to work with several leaders in Fort Lauderdale and the entire South Florida area as a business coach and it’s my passion to help people reach their goals through business ownership. I have worked with companies of all sizes and industries, and can use my experience to help you unlock your business’s full potential.
As the business owner, you have to get “out of the weeds” and put processes and procedures in place which allow you to continue to produce a quality product or service, but focus on high-level operations.
A business coach can help put these processes in place and allow you to re-focus, but the natural next step would be learning what to focus on. Enlisting the help of a business coach is often a long-term process, so one of the areas where I like to help my clients the most is increasing their company’s valuation.
Having a valuable company goes beyond a bigger bottom line, valuation often equals power in the business world. A company with a higher value can obtain greater financing, is more attractive to top talent and is much more likely to succeed in the long term. Plus, having a high value is always a good thing when you need an exit strategy.
So, how do we maximize a company’s value? In theory, it’s simple, but in practice it can take a lot of work.
Value is a measurement of how profitable a company is in the long term, so there are two ways to maximize profits: control expenses and raise revenue.
There are always expenses in any business which are fixed, but the vast majority of your expenses can be decreased. The key here is to discover which expenses can be decreased without sacrificing the quality of your operation. In short, being smart about your spending can increase your value.
Putting processes in place which increase productivity, automating parts of your business, eliminating excess spending and sourcing cheaper raw materials are all ways to control expenses.
The other element is increased revenue, which can be obtained by more ways than just raising prices. A few proven ways to increase revenue include finding other means of income, producing products more efficiently and putting better sales practices in place to increase their revenue.
These suggestions are broad and can be applied to many situations, but every business is unique and has opportunities for improvement. If you’re ready to unlock your business’s full potential, start by giving us a call or completing our questionnaire today!
