Though most business owners start out with the intentions of running their business far into the future, they should always keep in mind that circumstances change. At some point, they may want to sell their business or they could also possibly realize that the services and products that were once needed and popular, are no longer relevant to the economy of that time.
If you feel that there will come a point where you will want to sell your business, plan far in advance. Always have in mind the type of person who would most benefit from your type of business and what they would be likely to pay for it. This means that your products will have to be items that are current to any economy and necessary, not “like to haves”.
Besides having your customer’s needs in the back of your mind, always keep in mind that potential future buyer and what they would most want if they were looking to buy your business. Look after your present clients as they will be the ones your buyer will see when looking at your company’s worth. Realize that innovation is healthy for your business but don’t change things just for the sake of change. Keeping yourself aware of changes in the market place and adapting your business to them is your best way of staying relevant. Small changes are always best and keeping your options open will help you when making larger business decisions.
If, at this point, you don’t see the selling of your business as an option in the future, think about how you will deal with certain aspects of the business as you age. What you may find challenging and enjoyable now, may at some point become just tiring and routine. There are virtual teams available to help you when you get to this point or even earlier if you’d like them to be familiar with your business when you decide to take things a little easier.
Structure your business around the possibility of change. When you do decide something isn’t working for you now, remember, there may come a time when it will work much better. Communicate with your customers as much as possible so they can give you a heads up on what they will be looking for in the near future. One interesting point is that the marketplace tends to run in circles. Many things that were popular 30 years ago are once again re-emerging as younger buyers look for items that their parents and grandparents once had access to.
Look into different options and if diversifying is not for you, then become the best at just one or two services or products. Make yourself a brand name for them and your future business, with the right innovations, will be ensured. Eliminate extras, keep it simple and keep your eye on other markets. Having a long lasting, successful business is possible if you don’t let all of the extras take your mind off the real prize – a business that is relevant to any economy.
© Chris Draper, DemGen Inc. 2014
image courtesy of http://bit.ly/1qavT6n
