Using the three Rs to increase the value of your business
The holiday season is a great time to Reflect, Recharge and Refocus – it’s not just good for your soul, it’s good for your business too.
Asking a few philosophical questions will help turn your attention to your business, your place in it and how you can get the most value out of it. Because, no matter what your goals are, there is always one end goal and the value of your business is a key factor in it.
On the whole, small business owners work hard. But working hard is the same as working effectively. Putting your efforts in the right places will ensure not only that your business makes a profit, but that it continues making a profit and increases in value.
Here are the three Rs to help you increase the value of your business:
Recharge - Whether you go on an international cruise or cruise around the block for a coffee, it’s still an opportunity to recharge your batteries. We need to create space in our lives because that’s where energy, passion and creatively grow. Don’t underestimate the value to your business of your own enthusiasm, nor the damage to your business of your lack of it.
Reflect - We reflect so we can learn. When you are thinking back over the year that was, ask yourself, did the stuff you focus on last year positively influence revenue AND your potential business sale price? If not, then were they worth focusing on at all? Increasing revenue is one thing, but increasing your potential sale price is the ultimate goal. What else could you have done? What could have what could you have done better? And what was potentially a waste of time?
Refocus - After you’ve reflected and recharged, you will be in the right space to refocus. Dig out your old business plan and look at it critically. What was right for you and your business this time last year, may not be right today. And think about where you fit into the plan. Do you want to keep doing what you’re doing? If so, for how long?
Make the three Rs part of your resolutions this year, because no matter where you want your path to lead, increasing the value of your business will help you get there.
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