Sellability is a process that allows the business owner or operator to understand the value of their firm today and potentially what it can be down the road. Whether you are looking to sell your business today, 20 years from now, or not at all, Sellability is really about improving the value of your business.
Greg A. Lee & Associates focuses on coaching business leaders by improving their performance and boosting effectiveness.
Something’s in the air!
Everywhere I turn recently, I keep running into seasoned business owners who tell me stories about how they are changing their business model, reinventing the way they do business, modifying the products/services they offer, and shifting who their target audience is.
Some say they’re feeling restless: that they know something is going to change in their business but they’re not clear yet exactly what the new model will look like. They’re exploring all the options to find the new formula that works for them.
Others know exactly the direction they’re moving in and just need to work out an action plan. One colleague said to me, “I’m itching and ready to take action, if only I knew what the right action should be!”
You know your business is morphing. You won’t reinvent it from the ground up, but instead you will take all your knowledge and experience, and redefine your target audience, your offerings, and even your behind-the-scenes business processes.
I see some recurring themes about why people are reinventing their business: they’re ready to go for something bigger, or something that mirrors their lifestyle better. Maybe the economy has hit them, or their industry is changing. I explore the reasons why in this blog post.
Just trust your gut instinct. If you know something isn’t “quite right” with your current business or marketing model, trust your thoughts and feelings on the matter. You may not know exactly where you’re going, but the reinvention journey is a path worth exploring.
I’m interested to hear your comments. Are you reinventing your business, too? Where are you in your thinking about your new biz model?
I’ve been lucky in my career. I’ve had the chance to work with some of the biggest brands in the world and have rubbed elbows with high-level executives, I always come back to small business.
As a small business owner, I know what it’s like to make payroll, pay bills and more. Though I continue my work helping executives because I simply love coaching, I’m also very proud to help small business owners achieve their goals through AdviCoach.
Why work with AdviCoach? Because it’s the leading small business coaching company in the U.S., and maybe the world. When adding this to my coaching venue, I did a ton of due diligence. I found that AdviCoach had the processes, systems and the tools that, in my opinion, made the most sense for a small business owner/operator.
They’re very thorough, but they’re also very simple in the sense that they can be implemented in ways that a small business operator can do while running his or her business.
AdviCoach has a market share around 30% of the small business franchise market. We’re at an inflection point for entrepreneurial activity in this country – more and more people are becoming disillusioned with corporate life, or more people simply want to be their own boss. There’s close to 7.2 small businesses in this country, and they’re growing at a rate of 1.5 million per year.
That’s why I think AdviCoach is so important – not only for improving the small business climate in America, but also helping owners achieve their dreams.
The decision to use an executive coach is an important one. Here are three questions to help make that decision:
1. Do I Consistently Accomplish My Goals?
Successful people set SMART Goals and accomplish them on a consistent basis.
SMART Goals are:
Successful people have a common characteristic in that they live a goal-oriented lifestyle. They do not accomplish every goal, but they do attain them on a consistent basis. But this takes time and effort. This should be a major component of any executive coaching program or process.
2. Do I Hold Myself Accountable For Results?
Accountability is the expectation or assumption of account given behavior. The ability to do what you say is a key ingredient to business and personal success, and also one of the key indicators of leadership ability.
Organization and the ability to prioritize are crucial for anyone to obtain success. Life can be chaotic and busy and it is easy to get off-track. Professional lives and personal lives can get mixed together at times. Which makes success rarely a straight-line affair.
A coach is a person who can be relied upon to keep you on track. The ability to talk to a person who can give you an outside perspective can be very helpful and encouraging.
3. Do I Solve Problems Effectively And Efficiently?
Problems and challenges will always be present. Business owners and professionals must constantly be up to that next challenge. Balancing professional and personal lives is a challenge that all people face. The ability to properly identify the problem and devise the proper solution in a timely manner is crucial for success in business.
Executive coaching is a great way to deal with problems and challenges. Executive coaches bring a fresh perspective to the table that allows for innovation and creativity to be expanded upon in diverse and unique ways.
What If I Answered “I Am Good” To All 3 Questions?
Congratulations! But what if you could be GREAT at all three?
One of, if not the biggest, challenges facing small businesses is cash flow. The simple fact is that up to 70 percent of business fold in their first year, most because of cash flow.
Many turn to a bank for a line of credit, or turn to other types of financing to get them over the hump. It’s a simple solution for continuing to pay bills and employees on time.
That said, there are ways to keep the cash flowing even during rough patches.
Stay on top of your money on a daily basis. Make sure everything is in order.
- Budget for the off-season. Don’t make the mistake of not accounting for a slower business season.
- Don’t be afraid to ask for payments upfront. And don’t be afraid to reward customers who pay early.
- Digitize your receipts. Take advantage of mobile apps to take pictures of receipts and upload them.