Mick Godwin shares his top tips for getting your business ready for sale.
Top 3 Tips for Getting Your Business Sales Ready
You don’t wait for an accident to occur before you seek out insurance, so why wait until you have to sell before getting your business sales-ready?
If this year has taught us anything, it’s that there are an unimaginable number of ways that your business can be impacted which are entirely out of your control. However, ensuring your business is sales-ready at all times is not one of them.
Having a business that’s aways sales-ready gives you the freedom that others will envy. Understanding your business and its numbers allow for improved decision making and greater confidence when talking with buyers. Having a sales-ready business will give you a better business, reducing your stress and allow you to sell your business on your terms, not the buyers, or the markets.
Imagine if something happens to you suddenly and you need to sell your business fast? Wouldn’t you want the comfort in knowing that your business will attract quality buyers and generate a high sale price that will set you up for the next stage of your life?
Below are three key focus points from The Sales-Ready Program I deliver each week to business owners. These focus points help owners concentrate on the areas required to get their business into a sales-ready position.
1. Systemise Your Business Sales
If you and your team aren’t getting the exact same outcome every time you complete the same tasks, then your systems aren’t working. The effective result of the job or action is far less important than the consistency of the outcome.
If you build systems and processes in your business that creates the same outcome every time, regardless of who completes it, you can then identify weak areas in those systems and test for improvements. I’ve used Process St and still use it today to achieve consistency in my businesses and for my team.
2. Identify and Clone Your ‘A’ Team
You will know who your best employees are, their personality and what their profile is like. Build an automated online recruitment funnel that will either attract or deflect your perfect employees. Ensure your employee applicants go through this funnel before they even submit their application. By doing this, you will start to build your team of ‘A’ players without the hours (& hassle) of going through resumes. Imagine what can happen to your business when your whole team are ‘A’ players!
3. Integrate Your Business Sales
This is a no brainer, but I see so many business owners achieve a 50% integration rate. No matter what industry you’re in, you should be able to run your business off a dashboard from your phone. There are so many fantastic software programs out there that allow you to make unlimited software integrations with all types of applications. If you’re still an MS-Dos fan and hate change, then use Zapier.com to integrate your business for you.
To find out the other three key areas of the Sales-Readiness Program, download the ebook I have created.
To find the changes you need to get your business sales-ready, then book in a strategy call with me.
In this call, I’ll give you the top 6 focus areas that you need to complete in the right order so that you always have a sales strategy if you want to successfully sell your business when the time comes.
Meet the man behind the business. Mick takes a moment answer a few questions about himself.
- Talk us through your ideal day off:
Sunrise surf – breakfast and coffee – golf with mates, some lunch and a beer and then onto sailing and margaritas with my wife into the evening.
- What is your weirdest habit?
I’ve started to create ridiculous jingles about my wife that don’t really make sense. Isolation is getting the better of me.
- What is the most spontaneous thing you’ve ever done?
Pick up some hitchhikers in Europe, they were starting there 1200kms journey to Bosnia, so we drove them there.
- Do you have a favourite quote?
If you always do what you’ve always done, you’ll always get what you’ve always got. – Henry Ford
- What part of your business have you successfully outsourced?