Published: 12 February 2016
Your ultimate goal is to sell your business, but perhaps the timing is just not correct for you personally right now or perhaps company prices are in a downtrend and it’s a bad time to sell. So what do you do? There is one simple answer: grow your company.
Offering new products or services, then marketing to the appropriate customer demographic will keep a growth momentum. You, as a business owner, know that it is first, difficult to develop new products or services, and secondly, sell them. There exists some incentive to keep adding to your product or service lines, and that is income. Ultimately, a good, new product is going to sell well (if marketed), and after you pay off the research and development costs plus marketing expenses, you are going to have pay-back. A company will prosper if it continues to introduce new services and products which meet needs in the marketplace.
When introducing those new products or services, you must do your homework before they are ever seen in public. Test Marketing is critical, at a very early stage, to make sure that product does fulfill a consumer need. This need has to be large enough to at least cover the costs of development and production to be commercially viable. So many companies have just charged forth, assuming on the words of a few, that the product is great and will sell like hotcakes. Remember the Segway, a new way of getting around that was going to revolutionize movement? Even great entrepreneurs such as Steve Jobs and Jeff Bezos bought into the hype and invested in the product. “Experts” predicted the Segway would sell 50,000-100,000 units within the first 18 months. What actually happened is quite different: Segway sold only 6,000 units during that time period. Did they market test well enough? Obviously not. Boy, talk about an expensive miss. . .
There is a second, added benefit to all of this. Realize that you are probably doing this for more than money. You like the feel of success when your idea is popular. This is what keeps you going to work each day. As long as you maintain your vision and enthusiasm, you can keep growing your company. As you keep growing your company, you are adding value to its net worth. All of this means you are working toward getting the best possible price for your company when you are selling your business.
Sometimes a business owner just needs someone to look at his business from the outside, and tell him the pros and cons of his business actions. Sometimes a business owner needs a little help in preparing his business for sale. The Savickas Group is well positioned to be your most valuable contact during this time. We can call upon experts in every field to strengthen the structure of your business so that you can get a great price when selling. We have written an ebook covering the basics of selling your business and we offer it to you for FREE. You may Contact us for a FREE copy of Maximize Your Exit, 9 Tips to Capitalize on the Sale of Your Business: 1.888.210.8269 or email@example.com. If you would just like to chat with us (with no obligation, of course!), please call.
Thanks to David Joyce for his creative commons photo.