What does your future hold? HINT: it's the third driver of business value....
Well hello there!
In this series of understanding the different (eight be exact) drivers of your business’ value, today’s driver is really about what the future holds for your business.
First, I want to acknowledge all you’ve accomplished to date - building something from nothing, or taking an existing business and building it to the point where you are now. I know you’re not finished yet, but, it’s important to acknowledge how far you’ve come.
Congratulations!
Revel in the past rewards, accomplishments, awards, client success stories, and fulfillment you’ve enjoyed to this point.
Having a great history is one thing and while this can provide a wonderful sense of pride and fulfillment, someone interested in taking over your business in the future is not only thinking about where you’ve come, but how much is possible in the future.
In other words, your company’s growth potential.
Is it possible to grow the business further? Is it possible for the business to operate in a different market? Another community, the next town over, the next province, another country, another culture, another group of people (different type of buyer)?
Are there opportunities to cross-sell to your existing customer base?
If you’re looking to exit your business at some point, your company’s growth potential will be a consideration for the next owner.
For you, exiting your business will be your end. For the next owner, that’s their beginning. Growth potential will likely be a factor in how attractive your business looks and how much they will value your future prospects.
If you’re currently still in growth mode and have no intentions to sell your business or step away for any reason, the questions above are great for you to consider as possibilities now.
If you want to discuss ways to explore your company’s growth potential, reach out and let’s speak.
NOW is YOUR time.
Ariana
PS: If you’ve missed the other drivers of company value I’ve written about, check them out here: the first and second drivers.