When business owners are ready to understand the actual value of their business—I bring the truth. Mentoring business owners toward their goal of adding transferable value—whether a potential sale is six months, six years or more in the future—that’s my expertise.
Over the years, my clients who have the greatest success and growth through our partnership are those who share a defining set of characteristics. They recognize that they need help and are open- minded enough to make adjustments to their business after they understand why and how this is important to their future. They have the humility to learn, change and grow. I bring the knowledge, the experience, and the tools to our collaboration.
The level of confidentiality and privacy with which I hold things is far beyond what’s expected or required. This is how we build our relationship.
Let’s grow your business together!
“GPS” is a long running section of our monthly newsletter, in pursuit of enhanced understanding of the eight main drivers of business value. This month we focus on planning, as viewed through the lens of business value enhancement.
Fundamentals 2.0:Planning
Planning is Profitable
The major value drivers of business are consistent across a wide range of industries. These include Planning, Leadership, Marketing, Sales, People, Operations, Finance and Legal, each of which affects both the transferable value and the earnings of the operation. For these reasons it is crucial that owners understand these drivers and incorporate them into their planning.
An all-too-common error that owners make is thinking that once they have developed a business plan, they can stick with it and will not need to return to the planning phase. This is a huge threat to their well-being.
“Successful ventures are extremely agile and let their strategy evolve.
They will go in one direction and then, suddenly, discover there is a new
market demand or a variation of the market that will produce the results
they seek. This means you shouldn’t put all your resources into the first
iteration of the plan—hold some back for the unexpected.”
-H. Barry Goodman
In addition to positive external forces that could change your business plans, major (and minor) crises affecting your business force the acceleration of the business’ future—for better or for worse. Your planning process is relative to the momentum of your business. In times of crisis it becomes even more essential to revisit your plan and make sure you remain on a positive path.
Define your target market.
Carefully define the target customers for your company’s products and services. One way to do this is to sort customers (expected or actual) by different qualities: their locale, demographics, values, lifestyles, product/service preferences or behavior. Determine if you are really serving the correct customers and if some should be eliminated so you can put more attention on your real target. Next, determine the marketing strategy that allows these customers to be reached. Your strategic business plan should include a discussion about your target markets, barriers to entry, competitors (actual or perceived), available resources, and how these affect value.
Recognize and build your advantage.
What attribute is truly unique about your company that makes it very difficult for a competitor to enter the market and compete? Not just we offer great customer service. We might be talking about governmental regulations, economics, availability of capital, legal considerations, marketing, or other competitive advantages. To generate real recurring value, this difference must be unique and meaningful enough to create a barrier which makes other options less attractive.
Analyze the competition.
Research and gather all the information that you can. Services, timing, pricing, offers, discounts, or variables that might cause potential customers to consider using a potential competitor over your company are critically important factors to understand during your planning. Eagle Corporate Advisors can assist with this process or provide referrals to trusted and reputable professionals, as needed.
Review your plan for product/service market development.
Establish a solid foundation by having a written road map for profitable growth and sustainable value with each of the variables considered and how you will strive to overcome the challenges and achieve your goals.
“Imagine working your entire life, only to discover
that your business doesn’t have enough value to achieve your goals.”
-Chuck Mohler
Are you successful now?
Have you thought about what you’re going to do with that success?
What does success mean to you today and tomorrow? When you begin thinking of retirement or the next phase of your life, will you actually be able to make the shift? How will you achieve that success?
Too often people get caught up in a hamster wheel of owning and operating a business. They get the work done but they forget WHY they are doing it and what they want to accomplish and achieve. They get caught up in the minutia. It’s crucial to take a few steps back, and to spend time outlining your end goals. Only then can you work hard knowing that your business is on track to help you reach those goals.
As a business owner, you start with a dream in mind. You work for years, and your best-case scenario is that you can sell your business, possibly retire, and enjoy your life the way you want to. What I do starts with getting to really know your business and you, its owner(s). I dig deep to understand your end goal. I take that end goal, and I work with you to reinvent the business’ strategy, implementing the necessary changes, and ensuring the desired outcome. I guide you through the process to reach your destination and I push you. I provide input, driven by my desire to help others.
The best business partnerships are the ones where the partners understand and balance out each other’s strengths and weaknesses, but too often there are gaps left unfilled. That’s what I’m good at—I provide the support that fills in the remaining gaps. As a third party, I’m able to identify the obstacles that lie ahead, allowing owners to successfully navigate around them.
Seek expertise. Perform higher. Reap long term benefits.