10 SUCCESS FACTORS FOR THE OWNERS OF SMALL TO MIDSIZE BUSINESSES

WHAT"S YOUR ENDGAME?.

 Few CEOs have an answer to this important question.  Unfortunately, many consider themselves too busy to even consider their options.  Rest assured, Your Game Will End!

 by LSI publisher Art McNeil

• Will you sell your business, leave it to successors, or do you  intend to keep performing the daily grind until you die—leaving your family and the government to sort things out?   
  
  When transfer time arrives, what will your business be worth?   By ignoring end-game options you are acting like you own a job—not the company.  Potential investors or successors will have little interest in acquiring your job.  Don’t wait until it’s too late, start preparing your business now. 

• Preparing for the inevitable transfer of your wealth & wisdom and being profitable today should be flip sides of the same coin.  You’ve taken care of business but is it structured to take care of you? Perhaps it is now,  but what about your future?

Businesses that are overly dependent on their CEO or other individuals are typically less profitable, and hold little  appeal to successors or potential buyers.

10 success factors for business owners

1. Your company’s economic viability is secure
2. Sales and expense results are on target and predictable
3. You have a sound endgame strategy that maximizes the asset value of your business
4. You have reliable access to working capital
5. Changing markets are creating more opportunities than problems
6. The customer’s perception of value scores higher than your competition
7. Employees enthusiastically participate in the elimination of waste and rework
8. Your internal and external resources are inspired, aligned, and responsive to change
9. employees are not fighting the same old fires over and over again
10. Each year you  are accomplishing more but feeling less stressed at work and at home

This post sponsored by the Baton Management System