Most people who go into business are very good at what they do, be it as an engineer, process improvement specialist or architect, but many don’t necessarily have marketing and sales skills.
Craig West, Founder of Succession Plus says one of the key issues for any business owner is having a clear marketing and sales strategy. Maybe the demand for your product or service is adequate to keep you busy and generate enough revenue to run the business successfully. As the business grows, you employ more team members, expand to larger premises, builder a bigger website and increase your overhead costs and to compensate we need to generate additional sales.
Like so many other areas of business management, business owners often take the DIY approach in the hope of generating sales. An expert marketing and sales plan will change the performance of your business and maximise value when considering exiting or succession planning.
Typically we see business owners utilise their own skill, talent, personality and network to generate sales. When investors or buyers consider a business often they will focus on how the business generates sales. Enquiry includes what sales systems, processes or models are currently generating sales and how dependant they are on the business owner.
If two (2) similar businesses turnover $5 million but one has a fully automated marketing system with all digital assets in place producing a constant flow of leads 24/7, and the other has to rely on an individual or team of sales people in vehicles – then without a doubt the first business is more valuable.
If you think now is a good time to talk about business succession and exit planning, or growing your business please click on Let’s Chat below for a conversation with our expert Business Coaches.