As a business owner, you may have already asked yourself this question but what will happy if you don’t take the matter into your own hands and leave it to chance?
The stock market has already fallen, oil prices are plummeting, people are getting quarantined and been told not to leave the house unless necessary. If you’re in the toilet paper or sanitizer business, there’s a pretty good chance you’ll survive but what if you’re not?
Your business will need to make some changes, and make them now if you want to survive.
During an economic shift, anything can happen unpredictably. The service industry could see a dip as well as bricks and mortar but online retails could foretell an increase in sales. Seems normal if more and more people are staying at home.
The question every business owner needs to have in their mind is ‘how do I prepare for an economic change?’
The first point of action is not to panic, which will only get in the way of what you need to be doing. While it’s completely understandable to be worried, your best bet is to channel that anxious energy and get prepared NOW. Find out your strengths and weaknesses within your business and use that your advantage.
Now is the time to understand your business better than before and adding more value to your business is a great start. The Value Builder System is a statistically proven method for increasing the value of your business in any economic climate.
For your company to be valuable, even sellable one day, there’s a lot more to consider than just the bottom line.
- Will customers continue buying from you?
- Are you too dependant on a key team member or a key customer?
- Could your company survive if you were away for a week?
Whether you intend on growing your business during this economic crisis or plan on selling the business, it’s important to understand what drives up or undermines your companies value. That’s where the value builder assessment comes in. It’s a system designed to show you how business is going and can identify areas which can be dragging down your companies value. The algorithm is formulated using quantitative research gathered from successful business owners and the mergers and acquisitions professionals which represent them. It takes less than 15 minutes to complete the survey and it could help save your business.