This is a good time of the year to look back at 2018 and see what we (and all Business Owners) did well, and to identify what not to repeat in the upcoming year.
There are a few things that owners need to ask themselves before planning for the new year.
- Are employees happy and are you showing them how valuable they are to the company and to you?
- Are the employees suited to what you have them doing? Often a switch in their job description can make all the difference in their well- being as well as a better fit for the firm.
- Do you have an annual plan for 2019? Did you carry out the ”2018 Plan” as conceived, or are there some great ”glossed over points” to cover in the new year?
- Did you stay on budget or did you underspend/overspend, which may have had a negative effect on the results of the company?
- Are you, as the head of the firm, still enjoying yourself or are you merely going through the motions?
- If you are not having fun anymore, have you considered an exit strategy before the company shows your discontent in the ”Bottom Line”.
- Have you considered having your business valued so you can determine if 2019 might be the year to begin your transition to a new owner?
- Is it time to begin making a list of the kind of companies that could acquire your firm and be a good fit for your employees?
Many of you should stay doing what you are doing and continue reaping the rewards of your good management and marketing skills. However, there are many of you that no longer have the ”fire in the belly” for the work you used to do so well.
Consider your options. Typically working with a good Business Broker or M&A firm can help you sort out the pro’s and con’s for selling in 2019. It takes planning, so don’t put it off too long because the business will suffer if you are not working it like you used to. Consider your options and look at the timing that works best for you.