The Christmas / New Year period is a time for holidays, relaxation and rejuvenation. But many small business owners find themselves reflecting on the successes of the last year and what is in store for them over the next 12 months. In the area of business development, new Year resolutions have a habit of becoming your goals and objectives for the next year.
But often these resolutions are an urgent response to the problems and pains the business experienced prior or during Christmas. And whilst it is important to resolve these issues, a much more important goal is whether the business is creating sufficient value for you as the owner of the business.
Maxell Consulting have found that when clients seriously examine the current value of their business they find it challenges their current business strategy in ways that make them realise they are losing money if they don’t make a change.
The Key Value Challenges that business owners should ask of their business for 2010 are:
- What is the current value of the business?
- Is that enough for your needs?
- If someone made an offer for your business, how would you know it was a fair and reasonable offer?
- How much extra value can you create over the next 12 months?