Did you know that 44% of Australian business owners are planning to sell their business? Despite this statistic, few do. Selling your business usually happens when you’ve taken it as far as it can go, and are ready to allow someone else to take over. Even though this is something many aspire to, few manage to keep a business afloat after one year, let alone have one valuable enough to sell.
What are the most important strategies to quickly grow a business and then sell it?
Everyone who’s ever been an entrepreneur will admit that building a business is rewarding, but also challenging. You need have an end goal in mind, or an exit plan or strategy you’d like to pursue. Will you want to sell it? Will others invest in it? Are you doing it to pass time, or as a temporary source of income? Will you go at it alone or entirely rely on contractors and employees to get the job done? These are all factors worth considering at the outset of your business.
Have a strong team
It might seem impossible to answer all these questions before you’ve gotten going, but you don’t need to have the details ironed out, just a general idea of what your desired endgame is.
To grow your business to the point of it being sold, you must have a strong team around to help you deal with the challenges involved in business ownership. This includes people who can be trusted to make effective business decisions in your stead, that don’t require you to micromanage them. It’s challenging but necessary to admit you can’t do it all yourself if you want your business to succeed, and eventually move into someone else’s hands.
One of the best ways you can reach a sales point in your business is through partnerships and by leveraging other people’s networks, and finding ones targeting the same audience as your business does. It will save you plenty on marketing and also assist with your conversion rates as you are benefitting from your partner company’s reputation and credibility with customers.
These are just some of the ways that you can grow your business to the point where it can be successfully sold.
To hear more from Michael Griffiths, attend our Business Networking Breakfast on Tuesday 15 August at Parkwood International Golf Club. For more information, click here.