As a small business owner – especially one very content in their current state, it is very possible that the idea of selling could not be further from your mind. However, planning for what may come in the future has never hindered anyone. In fact, it may help you in the long run. There are certain measures you can be taking right now that do not add any major work but can be highly beneficial in a few years – when you do want to sell.
Why You Should Plan Ahead
Small business owners are usually concerned with what is right in front of them. According to a recent survey by BizBuySell, 31% of small business owners are concerned with a potential economic recession. Understandably, as the political and economic environment reaches a point of uncertainty. Economic ebbs and flows take place globally every single year. In order to be equipped to handle them, there is an undervalued benefit of planning ahead.
Understand, you are not alone. Recent studies have shown that only 13% of small business owners have made significant exit plans for the future. Meanwhile, 25% of small business owners have made no plans at all.
Planning ahead, however, has helped small business owners with the following:
- Assessing risks and opportunities in order to grow your business more efficiently
- Being proactive in our responses to challenges
- Improving performance because a good plan directly correlates to better performance
- Plenty of time to develop a team, which means assigning tasks and completing them can be done more quickly and effectively
- Time to revise and update the plan because effective plans are constantly evolving
By planning ahead, we can plan for success, which is ultimately more rewarding.
Planning ahead for the future begins with a business valuation completed long before you are ready to sell. Transworld Business Advisors of South & West Texas (Houston Office) provides consultations to help you do just that. Having an idea of your business’s worth is invaluable when wanting to grow and market your business effectively and efficiently.
Contact your local business advisors at Transworld South & West Texas for a free consultation!
