Do You Want to Sell Your Business? Is it Ready to Sell? Part 2

Posted by johngies

In the last post, we talked about the first three of the 7 areas you need to consider in your scaling to sell process. Here are all seven again:

· Primary Aim

· Strategic Objectives

· Organizational Strategy

· Management Strategy

· People Strategy

· Marketing Strategy

· Systems Strategy

These strategies will fine tune your plan for the ultimate level of success by providing the buyer of your business with a business that they can walk into. Today, we are going to cover the last four.

You might think of your initial business model like planting a tree. At first, it’s so small and weak you wonder if it will even make it through the night. As you grow and add revenue and staff, it is like you are watering, fertilizing, and nurturing it. Your ideas will grow the trunk and each of your strategies will extend out like the branches of your now strong tree. Finding your support staff, employees, vendors/suppliers and other relationships, will make your tree flourish with leaves and flowers.

Management Strategy

The way you hire and structure your management team is not only essential to your growth, but also the happiness of your employees, and ultimately, your customers/clients. This process means that your business is not reliant upon any one person. Rather it is creating a system that is repeatable and that makes it easy for someone to buy your business or, to open a new location.

A management strategy a set of standards for your business that includes goals, rules, a mission statement and other concrete things like job descriptions and policies that tell your employees how to act. They also inform your management team on how to grow your business and to deliver upon your vision and primary aim.

These should all be in perfect alignment with your business goals which in turn, support your primary aim.

Employee Appreciation

You want to put together a people strategy that demonstrates to your employees how you feel about their job performance and dedication to your business. They also need to understand “why” they are doing specific tasks. This helps them to personally connect to their job which in turn leads to better production and a happier workplace. 

There are several strategies you can use:

· Feedback

· Development opportunities

· Contests that reward high performance

· Employee of the Month

· Performance/Holiday Bonuses

These are just a few of the ideas you can use. One of the best ways to appreciate your employees is by calling a meeting and asking them how they would like to be rewarded. I can remember a call center where people valued the ability to wear jeans to work over a $25 gift card. Go figure. Keep it fresh and change up the strategy you use from time to time to keep your employees guessing. Once they get used to the prize, it’s time for a whole new approach. Sometimes it is recognition. I know one company gives their people the opportunity to recognize their peers. They do this by nominating them for a high five recognition for helping a customer or someone else. The person that won the award would get a reward.

You want to build a community within your organization. You want support, appreciation, and respect. The more an employee feels they “belong”, the better they will perform and the higher their level of loyalty.

Marketing Strategy

Marketing is, of course, essential to the success of any business but it also must work with the other strategies you’re using. There are two major pillars of a successful marketing strategy – the demographic and psychographic profiles of your customers.

The psychographic tells you what your customers are the most likely to buy based on their emotions, their desires, and their concerns. The demographic tells you who they are, their income, age and other physical characteristics, which can help you learn why they buy specific items,. You must know your market.

Systems Strategy

There are three types of systems in every business:

· Hard Systems

· Soft Systems

· Information Systems

Hard systems refer to an inanimate system or systems that have no “life”. These could be processes, manufacturing spec’s, or programming steps. Soft systems are those that could be living. These typically involve people and they are called soft because people are not binary. They can be a little messy. Information systems which are, of course, everything else including customer data, product information, financial…anything with data and numbers.

All three systems are essential to the success of your business and while they all have their own very specific roles, they all must work together to get the job done. This also goes for your entire business development program.

Let’s take a moment to recap these ideas.

7 specific areas you need to consider in your franchise prototype process. Here are all seven again:

· Primary Aim

· Strategic Objectives

· Organizational Strategy

· Management Strategy

· People Strategy

· Marketing Strategy

· Systems Strategy

Use our FREE Test Drive to learn how you can apply these and other ideas to grow your business without spending any more money on marketing or advertising.

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