Welcome to my weekly articles on business building. These weekly articles are designed to stimulate thinking about the process of creating a valuable business, about getting yourself personally prepared, and about getting your business exit ready and exit attractive for that future buyer. They are written and delivered in a progressive manner designed around creating a solid foundational basis for an owner to create an asset that has realizable value.
In my last article I spoke of the 3 critical functions in a business. In this article I discuss the first of those critical functions: Get business. Get business has three distinct parts within in: Business Development, Marketing and Sales with each having a specific focus, and each requiring a different set of skills, with all three are dependent on each other for a business to be successful, to grow and to scale. To create an asset that has enduring and salable value, having processes, people, with the requisite skills to Get business will be crucial.
Most owners get one chance to get it right and being ill prepared should not be an option, yet most owners cannot sell the business they built (only 1 in 10 are actually successfully) because they did not build a salable asset. If you must sell your business to fund your future lifestyle, ask yourself – do you want to be the one that does, or one of the nine who could not?