I AM IN BUSINESS BUT LOOKING TO SELL
1. Why do I need a plan to sell my business?
Improving profit within your business will make it more appealing to prospective buyers. However, finding the right course of action can be tricky. Fortunately, there are strategies to help boost performance in your business, which you can action right away.
Together, these small actions will add up and make a difference to your bottom level. These actions are less about making big sales, and more about creating small yet incremental enhancements across your entire business.
There are four key areas to focus on to improve profit in a business.
- Sales leads.
- Sales conversions.
- Cost reduction.
- Overall efficiency.
If you focus on improving each of these areas at the same, you’ll start to see results. Start by reading through each of the explanations below, and making notes on how you could make changes in each key area.
Then, use the information to drive these small yet important changes.
- Sales leads
Creating more sales leads means more opportunities to make sales. This doesn’t just mean hiring a bigger sales team. It could be simply finding one more potential customer out of every ten.
Action: How can you secure one additional customer out of ten? What actions would you need to take in order to do this?
- Sales conversions
A conversion is when a lead is turned into a regular customer. It’s what you offer a prospective customer to change their no into a yes and seal the deal.
Action: What can you do or offer prospective customers to encourage them to say yes? Is there an incentive or strategy you could execute? Write some ideas down.
- Cost reduction
Are there areas within your business where you could safely trim costs? Can you do this without impacting the quality or level of your service?
Action: List five areas of your business you could potentially lower costs in, without affecting quality or safety.
- Overall efficiency
Improving the overall efficiency of a business refers to finding ways to complete tasks more easily. This includes working smarter, faster, or with less waste.
Action: What areas of your business could be conducted more efficiently? Write down five possible areas, and how tasks could be performed more effectively.
A profit improvement plan takes all of the elements explained above and places them into one Action Plan. Once you have worked through the Action steps in each section, take a look at what needs to be done in order to improve profit in your business.
If you need support,con1 with pinpointing areas of your business that could be easily transformed to maximise profit.