Murphy’s Law is the old adage that says anything that can go wrong, will go wrong. This is true in life, and business, but nothing is unsolvable. Even the most prepared and risk adverse business owner faces problems, so here’s what to do when things start going wrong.
Making the call to sell a business is the first step in a long process. Realistically, it takes one to three years to finalise the exit plan. Recruiting a sales specific team helps put all your ducks in a row and obtain the best price. With the right broker, lawyer and accountant your focus can stay on keeping the business ticking like clockwork and leave the hard yards to the experts.
Whether you want to find some work life balance or are following your passion, owning your own business is a challenging but rewarding experience. Boost Juice, Kikki-k and Uber, all started on a great idea and a gap in the market, so getting the basics right is vital before you start.
Writing a business plan will enable you to define the mission of your business and your plans for the future. You wouldn’t start building a house without some solid blueprints, so why neglect your business by not having a plan? Not only should you look at your business plan as a necessity, but also a positive.
Let’s be honest, as a small business owner you’re a jack of all trades. Even though you’ve built a strong foundation, you will ultimately reach a point where you are the Master of None. When your business starts to grow, you should devote your time to what’s truly important: your clients.