If your goal is to build a more valuable company in 2023, here are some 2023 resolutions to consider:
Stop chasing revenue. A bigger company is not necessarily a more valuable one if the extra sales come from products and services that are too reliant on you, the owner to deliver them.
Start surveying your customers using the Net Promoter Score methodology. It’s a fast and easy way for your customers to give you feedback, and it’s predictive of your company’s growth in the future. Remember, the goal at first, is not necessarily to get the best score, though that is a victory! The goal is to spot weaknesses and potential bottlenecks and improve your processes.
Sell less stuff to more people. The most valuable companies have a defendable niche selling a few differentiated products and services to many customers. The least valuable businesses sell lots of undifferentiated products and services to a concentrated group of buyers. They tend to waste a lot of resources on low profit stuff than can be diverted to higher profit products/services. Drop the products or services that depend on you. If you offer something that needs you to produce or sell it, consider dropping it from your offerings. Services and products that require you suck up your time and cash and don’t contribute significantly to your business’s value.
Turn your services into your company’s trademark product. You may execute a service similar to other companies, but how you take the customer through the buying journey, how you deliver it, and how you facilitate a great customer experience is yours and your alone.
Collect more money up front. Turn a negative cash flow cycle into a positive one and you boost your business’s value and lessen your stress load. Paying half up front instead of all at the end is becoming more and more common place in the market of goods and service when there are production times involved or material or labor costs to an owner to fulfil the delivery.
Create more recurring revenue. Predictable sales from subscriptions or recurring contracts mean less stress in the short term and a more valuable business over the long run. Our program has NINE, count them, NINE different subscription models.
Be different. Refine your marketing strategy to emphasize the point of differentiation that customers value. Be relentless in pursuing your brand’s differentiation in the market, otherwise you are relegated to being view through the one known factor to an uneducated customer: Price!
Create an Operations manual. Document your most important processes so your employees can do their work independently. Teach them to be independent. Answer every employee question of you with “What would you do if you owned the business?” Your goal should be to cultivate employees who think like owners so they can start answering their own questions without coming to you.
Here’s to building a more valuable company in 2023!
Do you want to increase the value of your business?
Get in touch to discuss our proven methodology for maximizing the value of your business.
Certified Business Coach
Certified Business Exit Strategist
Certified Business Value Builder
Licensed Florida Business & Real Estate Broker
#1 Amazon Best Selling Author for Business Ethics & Leadership 2015