3 Things You Should Know to Run a Successful Business

1. Communicate: To your employees, the Company Vision and Mission. I know you hear a lot about “this vision thing,” and that's because it’s very important. It’s how you see your company and what you want it to be to your employees.
2. Communicate: To your customers, so they know what you do and why you are unique. This is your business' value proposition.
3. Communicate: To your suppliers, investors and bankers about who you are, what you are, and what you want to be. Communicating these ideas will help you get there. 

The Vision is probably banging around in your head. Write it down! Show it to your management team and the rest of your employees. They will appreciate it. They will give you feedback. They will understand your company better, and you may understand it better, yourself.

The Mission should be prepared inclusively. The more people who participate in the process the more they will all take ownership and pride in it.

Put your Mission Statement everywhere: in the office, on your stationary, your business cards, your website, on your trucks, if you have them. The more you and your employees see it, the more it will become ingrained in your day to day operations.  The more your customers see it, the more they will connect it to the products or services you provide.

Try this; I have done it. It really does work.  Feel free to call me and let's talk about it!

Selling Your Business: Now or Later?

As you can see from this recent article in the Wall Street Journal, timing is everything when you want to sell your business.

Although this recession, in  many instances, has put off plans for selling a business, many people have good businesses that can be sold today for a “good” price, even in a bad economy. However, the prevailing feeling is “if my business is worth $X now it will be worth $Y in a few years, so I’ll just wait.” 

Very bad idea, very bad.

When I was looking to buy a business, I ran into situations like this all the time. The seller was looking for a price he/she was offered five years ago, but waited on the theory it will be worth more in a few years. But as we've seen, things change rather quickly these days, and before long, they realized their business was now worth substantially less than it had been. It’s a hard pill to swallow.

The moral of this story is that the passage of time does not always guarantee an increase in value of a business.  Sometimes, it is just the opposite.

I owned several businesses. I learned very quickly that timing is everything in life. When it’s time to sell, then SELL. Do not wait.

For more thoughts on this topic, I invite you to check out this article.  For some nuts & bolts thinking on the sale of a business, check out this article.