Building value in your New Mexico company can sometimes feel like a maddening game of Chutes and Ladders. The minute you’ve achieved one goal, you realize you’ve slipped on others.
This is why we don’t take a one size fits all approach to helping our clients. Every business has unique assets, strengths and opportunities. There’s lots of good information out there in the business press and no lack of advice, but does it all make sense for you? Selectively choosing what you hope to accomplish, prioritizing, setting your benchmarks, and measuring the results can save you from falling down the chutes and help you climb the ladders.
Chutes and Ladders is a totally random, roll-of-the-dice game. Running a successful business isn’t. If you are looking to build value in your company, here are some of the elements that we will review, work with you to prioritize, and help you develop a strategy to put your business on a solid footing that will help maximize its value.
What Is Your Value Statement?
Not every business can be the dominant force in their market. Take restaurants, for instance. Tourists and locals have abundant options when it comes to choosing where to dine out in Santa Fe and Albuquerque. It is the combination of service, menu offerings, ambiance and location that make for a memorable evening and return guests. Understanding and articulating your value in this competitive market place can help you determine where to spend your valuable advertising dollars, concentrate on what distinguishes you from the competition, and develop the relationships that will promote referrals.
Are You Replaceable?
If this business can’t function without you, look at how you can grow a management team that can take over your many of your functions. Cultivating the right talent, having key employees sign non-compete agreements, and putting clear-cut employee guidelines in place can help you achieve the goal of being (more or less) inconsequential to the everyday operations of your company.
Can You Replicate Your Model?
If you have a good business, consider that you have a good business model. What would it take to open new locations?
How Satisfied Are Your Customers?
Word of mouth advertising is one of the oldest and most valuable ways to grow a business. Maybe you have loyal, longtime customers, but what are you doing to keep them informed of sales, specials and to acknowledge their loyalty? Are you asking them for referrals and testimonials? Are there ways you can automate the “ask”?
Are You Overly Concentrated with One Client?
If one client accounts for 30% or more of your revenue, your company is vulnerable. What should happen if your competition steals them away or they go out of business? Having a good distribution and minimizing your reliance on anyone customer makes your business more reliant and increases its value.
If you would like to learn more, we welcome your call. Whether you are looking to sell your business in the next year or the next five years, take this opportunity for a no-cost, no-obligation first consultation to learn what you can do to strengthen your New Mexico business’ value and position it to achieve the maximum proceeds from a sell. We invite you to contact us.