Prepare Your Business to Sell: Tip #4

sell your business tip 4_150So far, our series, "Prepare Your Business to Sell," has covered three tips. Let’s review: Once you as a business owner adopt a strategic mindset with which you prepare your business to sell, your first step is to clarify your vision. Your second step is to meet with your CPA. And your third step is to improve your cash flow position. Ready for more? Here is Tip #4 in preparing to sell your business.

Tip #4: Document how you fulfill your promise to your customers

Whatever products or services you sell, your fulfillment process matters. Whether you sell clothes or deliver accounting services, be sure to develop an efficient and effective process that will ensure consistent quality and customer service. Then take the time to document your system. A well-documented system will be a highly trainable system for others to learn and use. You may be thinking that no one can fulfill the product or service as well as you, but that is simply not true. A well-documented system is essential in training your employees to deliver your product or service with excellence every time. Good fulfillment systems use various tools such as policies, procedures, job descriptions, flow charts, and checklists. In fact, your fulfillment system will typically make up the largest component of your Operations Manual. Once documented, you can create a process for both training and continual improvement.

Create a Sellable Business

Remember: If all of this knowledge about efficient, consistent fulfillment is only in your head, your business is not sellable! But if your fulfillment system is documented as I describe, your business becomes an asset. As a business coach in Houston, Sugar Land, and Katy, it is my privilege to serve small business owners and entrepreneurs who are preparing to sell their businesses. We help business owners grow as strategic leaders, marketing leaders, and self-leaders. Contact us today to find out how we can grow you and your business. Come back next week as we look at Tip #5 in our series on Preparing Your Business To Sell.

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