Today we're going to talk about 2 simple tips to maximize your profitable small business for even more productivity, profitability, and peace.
It's my goal that you'll walk away with two easy actions that you can take within five minutes of reading to get yourself even closer to your maximum profit.
And in case we're meeting for the first time, my name is Katie Milton Jordan, your Texas Business Broker. Small business owners hire me to get top dollar for their profitable small business from the perfect buyer confidentially.
If you really knew me, you'd know that one of the ways I'm different from my competition is that I am a professional trained and certified life coach and prior to my partnership with Texas Business Buyers, I ran a private coaching practice working with entrepreneurs to maximize their potential. My coaching tools and coaching approach help my clients to make wise, confident business decisions that are in alignment with their best life.
I'm also a small business owner just like you! I purchased my first business in 2010 and currently own and operate an offshore sport fishing operation with my husband. If you're not opposed to a shameless plug, you're welcome to check out MegaBiteSportFishing.com and visit us on South Padre Island for a good time.
Without further delay, let's get into it.
(Alternatively, you're welcome to listen to the audio below 👇️👇️👇️)
1. Invest in Technology
In today's business world, most small businesses website serves as the first impression that you make on your customers. Similar to retail establishments of the days of old, your website must have curb appeal and it must make a positive impression on your ideal client.
Social media is also becoming more of a necessity although I recommend choosing a max of 3 platforms that resonate for your business and ignore the rest - don't try to boil the ocean.
Additionally, I believe it is critically important to invest in proper software and technological systems that help your team run your business even more efficiently. Depending on your industry and business model, this could be a CRM, SOPs, or other industry specific technology.
Consider for a moment how tech savvy today's young professionals are. If you are considering selling your business at some point in the future, the young professionals that are coming up the ranks will demand tech, systems, and automation.
2. Maintain Independence
It is not uncommon for us to see businesses that are over-reliant on one of the following:
In the fight to stay afloat financially and increase revenue, small business owners can accidentally overlook that they have a concentration in one of these areas.
Over-reliance in these areas exposes your business to avoidable risks. It's advisable to regularly evaluate these channels and diversify when necessary.
In many cases, small businesses can be very closely tied to the owner. For example, let's say Susie runs Susie's Bookkeeping and all of her clients love Susie and want to work with Susie. What happens if Susie wants to take a vacation and have her Trainee Tom take over the client accounts for a while? Will the clients that love Susie resist? Will Susie lose business?
Side note: it's usually not advisable to name your business after yourself. What happens if you sell to someone who doesn't have your same name? Will customer relationships suffer if the new buyer isn't you?
As I bring today's blog in for a landing, I'd like to know what's landed for you from today's post? What simple actions will you take right now to maximize your business?
Comment your thoughts below.
Or better yet, what if you grabbed a free strategy session? I'd love to hear more about your business and maximizing it's potential for your exit strategy.
Book a free call here.