American academic Ralph Emerson said that if a man makes a better mousetrap than his neighbour, the world will beat a path to his door to get it. I don’t agree. Regardless of how brilliant your products or services may be, if you don’t let people know about them, your growth hopes are a fantasy.
Blog - Aurik Business Accelerator
Why is growing a business I can sell important?
A hard-hitting fact that entrepreneurs should know is that 94% of businesses started never get sold. This is a crisis; the sale of your business is inevitable be it for your retirement or to fund your next venture.The ultimate pay-out for a business owner of many years is the sale of his/her business in return for substantial funds. Therefore you should be building a business into an asset that you can sell for more tomorrow than it is worth today. Prospective buyers will look at your profits in the past and the potential of your business in the future.
Marketing generates, Sales Converts
Sales and marketing are two very different activities and should never be confused or combined. Getting customers to know about you is one of the single toughest things for entrepreneurs to get right. This is why you need marketing. Effective marketing should generate new business leads.
Investing in a healthy lifestyle today for wellbeing in the future is a fundamental life-principle that ought to be applied to running a small or medium business as well. Entrepreneurs should build their business into a healthy financial asset as a retirement package. And just like a lifestyle improvement programme, it’s what they do every day that counts in the long-term.
I recently hosted an innovation workshop for more than 100 franchisees and a franchisor of a well-established, successful franchise brand. Attendees included seasoned, smart business builders and operators, but the environment within which they operate has significantly changed.