Things to Consider when starting, scaling and selling your business
1. Have a business plan.
- A well drafted plan is essential for anyone considering going into business.
- Describe your business clearly and succinctly,
- Helps identify and understand the local market as it relates to your industry/service,
- Aids in defining goals and the objectives necessary to meet them and is vital in obtaining funding or certifications from financial institutions and government agencies.
1. Be intentional about your networking.
- We understand that the mere mention or thought of networking could be overwhelming. Which organizations to join, what events to attend, which contact to reach out and where to find the time do this while running a business are all questions we have asked ourselves. We advise our business clients to be intentionally strategic in there interactions, networking and marketing.
- Know who you your ideal client looks like, the compromise of your center of influence (COI) pool, and how much time on your weekly or monthly calendar you have to dedicate to cultivating these relationships.
- Know what you have to offer; have your value proposition ready so the client or COI sees the value in being in relationship with you.
2. implement your marketing plan
- Invest in an effective marketing plan or company that understands your business model and plan. Long-term success requires a strategy. The right marketing will target your ideal clients and reach a demographic that would you may not be able to reach by simply attending luncheons and events.
3. Obtain diversity certifications
- Securing diversity certifications for your business would put your business in place to benefit from government contracts. These contracts are available where at least 51% of the business is owned by, managed and operated by, or controlled by at least one member of the diversity group.
- MBE–Minority Business Enterprises-African American, Hispanic, Asian or Native American owned
- WBE–Woman owned
- WOSB–A WBE that meets the Small Business Association requirements of a small business.Consult us when you are ready to begin the certification process to ensure you have all your required documents based on your business type and meet the certification criteria.
1. Have a succession plan?
a. Know if you want pass your business to your family or key employees or sell to a third party before you pass or become incapacitated?
i. Our clients have worked hard to build their businesses and keep them successful however what will happen to that business at their passing or retirement are not often top of mind.
1. We evaluate our client’s family and business goals and objectives to build a plan that meets those needs without negatively impacting the businesses they’ve built.