The key to maintaining your business value during this time is figuring out what is the natural pivot for your business.
As so many people have changed the way they work during the COVID-19 pandemic — a change that may be permanent — how has this shifted the thoughts on culture in the workplace?
Now, more than ever, you need to rethink your business. If you continue to do business as usual, you will likely suffer. Stop. Step back. Rethink everything.
When working with business to measure and grow value, I acknowledge optimizing marketing expenses is a major step in increasing business value.
Your largest asset is not even listed on your balance sheet. Your largest asset is people especially in an environment today when unemployment is so low. Human resource management breaks down into three areas: hire, train, and retain quality people.
Understanding the valuation process can help you maximize the value of your business.
If you want to build a good, strong house, then you start with a good, strong foundation.
After you have changed your mindset from that of a seller to a buyer, the next step is to set your target in your exit plan.
When determining the value of your business, you need to change your mindset. Look at your business like a buyer would. What would a buyer like? Dislike?
I started Aldridge Valuation Advisors (“AVA”) in July 2018 to help business owners measure and grow the value of their business.