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Business Enhancement Services Robert H. Strickland Associates Copyright 2004 Robert H. Strickland. All rights reserved.

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Presentation on theme: "Business Enhancement Services Robert H. Strickland Associates Copyright 2004 Robert H. Strickland. All rights reserved."— Presentation transcript:

1 Business Enhancement Services Robert H. Strickland Associates Copyright 2004 Robert H. Strickland. All rights reserved.

2 Business Enhancement Improve Operations by Implementing Effective Systems Identify needs. Plan. Take action.

3 Business Enhancement Opportunities for operational improvements exist while... Starting a Business

4 Living the dream can be risky. Careful planning minimizes risk. All startup businesses need strategic plans. Is starting a business your dream?

5 Starting a Business A Strategic Plan Similar to, but different from, a business plan. A business plan is presented to potential investors. A strategic plan is for the business owner. Defines purpose, current situation, and future of business.

6 Starting a Business Elements of a Strategic Plan Vision Statement Mission/Purpose Statement Scope of Business Assumptions Goals and Objectives Risks Strategies Progress Reporting Methods

7 Starting a Business? Let Us Help You... Robert H. Strickland Associates Brainstorm your business concept. Formulate strategic and marketing plans. Develop operational documents.

8 Business Enhancement Opportunities for operational improvements exist when... Buying an Existing Business

9 You are buying a business and a lifestyle. Have the seller finance some of the purchase. A business broker represents the seller. Get advice from attorneys and accountants; expect to hear some warnings. Link the agreed-upon price to customer retention. Have the seller help you through transition. Do your own research on the business's valuation. Joseph Anthony’s Seven Tips for Anyone Thinking About Buying a Business

10 Buying an Existing Business Does the business have any internal problems? Problems from a lack of clear direction or inadequate training are outside the scope of standard business evaluations. Solutions to such hidden problems may involve redefining policies, flowcharting processes, clarifying job descriptions, and developing new procedural instructions.

11 Buying an Existing Business What do you need to run the business smoothly? The business you are buying should have current operational documents that reflect actual business processes. If not, you can require the seller to revise documentation and give you current copies as a condition of sale.

12 Buying an Existing Business? Let Us Help You... Robert H. Strickland Associates Determine what policies and procedures need to be documented. Develop operational documents so you can assume the business and run it effectively from the start.

13 Business Enhancement Opportunities for operational improvements exist when... Strengthening Your Business

14 Be a good boss, empowering employees. Know your customers, your industry and your market. Network. Know when to change and do what it takes. Know your limitations. Strengthening Your Business What are the first steps to strengthening your business?

15 Strengthening Your Business How do you develop a strong business? Treat employees respectfully; give them the tools (training, documents, authority) to get the job done. Consistently and systematically gather, analyze, and use information. Get out in public regularly. Accept change and adapt quickly. Use professional help.

16 Strengthening Your Business ? Let Us Help You... Robert H. Strickland Associates Determine what action needs to be taken to replace weak behaviors with strong ones. Implement needed changes within a complete documented system of best practices.

17 Business Enhancement Opportunities for operational improvements exist when... Growing Your Business

18 No growth plan Wrong business, wrong location Inadequate technical skills Inadequate sales / marketing skills Inadequate financial management skills Undefined financial resources Inadequate market research Investing in trendy businesses Over-projecting sales, under-projecting marketing costs Professionals not consulted Frances McGuckin’s Ten Common Mistakes Made by Business Owners

19 Growing Your Business How do you remove obstacles to growth? Follow strategic and marketing plans. Honestly evaluate your liking for your business. Get technical training for yourself and your employees. Provide clear, documented policies and procedures. Learn and apply effective sales, marketing, and market research techniques. Learn and apply effective financial management skills. Project sales conservatively; understand marketing costs. Build relationships with financial resources. Find long-term markets for your products. Consult professionals when necessary.

20 Growing Your Business? Let Us Help You... Robert H. Strickland Associates Determine what factors are obstacles to company growth. Implement a system of changes that encourage growth.

21 Business Enhancement Opportunities for operational improvements exist before... Offering Franchises

22 Operating efficiencies Faster market penetration Cooperative advertising Dedicated distributor network Motivated owner / operators Shift responsibility to franchisee Andrew Sherman’s Six Reasons Why Businesses Offer Franchises

23 Offering Franchises What must franchisors provide? A copy of the Uniform Franchise Offering Circular (UFCO) One week of training Guidelines on audits and assignment procedures Information on franchisee's fees

24 Offering Franchises What should franchisors provide? A marketing plan, promotional materials, and operational documents Area site selection assistance Adequate insurance coverage A known trademark or service mark Guidelines on purchases, requirements on restrictions, and terms of agreement and renewal

25 Offering Franchises? Let Us Help You... Robert H. Strickland Associates Determine your company’s training, operational, and marketing needs. Develop your operational documents in preparation for franchising.

26 Business Enhancement Opportunities for operational improvements exist before... Selling Your Business

27 Keep your business records in order. Request an independent, certified third-party audit. Fix problems before they become evident to potential buyers. What should you do before offering your business for sale?

28 Selling Your Business Are You a Lifer or an Exiter? Lifers are in the business for life; they cannot leave because others cannot do their jobs. The majority of small business owners are lifers. Exiters, however, set up their businesses so they can walk away at any time, and the business will continue to run.

29 Selling Your Business A Standard Business Appraisal Identifies problems with your business. May not relate problems to specific business practices. Does not tell you how to solve these problems.

30 Selling Your Business Do you want top dollar? Businesses with clearly-defined operating procedures are worth more on the market. Providing operational documents to a buyer can be a condition of sale. Solutions may involve defining policies, flowcharting processes, creating job descriptions, and developing procedural instructions.

31 Selling Your Business? Let Us Help You... Robert H. Strickland Associates Identify all policies and procedures that your company follows. Develop operational documents that reflect these policies and procedures in preparation for sale.

32 Robert H. Strickland Associates P. O. Box 1388 Everett, Washington Phone: Our services do not substitute for legal, financial, and accounting services. We work with your attorney, banker, and accountant to serve your needs. Copyright 2004 Robert H. Strickland. All rights reserved. Business Enhancement Services


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