Running a business is like riding a bike. Sometimes, you are pushing a reasonable pace with your eyes focused on the road ahead. Sometimes you are cranking up a hill, watching your feet push the pedals. And sometimes, you coast and enjoy the ride.
Now is not the time to coast.
Summer is (almost) officially over. It’s time to finish Q3 strong, look at the road ahead, and ensure we are prepared for a great Q4. Time to finally wrap up last year’s taxes and start planning for 2022. If you’ve instituted good processes, this may feel like a steady ride at a reasonable pace. If you haven’t, it may feel like an uphill climb. But either way, DON’T COAST.
To prepare for Q3, do the following things now:
- Have a solid August close – ensure your reporting is efficient and accurate.
- Start developing your sales forecast for 2022.
- Look at your current org chart and individual capabilities.
- Plan time to get together with your leadership team to review the quarter.
- Consider getting an assessment/valuation of your business to help your vision for 2022.
Let’s talk about that last suggestion for a bit.
98% of all business owners do not know the value of their business, even though it is likely their biggest personal asset. Many owners plan to eventually sell the business to fund their goals in later life. As with any asset, they should know the value of it, and learn the necessary steps to keep that value growing. But they are often focused on the day-to-day running and building of their businesses.
While we love to help your business implement solid core processes, consistent reporting, and overall improvements to allow for growth, profit, and cash flow, we’re also excited about a new service to help you assess and find out the actual value of your business.
Our new cost-effective valuation product walks you through a step-by-step process to determine what’s working, what needs improvement, and what your business is worth in dollars. We can also provide other assessments to help you determine strengths and challenges that impact your bottom line.
In the meantime, keep pedaling!