Actions that can make a business more marketable
Diversify the base
An over-dependence on one client or contract or one line of business should be avoided.
Taking a month off from your business to go on vacation and put someone else in charge can show whether the business is built just on you or whether you could delegate some responsibility and put your effort into growing the business.
Review your KPIs
A surprising number of entrepreneurs don’t know what their key performance indicators are, let alone how to track their progress.
Bring in fresh eyes
A professional consultant can look at the business objectively and make suggestions for improvements to the operation.
Have an advisory board
Even if it’s family or colleagues, the very act of presenting and getting a critique of your three-year, one-year and quarterly strategies will stimulate thinking about improvements.
Source: Jacoline Loewen, director of Loewen & Partners Inc., Toronto.
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