You open up your iPhone™ to a new notification: YOUR PHONE IS IN NEED OF AN UPDATE. But you can’t update it now. At least that’s what you tell yourself. You need it now to check that important email or play that last round of Candy Crush™.
After a few weeks, you begin to notice that your phone is malfunctioning. Your apps shut down unexpectedly. Long loading times haunt your every move. You finally admit to yourself that you need that update.
Unfortunately, our businesses do not come with update notifications.
We must update our business just like we do our phones. People are “too busy” working on their business to devote time to reflect on it. Without taking the time to update our business, it will slow down and malfunction just like our phones.
The Ultimate Vision
Successful businesses do not “go with the flow.” Successful businesses have a clear-cut vision of where they want to go. Without this ultimate vision driving every decision it makes, a business is wandering aimlessly with no real direction.
Even businesses that have an ultimate vision in mind get thrown off track. In the high-pressure business world we live in, decisions are often made under pressure and the ultimate vision may be disregarded when these decisions are made.
Businesses who take a step back and truly evaluate their operations understand where their business does and does not align with their ultimate vision. A “software update” on the business should get your business back on track with your ultimate vision, so it is not wandering aimlessly.
An old Japanese proverb explains that “vision without action is a daydream. Action without vision is a nightmare.” If a company does not align its operations with the ultimate vision of the company, it will malfunction just like a phone that needs a software update.
A “State of Affairs” Business Valuation
In over 30+ years of doing business valuations for thousands of companies, it astonishes me the obvious profit holes reputable businesses are oblivious to.
Most business owners are so focused on their day-to-day operations that they never take a step back to truly evaluate their business and give it a much-needed update. A true, in-depth business valuation uncovers profit holes and presents opportunities that owners were previously blind to.
I have dealt with many passionate entrepreneurs in my career who have unknowingly squandered potential profits. These entrepreneurs are so passionate about and focused on their product or service that they are unaware of the profit holes they fall into.
In most instances, evaluating a company does not foster just one-time solutions. A “state of affairs” business valuation often fosters solutions that enhance your bottom line and generate ongoing profits and cash flow.
The Update Your Business Needs
Business owners must regularly take a step back from the day-to-day. They must understand where their business is running smoothly, where there is room for improvement and make sure everything is aligned with the company’s ultimate vision.
JBV Business Valuation helped companies evaluate their business for over 30 years. Get an unbiased, independent and fair valuation report. Get the update your business needs today.