5 Signs It’s Time to Sell Your Business

When you started your business, you had big plans for it. Although an exit strategy may be the last thing on your mind when you’re working to build a company, there may come a time when you have to consider letting go. These five signs can help you decide if it’s time to sell your business.

1. Business Is Booming

As an entrepreneur, there’s no greater feeling than watching the company you’ve built grow beyond your expectations. You thrive on your company’s success, and seeing your plans come to fruition validates the sleepless nights and personal sacrifices you made along the way. So why would you sell it when business is booming?

For starters, it’s easier to sell a business that’s performing well and projected to grow than one that’s struggling. Buyers aren’t interested in spending money they don’t think they can get back. Even better, they may be willing to pay more if they see the company’s potential. Remember, buy low and sell high.

Happy Business Man

2. You’ve Outgrown the Business

Building a business is exciting, and entrepreneurs like a challenge. Over time, you learn the ins and outs of the company and the industry. As a result, you may be able to anticipate every problem or find yourself less surprised by changes that you have to implement. Sometimes you just need a challenge, and the business may not be able to provide it.

If you ignore your need to solve a problem or overcome an obstacle, you may find yourself in a rut. As a result, you may not work to your full potential. Not only can this stall your personal growth, but it can be detrimental to the company. The business you’ve built and the people who rely on it deserve more than half your effort.

3. The Industry Is on the Decline

People change. Their interests change. What was a salvation one day can turn into a liability over time. No one in the 1980s would have predicted the collapse of shopping malls. Few people in the 1990s imagined the end of video rental stores and the rise of streaming services. Who thought people would choose to rent bedrooms in homes instead of hotel rooms?

The reality is that industries ebb and flow, and sometimes you have no control over that. If you notice shifts in your industry and are uninterested in taking the steps necessary to guide your company through the changes, it may be time to sell. Get out while you can and sell the business to someone who will take it in a new direction.

4. You’re Ready To Pursue Other Interests

Entrepreneurs are a busy bunch. They like thinking of ideas. They like researching and testing ideas. They like facing challenges and solving problems. When they find something they love, they are willing to dedicate all of their energy and attention to it. That’s how they’re able to build corporate empires from scratch.

However, being distracted typically doesn’t bode well for entrepreneurs. You have a limited amount of time each day. You’re diluting your energy if you’re dividing it between too many different side options. Instead of giving partial attention to several projects, choose the one that most interests you and direct all of your attention to it. This may mean selling your business to build a better one.

5. The Business Has Outgrown You

Sometimes the business’s success becomes more than you’re able to handle. At some point, your skills may not be sufficient to keep the company growing and moving in the right direction. You can look for a way to rise to the challenge—perhaps by going to school to develop new skills or hiring new people who have what the company needs.

As the company’s leader, it’s vital to understand your strengths and limitations. If what the company needs is beyond your scope, it may be time to walk away. Someone else may be able to step in and take the company where it needs to go. This also frees you up to explore new ideas.

Are you ready to sell your business and move on to your next big idea? Let us handle the details while you dig into your new plans. Contact us today and discover how the experts at Murphy Business can help you with the transition.

Understanding a Balance Sheet

Whether you’re running a successful business or interested in buying one, it’s important to understand the various financial documents that a company produces. These reports help you know what’s going well, what’s going poorly, and whether the company has a healthy long-term outlook.

The balance sheet is a report that helps you look at the big picture of the company. You can see the assets, liabilities, and owner’s equity. These are generally prepared once a quarter or once a year and represent the business’s current financial position.

Here’s what you need to know about each balance sheet category:

Looking at Assets

The first part of the report will tell you what resources the business has. This can help you value the company and know exactly what you’re buying. Or, if you’re an owner, it can give you a good idea of how strong your company is.

You don’t want to look at just the amount of assets but also how high-quality they are. That means, how likely are you to be able to turn that asset into the appropriate amount of cash? Of course, cash on hand is the highest value, and aging account receivables have far less value.

Pay attention to the age and quality of the inventory and how close major assets are to the end of their useful lives. The net value of an item is its initial value minus depreciation, so that’s an important number to note.

Understanding Liabilities

Next, you’ll look at liabilities. These are debts that the business owes to others. You might see accounts payable to specific vendors, loans from the bank, or other liabilities. When you’re buying a business, you may choose to buy only the assets, but the seller may also require you to cover the short-term liabilities like accounts payable.

Any liability that’s due in 12 months or less is a short-term liability. Long-term liabilities include long-term loans, bonds the company issued, or other long-term debt.

Owner’s Equity (Book Value)

The amount left over after you subtract the liabilities from the assets is the owner’s equity, or book value, of the company. This is what belongs to the business owners. Some of the items in this category include invested capital, retained earnings, and the amount of equity drawn out of the company to pay owners.

Theoretically, the book value is what you would get if you liquidate the company rather than sell it. It’s a good bottom-line number so that you know how much you could get back if everything goes poorly.

As a business owner, it’s essential to trim your expenses and keep your book value high. Of course, there might be periods of higher costs, but those should be temporary. Use the balance sheet to understand where you can cut costs and improve your business situation.

Your Balance Sheet Reflects Financial Health

Now that you understand the three parts of the balance sheet, you can see how it reflects the business’s financial health. A company with low cash, older assets, and high liabilities is in a dangerous position.

On the other hand, having substantial cash reserves, newer assets, and low liabilities makes your company more attractive to buyers.

If you’re interested in buying or selling a company, don’t go it alone. There are too many ways you can leave money on the table. Instead, let us help you get the deal that works best for you. Contact us today for more information!

Understanding an Income Statement

An income statement is one of the three essential financial statements that a business owner uses to keep an eye on their success. It summarizes the company’s revenues and expenses over a specific period of time.

Understanding Income Statements

Also known as a profit and loss statement, an income statement will show you how your “bottom line” is doing — that is, whether you made a profit or took a loss during that timeframe.

If you are buying a business, understanding the income statement will give you a good idea of the financial health of the company and show you how overall sales, costs, and profitability look.

Sales Revenue

The very top line of an income statement will show you the gross sales revenue for the period. That’s the raw dollar amount of sales without any expenses removed. Gross revenue is a good starting point because it shows you how much room you have to grow or improve profitability.

Low revenues might mean that the business owner hasn’t taken full advantage of the market. That could indicate a lot of growth opportunities, but you want to make sure you fully understand why the current owner hasn’t grown the business, so you’re aware of obstacles.

High revenues often mean that you have great opportunities for profitability if you control costs. If you notice that you could improve the business processes, that’s a good sign. However, be sure to do your due diligence into any roadblocks that could keep you from implementing the changes, such as uncooperative senior management.

Cost of Goods Sold and Expenses

If the company sells physical products, there will be a line showing the cost to produce the goods. The cost of goods sold (COGS) is the first deduction from gross revenue. Revenue after the COGS is the gross income or gross profit.

The gross profit helps you understand how efficient the business is in producing goods. However, it doesn’t include overhead.

After gross profit, you’ll see line item expenses showing the operating expense during that reporting period. You’ll see recurring expenses such as rent, marketing, and equipment upkeep. These operating costs will reduce the gross profit figure down to the operating income or operating profit.
Operating profit will let you know how the company fares after all internal costs are deducted. These are the costs that you, as a business owner, have direct control over.

Pre-Tax and Post-Tax Profits

The final portion of the income statement will show you the pre-tax and post-tax profit.

Most businesses have loans and are paying interest on those loans. The interest expense is deducted from the operating profit to give you the pre-tax profit. Finally, taxes are removed to provide you with the net income, which people refer to when they talk about “the bottom line.”

To get an accurate feel for the profitability of a business you’re interested in buying, make sure you look at several income statements. Is the company showing an upward trend? Are costs under control? Are there any expenses that seem out of line for the industry?

Knowing whether you can make a profit right away or will have to rescue a company from excessive costs and inefficiencies can help you decide what price to offer — or if you want to buy the business at all.

Know Your Income Statements

Reviewing income statements is just one of the essential aspects of due diligence. You also need to see other financial information, such as the cash flow statement and balance sheet. You’ll need to understand the industry and how the business is perceived in its local market.

Finding the right business to buy is a lot of work. Fortunately, Murphy Business can help. We know how to match buyers with the right opportunities and help you find a business that fits your needs.

Contact us or find a local office today to learn more!

3 Reasons to Buy a Business Instead of Starting Your Own

A lot of people dream of being their own boss. They want to own a company so they can do what they love and make the rules themselves. Entrepreneurs also find it important to be able to serve their customers in the best way possible, unconstrained by others’ rules.

If that’s you, you might think that the best avenue is to start your own business from scratch. However, many entrepreneurs find that buying an existing business makes more sense than starting over.

Inside of a warehouse - buying an established business

Why would you buy a business rather than start your own? Here are three reasons to consider:

1. It’s Easier to Secure Financing

As the saying goes, it takes money to make money, and unless you have a lot of capital to start with, you’ll need financing. Those who found their companies on their own often bootstrap. That means they use their own savings, borrow from family and friends, and keep costs low so they can get started successfully.

Unfortunately, that doesn’t always work, and bootstrapping can limit how quickly you can grow. Getting financing from an outside source is a better choice, but lenders and investors often look for existing customers, cash flow, and signs of success before they’re willing to hand over cash.

When you buy an existing business, you have a structure that’s already working. You have customers, and you’re bringing in revenue from the beginning. That makes it much easier to get financing.

2. You Have an Established Brand

The world is an incredibly noisy place. Americans are exposed to 4,000 to 10,000 ads per day, and most people have a very short attention span. If you’re starting a business from scratch, it won’t be easy to get noticed.

If you buy an existing business, you start with an established brand that already has steady customers. If the company is successful, then advertising is already in place, and local residents have heard of the business and seen the store.

Your job as the owner of an existing business is to amplify the brand and spread your influence, which is much easier than trying to break into the market from scratch.

3. An Established Operations System

Setting up business operations isn’t as easy as putting an “Open” sign in the window. You need to have a reliable, consistent supplier, accounting systems, customer service processes, and other contacts within the industry.

Buying a business that already has a working operation saves you significant time, money, and headaches. Even if you come in wanting to make changes, you have a functional system to start with. That makes it much easier to improve.

Starting from scratch is a lot of trial and error, and unfortunately, the wrong decisions can cause the business to fail. When you buy a company, you can start with the existing processes and make them better.

Is it Time To Buy a Business?

Being an entrepreneur is a big decision, and you shouldn’t make it lightly. Instead, look at all of your options before you move forward.

You might have assumed that starting your own business was the only way forward, but the truth is there are a lot of advantages to buying an existing company. If you’re interested in learning more, contact us today!Inside of a warehouse - buying an established business

5 Ways to Stay on Top of Your Industry as a Busy Business Owner

“So much to do, so little time.” That’s never more true than when you’re a business owner. You have a lot to manage — you want to lead your team well, serve your customers, do great marketing, and more.

But if you fall behind in your industry, you can find yourself behind the competition quickly. New developments and innovations can help you decide where to go as your company grows and what expansion plans make sense.

How can you find the time to stay on top of your industry as a busy business owner? Here are five tips you can try today:

1. Follow Podcasts

If you find that you’re always on the go, podcasts are a great way to keep up with your industry and business in general. There’s a podcast about almost everything, and many thought leaders put out episodes regularly.

Podcasts are current and provide valuable information to busy business owners!

2. Set Up Alerts

If you want to monitor what’s being said about your industry online but don’t have the time to read industry websites regularly, consider setting up alerts. This allows you to get an email when a headline or article comes out related to your topics of interest.

Simply go to Google’s Alerts page and set up the keywords you’re interested in. You’ll get everything you need in real-time.

3. Listen to Customers

Your customers are one of the most valuable resources you have, and you interact with them every day! Make sure you notice what questions they ask and what complaints are common. These can give you ideas your industry hasn’t thought of to add more value and serve better.

Giving customers what they need is the number one way to stay ahead of the game.

4. Make Time to Read

If you can only choose one way to keep up with your industry, it’s simple — make time to read! This doesn’t have to be hours each day. Just 20 minutes a day will give you insight into what’s going on in your marketplace and how it impacts you.

If reading is too time-consuming, consider getting books on tape or finding a text-to-speech program to read your articles and news. If you’re working out or traveling, this can be a perfect time way to get information.

5. Stay in Touch With Your Network

Wondering what your peers are up to? One of the best ways to find out is to ask them! Try to go to networking events regularly, and participate on business social networking sites like LinkedIn. Not only will this help you stay up-to-date with changes in your industry, but it can also be extremely valuable when you are looking for new opportunities in the future.

Business is all about who you know, not just what you know. Don’t let networking fall to the side simply because you’re busy!

Being a Business Owner is Challenging

As a top business broker, we work with business owners every day. We know how hard it is to stay current on your industry or get up to speed on a business you’re considering buying.

We have a variety of resources that can help you learn and grow as a business owner. And if it’s time to buy or sell, we’re here to make it e

Franchise or No Franchise

As an entrepreneur, you have many options when it comes to buying a company. Do you want to choose an established business in a specific area, or would you prefer to be a franchise owner? There are benefits and drawbacks to each one, and a business broker like Murphy Business can help you decide what’s right for your situation. Here are some factors to consider when deciding between a franchise and a stand-alone company.

Do You Prefer Built-In Structure?

Many people who have spent a lot of time as workers in corporate America are itching to get out. They know there are better opportunities out there, and they’re right! They don’t want to build someone else’s dream anymore.

People from corporate America often do very well as franchise owners. The company is already structured for them, and they know exactly what to expect. At the same time, they get the freedom to run their own business and make their own profits.

Even if you haven’t worked as an employee for very long, you might prefer a bit of structure in your business experience as well. That’s where a franchise can help you succeed. If you want a predictable but freeing business experience, a franchise might be perfect for you.

What Is Your Risk Tolerance?

Some people prefer to invest in a franchise because it’s somewhat less risky than starting a new, unproven company. With a franchise, you generally have a recognized brand name, corporate support with marketing, and a clear understanding of your area’s business opportunities.

If you prefer to strike out on your own or buy a stand-alone business, you’ll need a strong stomach for risk. You’ll also want to do a lot of research on the company’s history and the potential for new customers and growth in your area.

In both cases — with a franchise or another business — you can look at sales trends in your area, competitors, and the history of demand for that product or service. A business broker can help you evaluate a variety of opportunities and find what’s right for you.

Do You Want to Be Completely in Charge?

Some people don’t feel like they truly own a business if they cannot make all of the decisions. Being a franchisee gives you many benefits and some freedom, but you still don’t call all the shots. For instance, while you’ll have a protected territory, you will have to follow the company’s guidelines on uniforms, packaging and delivery, and marketing materials. You won’t be able to make any changes without the franchisor’s approval. To some business owners, this will feel uncomfortably restrictive.

For example, if you own restaurant franchise and the company decided to offer all-day breakfast nationwide, your restaurant will have to follow suit. If you didn’t like the decision, you would have to make your concerns known to the company and hope for a change. If you owned a stand-alone restaurant, you are responsible for all decisions. What you offered and when would be completely up to you.

Understanding Franchise Fees

One of the biggest questions in owning a franchise is franchise fees. In most cases, you will pay an initial franchise fee to purchase the franchise. This gives you the right to use the brand name, typically given training and support from the franchisor. Additionally, you will pay a portion of your sales to the franchisor this is considered a royalty payment for the continued use of the brand name and support you will be provided. Before you purchase a franchise, make sure you look at all fees associated with the franchise. Compare that to other business opportunities in your area.

To Franchise or Not to Franchise?

Only you know whether buying a franchise makes sense for you. If you prefer a built-in structure, a protected service area, and corporate assistance with marketing, it may be a great fit. However, you will also have specific rules to follow, franchise fees, and brand responsibilities.

To learn more about what kind of business you should buy, get in touch with us at Murphy Business today. We can talk to you about your needs and share business opportunities that meet your requirements.

What to Expect as a First-Time Business Buyer

If you’re looking to become an entrepreneur, the first decision you have is whether to buy a business or start a new one. There are many advantages to buying a business, including a built-in customer base, operations process, and knowledgeable employees.

However, being a first-time business buyer can be stressful. It’s important to know what to expect and the pitfalls to watch out for along the way.

Here are some things to keep in mind as you buy your first company!

You Won’t Fit Every Business Opportunity

Some people feel that a person with strong business skills should be able to run any company, but that isn’t the case. You don’t want to make a decision based on track record or financials alone. Instead, make sure the business opportunity really fits you.

Do you know the business model? Are you passionate about and familiar with the industry? If not, this company isn’t a good fit for you. For your ideas and innovations to be successful, you must understand the industry and love the work.

It’s Not Good to Go It Alone

You might consider yourself a savvy individual, and you’re probably very smart and have an eye for details. However, you never want to buy a business without help.

There are a lot of pitfalls to watch out for when buying a business. For instance, something that seems too good to be true — in terms of business success or financing — probably is. A business broker can help you ferret out what’s going on behind the scenes.

Don’t let yourself be taken advantage of during a business deal. You’ll find yourself in a terrible financial situation with tons of regret. Instead, work with the right people from the beginning.

There are Several Ways to Value a Business

When you buy a home or car, there’s an accepted way to find a value, and it’s the same for all similar assets. With a business, that’s not the case. However, there are better valuation options to use, depending on the type of business.

For existing businesses that have been around for a while, you might use the earnings approach. Using earnings to determine a value can be done using capitalized earnings or discounted cash flows. However, this method relies on predicting future earnings, which can be difficult.

If you’re buying a business with a lot of capital or assets or hasn’t yet turned a profit, consider the assets approach to valuation. What you do here is take the tangible and intangible asset value and subtract debts and liabilities. With this approach, you look at both the current cash value of assets and the potential return on investment of using them.

The market approach is a final valuation method and may be used together with one of the first two. If similar businesses in the area have sold recently, how much did they sell for? How does that compare with the price you’re being offered now?

Working with a business broker can help you keep these valuation methods straight and use the right one for your industry and situation.

There Are a Variety of Ways to Fund a Business

Just like there are a lot of ways to determine a company’s value, there are a lot of ways to find financing as well.

One of the most common payment arrangements involves using a down payment and then agreeing to pay the seller on a set schedule until the balance is paid off. Make sure the down payment isn’t so large that you struggle to have the capital to run the business afterward.

You can look into traditional or Small Business Administration (SBA) loans as well. Many business buyers find that SBA loans are easier to qualify for and have more favorable terms for entrepreneurs.

Some buyers look into alternatives that can help reduce the purchase price, including issuing stock to employees, assuming business debt, and more. The key is to fully understand the terms of the deal and ensure you aren’t putting yourself in a bad situation.

Murphy Business Can Help You Find Your Dream Company

If you’re ready to purchase a business, you want to find a qualified business broker to help you. Murphy Business is just that. We have many years of experience helping business buyers and sellers, and we know what it takes to close a beneficial deal.

If you’re ready to start the journey of buying a business, contact us today!

Ready to Sell? 3 Steps to Prepare

You’ve spent years building your company, but the day has come. It’s time to sell your business. Whether you’re planning to retire, move to a different industry, or reinvest in a new company, selling your current business can be challenging.

It’s important to find a buyer who is ready and willing to do right by your customers, employees, and suppliers. However, there are also likely hard changes to be made. How can you prepare your company for sale and get the right buyer?

Here are three steps to help you prepare to sell your business:

1. Build Your Revenue

A buyer will look closely at how your business is trending. A growing business is more desirable and will command a higher price than a stagnating or downward-trending company.

Consider creating a new sales initiative for your employees or bumping up your sales staff. Also, make sure that every dollar of income and expenses is recorded accurately in your financial records.

When you have a growing business with impeccable records, your company will become much more attractive to buyers.

2. Reduce Your Influence in the Company

This may be one of the hardest, but most important, ways to prepare for a business sale. You need to reduce your role in the business so that your management team can step forward. If you haven’t created a strong management group, this is a great time to do so.

Selling the business naturally means that you won’t be there to call the shots. Someone else will be taking over. The more you’ve stepped back and let others lead, the easier the transition.

Employees, customers, and suppliers need a go-to contact that isn’t you. Set these reporting structures up now so that when you sell, the process will be seamless.

3. Turn Excess Inventory and Assets to Cash

It’s easy for a company to sit on old inventory well after it should have sold. If you’ve been leading the business for a number of years, there may be a lot of excess inventory in storage.

Generally, a new buyer isn’t going to be interested in paying for old stock, so now is the time to liquidate it and turn it into cash for your company. Get your inventory down to the level it needs to be for normal business operation before you sell.

The same principle applies to business assets. If you have old equipment you’re not using anymore or other assets that are gathering dust, it’s time to sell them. If they don’t have retail value, sell them for scrap or parts or dispose of them.

Just the Beginning

These three steps are essential, but there’s more you need to know. There are actually nine steps we recommend to prepare your business for sale. Get the guide for free now!

Once you’re ready to sell, you need the right brokerage to partner with you and help you find a qualified buyer. Don’t waste your time with people who are just practicing their valuations or “kicking the tires.”

When you work with Murphy Business, we can connect you with serious, highly-qualified buyers who are ready to take action on your company. Ready to get started? Contact us today!

How to Create an Exit Strategy From the Start

You’re just starting your business. You have a deep passion to serve your customers and provide the very best products and services available. Thinking about how you’re going to exit the business is likely the last thing on your mind.

Unfortunately, failing to plan for the end means that you aren’t sure where you’re going. Yes, your business can grow and develop, and an exit plan might materialize. It’s a much better idea to plan for your exit from the beginning.

Best of all, with an exit plan, you’ll have an easier time winning over investors. They love a business plan that shows them how they’ll get their return on investment.

Possible Exit Strategies

What are the possible ways you can exit your business? There are several.

If you’re a sole proprietor without investors, you can simply increase your personal income from the business in the final years. At the end, close the business, liquidate, and retire or move to your next venture.

Other companies might plan on growing to the point that they can go public. Once your business is publicly traded, you can sell your shares when you’re ready to retire. Your management and employees will choose a new leader and move forward.

Or you might decide you want to sell the company to another entrepreneur or a larger firm. To do this, you need to be aware of who needs your technology or products and cultivate a relationship with them as early as possible.

No matter how you plan to finish your involvement with your company, whether it’s in three years or twenty, you need to plan for it now.

 

Step 1: Design the Business to Run Without You

The biggest mistake business founders make is centering the business on themselves personally. It’s easy to do — after all, you have the passion and the vision, and in the early days, you might have the most expertise as well.

As your company progresses, you may want to bring in a CEO. You might be tempted to be the CEO yourself, but this can hamstring your company. Independent leadership helps you grow in new ways and gives your company an independent leg to stand on.

You should also build work teams and ensure that you aren’t the primary face that the customer sees. That way, when it’s time for you to exit, the company will continue to run smoothly.

Step 2: Keep Your Finances in Order From the Beginning

When a business owner wants to sell their company, one of the biggest challenges can be getting the financials and documentation in order. You need detailed historical financials as well as projections for the future.

If you plan to sell as an exit strategy, develop a process for creating and storing these documents right away. It will make everything much easier when you’re ready to sell.

Step 3: Decide How Much to Say

You probably don’t want to publicly broadcast your exit plan as soon as you found your company. Customers and partners will have a hard time trusting you, and employees may not want to work for an owner who seems uncommitted.

Instead, plan for your eventual exit and put processes in place quietly.

Are You Ready to Sell Your Business?

If you’re ready to exit your business through a sale, we’re here to help. Murphy Business has helped many companies market themselves, qualify buyers, and negotiate the terms of a sale.

If it’s time to implement your exit plan and sell, contact us today for more information!

How to Be a Great Leader in Uncertain Times

Leading a business in 2020 has been extremely challenging. However, it seems like there are always difficult circumstances in business. From the attacks of 9/11 to the economic meltdown of 2008-10 to COVID-19, tough times surface periodically.

What separates those who do well from those who fail is often a single factor — great leadership.

How can you be a top leader in these uncertain times? Here are ideas you can use today — and in the next crisis.

Learn to Manage Well Remotely
Pandemic or not, remote work is a growing trend. Over the last five years, remote positions grew by 44%. Many top workers look for flexibility and the ability to work from home when they apply for jobs. Crises, such as disease or economic uncertainty, make remote work even more appealing to both companies and their staff.

Are you able to lead successfully from a distance? It requires excellent communication, the technology skills to use project management and video meeting tools, and the ability to engage people and help them feel successful.

Work on being very clear with employees about goals and expectations, along with project plans and timelines. The more you can do this, in person or remotely, the more practice you’ll have for future opportunities.
Also, the fact that every person manages their workload differently is magnified during remote work. Practice seeing that as a benefit, not a threat. Encourage people to work in a way that fits them best.

Communicate, Communicate, Communicate
When people can’t see your body language or hear your tone of voice, communication is challenging. Practice being especially clear in emails and using video meetings instead of in-person more often. You’ll learn a lot, and having the opportunity to follow up in person will help avoid misunderstandings while you’re growing.

Help your employees communicate with you more clearly as well. They should be able to define their goals in their own words, tell you how things are going, and give you a heads-up if a project is late.

This level of communication might seem overmuch under normal, in-office circumstances. However, if there’s another crisis or your company decides to make at-home work more available, the skills will be priceless.

Work Closely With Your Leadership Team
One of the things that everyone deeply needs during a difficult time is a sense of stability and routine. One person alone cannot provide that. Be sure you work closely with other leaders in your company to provide a united front and communicate the same message to everyone.

Inconsistency in leadership and messaging in tough times makes problems worse. If you’ve recently bought a business, it’s even more critical to get everyone on the same page. Strive for levelheadedness, empathy, and focused leadership.

Is it Time for a Change for You?
As a leader, you might be ready to take the next step — owning your own business. While this is a challenging economy, the truth is that you will always face obstacles. Don’t let that stop you from moving forward with your dreams!

If you’re ready to take the leap to own your own business, let us help you find exactly what you’re looking for. Contact us today to learn more!