As our Louisville Business Brokerage office celebrates 2 years since it’s opening, we have experienced tremendous highs and lows. I’m proud to say that in October I will be accepting an award for achieving the Murphy Multi-Million Dollar Club in 2020. On the other hand in 2020 the pandemic caused personal stress, and a great deal of fear and in some cases business losses for owners who I’ve met.
As we move forward out of this historic period here are some key takeaways for business owners to consider moving forward.
Develop processes that allow your business to run at maximum efficiency and always seek improvement. Create contingency plans within your business so that you can react to a crisis whether small are large. If you don’t have an exit plan begin working with an Advisor such as myself to develop one.
Despite assistance programs many businesses just didn’t have the cash to make it through the pandemic. I personally witnessed specific industries where businesses without enough cash fell by the wayside quickly and had to close their doors. In the meantime, those with a strong cash position weathered the storm and are exiting the pandemic stronger than before. Sit down with an Advisor and come up with a desired cash position that is right for your business.
Many businesses were already struggling to find employees, especially those with specialized skills. Now the struggle has increased even more. As a result in many of the businesses that hire us to perform valuations, we see declining revenues that are directly caused by a lack of sufficient staffing. The business owners who can successfully hire and retain quality workers will have an advantage in today’s world. One of the advantages of interacting with business owners and being a former owner of a business that used skilled labor is learning what works and what doesn’t work. I can help my clients implement HR strategies that will not only help now, but will make your business more valuable in the future.
I look forward to sharing more tips with you in future. If you find the information that we share valuable, please share it with a friend. The majority of our business listings come from referrals, so if you know a business owner or someone interested in buying a business, please share my information with them.
Thanks,
Phil Eleson, ABI, MBA
Business Intermediary
Murphy Business Sales of Louisville
502-208-9325