If you want to make your business more valuable, take this advice: work on your business, not in it! You can’t be in the midst of small, everyday activities and still be able to bring more business into the company (which is what you’re meant to be doing as the business owner). Long term, if you stick to what you’re supposed to be doing your company will not only be much more profitable, it will be more valuable! Valuable as in: if you ever sell your company, the buyer will be more interested in taking over a position that’s working on a business, not working in it. Make this the standard for your business practices now to make your business more valuable!
There’s no doubt about it—one of the best ways to grow a business is by keeping an eye out for new and exciting oppurtunities like a new product or service you can provide. But we business owners need to remember that if we can’t be great at it, we shouldn’t be doing it. If you can’t perform a new service correctly, or if your employees don’t have the proper skillset to carry it out, the new idea that seemed like it would lead to big bucks will only lead to big loss for you and your business. As long as you keep an eye out, new oppurtunities that fall under your own skillset will present themselves in time, don’t try to force things that just don’t fit into existance. Instead, you should invest your time and effort in doing what you already do well, and doing it better.
Don’t fall prey to the number one threat to businesses everywhere! What is the number one reason businesses fail? It’s bad decision making! How do you escape the trap of poor decision making? Clearly it’s done with the power of GOOD decision making! Always take care of customers, always know your customers, add value to your products and services at a consistant rate, have a strategic growth plan, and pay attention to financial management. These basics should guide all decision making in your business, and no decisions you make for your business should contradict them. The right decisions make all the difference between your business failing and your business succeeding!