Is it time to sell my business? As we start to navigate our way through the new year and the challenges it brings us, there are a few things to reflect on before we get into full swing.
Technology continues to develop and becomes more integral in our daily lives, cyber-security becomes more important. As tensions rise in other countries, so do the warnings of heightened risk of cyber-attacks. The different types of attacks include email phishing, credential stuffing, password spraying, and targeting of unpatched devices. Businesses and people should be vigilant and look into implementing a cyber-security system.
Personnel development is essential in any business. As a business owner, you should be able to run the business without working in the business day-to-day. Continually meet with your employees and identify strong management candidates. Develop them to take responsibilities from you. Their upgraded skills and roles will allow you to work on your business and not in your business.
A well-run business is a lean machine. Take a critical look at inventory. Anything with a slow turn or obsolete needs to be sold with a deep discount or donated. Same with your operating equipment. What needs to be retired and replaced?
If you aren’t finding the time or have a lack of energy to go through these steps for the new year, maybe it is time to sell.
Give Gateway a call today at (972) 219-6961.