Mistakes To Avoid When Selling Your Business
First I must say it a blissful task being a business individual. You and your major task which revolves on your most powerful resource, which is your’ revelation’ to meet needs to those in demand of your services by achieving wealth. Which makes you a problem solver (solution finder), by the revelation you have received. So, your revelation as a business individual carries the vision to make real money which is not paper visible but in creating of value.
If you are a businessman, what business are you really into should enable you solve problems. So if I am an electrician, and someone ask what need are my meeting, I could say: ” I help meet electrical needs in home and solve electrical problems at homes. ”
For as a businessman, you have the capacity to meet needs, those things that burn your passion to put yourself to work. Your passion can make wealth If you identify the needs that can be solutions to problems. If you have been in the business field, there are several mistakes to avoid when selling your business.
Today, we’ll focus on common mistakes to avoid in business, such as: Setting a price too soon. Selling too quickly. Lack of trust during the sales process. Not increasing the value. Not identifying the best buyers. Being unprepared to defend your valuation. Failing to negotiate. I believe these problems can either make us meet needs to have an well structure business if we apply these steps.
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1. Do not fail waiting for government to build on your ideas before you think of having a global vision!
Your mandate as a business person is to meet need where your passion is always fire up. You should always improve from how you started your business vision to become big. You may start as one, but in impacting society by simply adding value is mainly giving back to your country. values from your business to develop the minds of youths, and improve on their dreams if you will create a platform to make them learn to become a successful business person also.
2. Know your are simply in Business to solve problems for your nation and citizens before making wealth
This only begins when you recognize your customers service and appreciate those coming to patronizing your service. Some months back I entered into a big shop in Abuja Nigeria to buy somethings, but being my first there was also my last buying from there. The lady I meat has become so satisfied in making money and with the number of customers patronizing her business .
I entered the shop and I greeted her, then she asked what do you want? I replied and she sat there without assisting. I had to wait for her sales boy to finished with the other two buyers who came before I, which I spend up to 10 – 11 minutes to buy what can be gotten under 2mins. I however did learnt from her, and told my self I don’t want to be called “Oga” while my business flop because there is no sensitive of appreciating new or old customers coming to do business in exchange of their money to your service. I said this to say: “Your business should not come to a final development where there is no need for improving.” A profiting business that will last is to look for what has been made or done and improve on them. If you are not improving on a business idea or service, then there has been no changes. You have to treat your business and customer with respect and dignity.
3. Do not fail in improving on the quality of development to what problem your services do solve
No nation was built by government alone! What makes you a businessman is simply because you have understand you can help your government solve society’s problem. The opportunity is enormous for Government alone to fix all problems! Therefore, have roles to play improving the quality of lives as doing business in your country. Don’t wait for the government. Government officials have their own role to make laws and enforce them. Most People who made history in business have dreams.
Like, Wright’s Brothers who flew an air craft for the first time, Henry Ford who mass-produced cars for the United State for the first time, or Bill Gate who supply the computers or Thomas Edison who produced the light bulbs and wired up a section of New York, and turned on the light for the first time and there was a celebration of. These were not government officials. They are people who never failed improving even when they made errors. So let your vision for your business developed.
4. Be clear about your line of business, then do research about what business you want to do
This will give you a clearly view who will patronize your product dominantly. Put your product where those who need it most will buy it. This will give you a clear approach to improve on business and avoid some problems ahead to have what others lack.
5. Be a good business sale man/woman and have your brand
What avenue do you use to market your business and services? Having 1,000 friends who know about your service do not guarantee 1,000 of them patronizing your service to make you more money.
There is even the probability 75 percent of your friends may even want your service for free no matter how expensive it may be. Your avenue on reaching out to expand to more clients should not rely only on those you know. Using the right media service where people search for such information. Have bill board that shows what you offer to others. This will make your business recognise by those in need of what you offer.
(Set a day to doing personal marketing) by not trying to emulate some office boss who think there is no need to market their business. Not until I realized this, I lag years back. Advertise; let people know you are there. A city that is set on a hill cannot be hidden! That will create awareness. Have your brand that differentiate you from other business individuals . This helps people make up their mind on what they are purchasing.
6. What can you learn from the mistakes you’ve made or still making
Most business individuals make mistakes that some may not want to take cognizant about. One of this mistake is based on their marketing field; by being on social media and don’t use their present there to reach new clients. This do remind me of my naive Years back 2014 – 2015 to which I only subscribed internet data for social media chat and news reading. Neither did I knew these two platforms is another avenue to reach out my business to others. Not until I realize the mindset of the modern businessman.
You have to avoid ignorance, but however appreciate knowledge that you could learn. I do believe many still make such on a 21st century in a civilized world . Change that!
7. Have a good saving nature
You don’t want to be kick out from business if you as a businessman only offer services, and don’t save some part of your income
You cannot be in business for six years and can still not analyze how to generate income from your service. What even keep a business going is the ability to finance it, so when you as a business person have a perfect saving knowledge, you won’t purchase the wrong commodities and become a debtor and a borrower.
So, have saving habit and learn to invest into your business and other investment that can generate revenue for your business. But a profitable business should be able to sustain itself as years goes on. If it doesn’t, then such business is not marketable or not in demand to what humans need.
8. Who is trusting you?
Trust is integrity in business. So build trust and have relationship with business individuals who can trust you for doing business with you, without having dispute over money delay. Have integrity that can source opportunities for you. Integrity is what will make you do what is appropriate, and trust is what someone can build through relationship based on your ability to keep to deal.
Trust can be built on years as a result of dealing and trading. I remember years back working with a boss who was dubious in act. He later lose his integrity in business because none could trust him with money because he had pill up debt that he never intended to pay, but will rather search for who next will sell materials for him free even when he had the money to pay. I still remember the day he gave me 170,000 in 2015 to deposit to his account, the fear of losing his money made him to kept calling every minutes.
To his surprise I deposited the funds and returned to the office knowing he had not pay me for two months and other allowances. Same goes to you as a business man, can someone trust you to help them when you need help. Trust mean keeping to your words each time you said you will do something or pay someone what is due for payment. If perhaps you cannot meet to target, wisdom demand that someone who have integrity will call to inform the state of things and give a date you don’t have to disappoint your business partner.
9. Put your assertion to action
Stop planning on what to do year in year out. Put it to work! Ecclesiastical 11:4 says:If you wait for perfect conditions, you will never get anything done. Strike when the rod is hot. Opportunity of great idea don’t wait for you. Dream big! do what you are to do to move into your next step. The problem is not to only dream big, but take a step from where you can afford presently. “ideas will remain a mere thought If not act on, and will become an illusion if procrastination is your drive.”- Beloved Desmond.
10. Have purpose for wealth as money start flowing in
The purpose of wealth as a businessman is to have power. God gives power for the sake of the powerless, He gives wealth for the sake of the poor. Don’t emulate the character of the rich fool Jesus Christ talked about in Luke 12:16:20 And he said unto them, Take heed, and beware of covetousness: for a man’s life consisteth not in the abundance of the things which he possesseth.
And he spake a parable unto them, saying, The ground of a certain rich man brought forth plentifully: And he thought within himself, saying, What shall I do, because I have no room where to bestow my fruits? And he said, This will I do: I will pull down my barns, and build greater; and there will I bestow all my fruits and my goods. And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, and be merry. But God said unto him, Thou fool, this night thy soul shall be required of thee: then whose shall those things be, which thou hast provided?
You have to understand you are just a steward. You should have values for the lives of the poor and powerless is how you can avoid a lifetime mistakes as being a businessman, who want to avoid mistake when selling your business. Thanks for reading, and share with others if this article is helpful to you.