Whether you plan to continue growing or take the money and run, grow while handing over your business one day or grow to make a sale yourself, your business needs to be in the best shape possible for the future. If you want it to grow, it must have great people, a great brand and a great business mix. These will set you apart from other businesses—when you factor in the estimated 30 per cent of businesses that will be sold or bought out in the next three years.
1. Optimise Your Sales Opportunities
The first step in growing your business is making sure that your business is on the radar of potential buyers and sellers. You need to get your foot in the door and not let the door close. The best way to do this is to form meaningful connections with potential buyers and sellers, but not the ones you may have the most contact with today. Instead, they would be the ones you may not be as familiar with.
When you know to look for opportunities, they will present themselves. You need to keep a constant eye on where the options are coming from and where they are going. Many businesses that close after being on the market for many months are sold to their own customers and employees. Don’t let this be your business!
2. Attract the Next Generation Talent
If you are a new business owner or are looking for a new way to grow your business, this is where you need to spend time. You need a highly engaged and motivated group of employees willing to take on new roles and responsibilities. This is the workforce that will take you into the future.
The next generation of your workforce will see your company in a very different light. You will need to show them that their input matters, that their opinions are valued, and that they are part of something special. If they believe in what they are doing, they will want to work hard. And they will want to stay.
3. Supercharge Your Talent
Because you have a motivated workforce and have the time to focus on them, it’s time to supercharge your talent! This is not necessarily about hiring a personal development manager or spending a lot of money on training programs. Instead, it’s about ensuring that your employees know and understand their value in the marketplace and give them the skills they need to make that happen.
You need to ask your employees exactly what they want out of their careers and then help them do it. This means you will need to work more closely with your employees. Get the help they need to step into the roles they need to play.
4. Prepare Your Business for Sale or Succession
When you become aware that your business is for sale or you would like to pass on your business, it’s time to start preparing. Not only for the sale or transfer of ownership but also for your exit as the leader of your company.
The best way to prepare your business for sale is to work on creating a brand that will stay strong in the marketplace. If you have a strong brand and a strong business mix, you will increase the value of your business substantially. And that’s what will help you take the money and run!
Social media has changed how we interact with one another, run our businesses and grow our companies. Even if you don’t want to grow your business, it is in your best interests to make sure that you are on the radar of potential buyers, sellers and would-be partners.
Movo Partnership was created by its members to take advantage of centralising compliance and operational functions, improving buying power and helping our brokers have more time to do the most important element of their jobs, which is client servicing. Our proposition’s aim was to be the most cost-effective way to run a brokerage and to encourage new start-ups to replace the brokerages being lost to M&A activity. So if you’re looking for the easiest and most effective route to grow your insurance brokerage, we’ve got you covered! Get in touch with us today and let us know how we can help!