Tuesday, November 11, 2014

Hire People Smarter than Yourself to Increase the Value of your Business

Five straight-forward, but valuable, pieces of wisdom about how to increase the valuation of your business

By Mark Tepper, CFP, president and founder of Strategic Wealth Partners

For most business owners, the first several years in operation are a time to keep their noses to the grindstone, doing whatever it takes to get the business off the ground. During this phase, providing the marketplace with quality products or services should be the primary focus—but it should not be the only focus. Overlooking longer-term goals can be a big mistake when it comes to the ultimate health and success of your company.
It is important for business owners to realize the decisions made today will gravely impact the value of a business down the line. It may surprise you to know the decisions with big long-term value are actually pretty simple, and if handled strategically can significantly boost the net worth of your business—and your personal balance sheet, too.
Here are five actions every business owner needs to take to reap their long-term benefits.