As we wrap up this month’s theme of the season of giving, we’d like to shift the focus inward and explore how you can give back to the things that matter most—your business, your family, and yourself. Being a business owner comes with a lot of responsibility, but it also presents an incredible opportunity to cultivate resilience and growth in all areas of your life. In the spirit of giving, we want to provide you with tools that will help you assess where your business may need attention, allowing you to nurture and strengthen it for the future.
By taking the time to gain a deeper understanding of where your business stands and what areas could use improvement, you’re not only giving back to the business itself, but you’re also creating a more secure future for your family and giving yourself the peace of mind that comes with being prepared. With that in mind, here are two essential tools you can use to better understand your business and plan for the future.
1. The Attractiveness and Readiness Surveys
The Attractiveness and Readiness Surveys are your first stop on the path to business preparedness. These surveys provide insights into how your business is perceived externally and how ready it is to adapt to unexpected changes. In the same way that giving requires an understanding of what others need, giving back to your business means understanding its strengths and areas that could use attention.
- Attractiveness: This survey evaluates how appealing your business is to potential buyers, investors, or strategic partners. It delves into factors like your market position, customer base, and growth potential. Think of this as your business’s “curb appeal”—how attractive it is in the marketplace and to those who may want to engage with or invest in it. By identifying areas where you can enhance your business’s attractiveness, you’re essentially giving back to your future by making your business more desirable and resilient.
- Readiness: On the flip side, the readiness survey focuses on your business’s internal preparedness. How adaptable are your operations? Is your leadership structure solid? Could your business continue running smoothly if something unexpected happened? The readiness survey helps you identify weaknesses in your infrastructure, systems, and leadership so that you can prepare for whatever comes next. By improving readiness, you’re not only giving back to your business but also ensuring you have the support systems in place to protect your family’s financial future.
Together, these surveys give you a clear picture of where your business stands and highlight the steps you need to take to strengthen it—allowing you to give it the best possible foundation for growth and success.
2. Business Assessment and Valuation
The second tool to help you give back to your business is a comprehensive Business Assessment and Valuation. This isn’t just about crunching the numbers—it’s about understanding the full scope of your business’s value, including qualitative elements that often get overlooked but are critical to long-term success.
- Financial Valuation: This part is essential for every business owner. It provides a snapshot of your company’s current financial health, looking at revenue, profit margins, and market conditions. Regular financial valuations help you stay grounded in the present and plan effectively for the future. Understanding your business’s financial worth is one of the best ways to give back to both your business and your family by securing their financial future.
- Qualitative Aspects: The intangible elements of your business are equally important—things like your company culture, customer relationships, and leadership team. These factors may not show up directly on your balance sheet, but they play a significant role in the overall value of your business. A positive, motivated team, loyal customers, and strong leadership can make or break your business’s ability to grow and thrive. By focusing on these qualitative aspects, you’re giving back to your business in a way that fosters long-term success and stability.
Taking a step back to assess both the financial and qualitative aspects of your business allows you to see the bigger picture. It provides clarity on where your business is excelling and where it may need a bit more attention.
You can access both of these powerful tools completely free by reaching out to Maya Keenan-Gallagher at maya@twelvepoints.com. Don’t wait—take the steps today to ensure you’re prepared for whatever the future holds.
As we conclude this month’s theme, it’s important to remember that giving comes in many forms. It’s not just about giving to others; it’s also about giving to yourself and your business. By using these tools to become more aware of where your business stands and what improvements are needed, you are investing in a stronger future for everyone connected to your company—whether it’s your employees, your family, or yourself.
Giving back to your business through preparedness is one of the most valuable gifts you can offer, ensuring it has the stability and resilience to grow for years to come.