» successful business http://www.nyscclv.org Tue, 24 Jan 2012 05:06:53 +0000 en hourly 1 Selling a Business in Southern Ontario http://www.nyscclv.org/selling-a-business-in-southern-ontario/ http://www.nyscclv.org/selling-a-business-in-southern-ontario/#comments Sun, 10 May 2009 08:09:28 +0000 nyscc http://www.nyscclv.org/?p=214 Selling a Business in South Selling a Business in Southern OntarioIf you are a business owner in Southern Ontario thinking about selling a business, the issue of ‘timing’ may interest you.  Company owners often put off a decision to sell a business due to ‘bad timing’ of one sort or the other (example – the economy has slowed, new staff need to be trained, just acquired a new complex account, etc.)  The decision to sell a company is an important one and clearly prudence with respect to timing must be taken.  However, there is a grey area between thinking that the timing to sell a small business is off compared to finding reasons not to sell.
The purpose of this article is to de-bunk a main reason that business owners cite as to why they think it’s not a good time to sell and also to explain why now is a good time to sell if you have a strong, profitable business.

Selling a business does certainly require preparation and foresight.  The successful business seller will have taken several steps to ensure that they are able to find a buyer interested in their venture and that their business presents well.  Doing things like claiming all of your earnings, maintaining proper records, increasing sales and improving business operations contribute significantly to selling a business successfully.  The trouble, however, is that some business owners neglect to take the necessary steps to sell their businesses and then cite the “slow economy”, “new staff”, etc. as the reason that they won’t or can’t sell their business.  The reality is that it is never a 100% ‘ideal’ time to sell – there is always something that is not quite perfect prior to listing a business for sale (example – revenue might be off for the latest quarter, the economy may have softened, a key staff member may have resigned, and so on.)  The point is that selling a business is a long term decision that requires forethought.  Decisions must not be knee-jerk otherwise you, as a business owner, may never sell your business at all.

Sell a business in a challenging business environment

The other issue to consider is that of perspective when you are selling a business.   For instance, some people look at a situation and only see how the negative might affect them while others see opportunities.  For instance, consider the economy of southern Ontario.  The economy has traditionally been a manufacturing-centred area stretching from Toronto (GTA) to Mississauga, Oakville, Burlington, Hamilton, St. Catharines through to Niagara Falls.  This QEW corridor is the home to countless factories, machine shops, steel companies and many other types of manufacturing companies.  When the economy softens this sector is usually impacted much harder.  Jobs are lost, exports decline, and so on.  Clearly this is not an optimal situation.  However, as a business seller you must remember that Ontario’s economy is now a modern, integrated service-based economy that has evolved greatly from the manufacturing roots.   Economic downturns usually mean an increased level of unemployment as well.  Consider that many workers look to buy a business when they lose their jobs.  Buying a business is a clear option for many downsized workers so the potential pool of business buyers can increase in this scenario.

Good businesses are always in demand

The final point to consider is that not all businesses for sale are the same.  Keep that in mind when you see a long list of online business for sale listings that don’t seem to be selling.  Business buyers look for strong, stable and profitable businesses.  They look for a business for sale that has ‘clean’ books, a history of good operations and one that is truly cared for and priced fairly.  These types of businesses are in constant demand.  All too often, the business for sale market is flooded with businesses that have failed (or are failing) and the owners list them at a price that is far too high and then expect to attract buyers.  The trouble is that not many buyers are in the market for these types of companies (some are, but not many).  The point is that even when the economy is soft or if something is not quite 100% with your business (and it never is with any venture), a fundamentally strong company that is profitable and well run should have a very good prospect of selling in any economy.

Talk to a business broker

Selling a business is a big decision to make.  Talk to a business broker to discuss some of the many different options that will work best for you.

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]]> http://www.nyscclv.org/selling-a-business-in-southern-ontario/feed/ 0 Flourishing your business with team-work http://www.nyscclv.org/flourishing-your-business-with-team-work/ http://www.nyscclv.org/flourishing-your-business-with-team-work/#comments Wed, 11 Mar 2009 05:12:46 +0000 nyscc http://www.nyscclv.org/?p=6 Flourishing your business w Flourishing your business with team workBusiness is the social science of operating people to organize and preserve communal productivity headed for accomplishing specific, innovative and productive goals, typically to produce revenue. Teamwork is one of the most important key for a successful business. Teamwork makes the dream work. In teamwork each individual is able to achieve more than an isolated individual, combining the knowledge and skills of the team.

Information Exchange has vital importance in teamwork. It is important to have proper interaction and communication between teammates regardless of a company’s size and nature of business. To prevent any loss of information, it should be exchanged in a smooth and safe manner. This provides us with a good working ambiance where all the staff is properly informed and seizes all the information they require to perform their job properly. Deadlines and task management are of great importance for every business.

You lose money if you miss a deadline. In order to meet a project’s deadline, the person in charge has to hand over tasks to suitable subordinates. He also has to maintain the full control over the designated tasks to revise them immediately if situations change. You should use an appropriate tool supporting teamwork software for short messages exchange, as e-mailing takes a lot of time and is not convenient.

To be a passable partner for the rest of the team each team member working in a team should be individually organized properly. Team members should be granted with personal info management software to improve their personal efficiency. The ability to track tasks is another important requirement for an efficient teamwork. You should have clear idea about the history and investigate on it to improve your business model.

It may be hard to evaluate the results of the implementation of an association solution in your company. You can verify how much a teamwork solution added to the development of your business. A good teamwork solution can easily provide you with an improvement of all the business factors. So, this is the conclusion stated in the title of this article.

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