Business Chops Tip #105: Are You Building Value Within Your Firm?
The AV industry media are full of merger and acquisition headlines. And while an exit strategy that involves selling the company may be a viable long-term goal, it is only one of several strategic options.
Identifying, training, and mentoring rising stars is key to succession planning and is vital to the long-term growth whether or not the owners decide to sell. The
operative word is "planning."
Building he company's value in terms of management structure and talent, streamlined operations processes, and a viable product innovation roadmap pay dividends regardless of the exit strategy. What¹s your firm's long-range value building plan?
Author's Note: Creative and technical professionals (from musicians and actors to designers and engineers) rely on their "chops": those skills and techniques that they use to be successful on the job. Stiernberg Consulting coined the term Business Chops to encompass those skills, experience, and tactics that you rely on to be more successful. Whether you are a dealer, manufacturer, distributor, rep, or design firm, this series includes tips and techniques for optimizing sales, profits, and growth of your Custom Retail business.