Business Processes - Understanding and optimising processes is key in almost every business. Good processes mean better and quicker customer service, better margins and happier customers and employees. There are very good consultants in the community who specialise in this very aspect and can come into the business and work with the directors on a regular basis to continuously optimise and document business processes. Running a Board and Non-Exec Team - This is a very different skill set than being part of the executive and the Managing Director who runs the day-to-day business. The board will only sit periodically but will provide vital strategy and governance to the business. Many inexperienced owners have benefited from hiring an experienced, non-exec Chairman to run the board for them. This is a great way to get experience in the business and take some stress off a new owner and have someone to call. Personal Development - This aspect is much more important than many people understand as they see it as a nice to have when they get time, maybe like going to the gym. It turns out that one of the biggest limiting factors of a business being successful is the mindset of the owner so this area may actually be one of the first to invest in. Removing the blocks in your own mind and creating a visionary mindset is something most people can do with help and good coaching. Paul Avins, who has written a chapter in this book, is one of the leading experts in the UK for business and personal scaling up. There are obviously many more areas we could cover but it might be overwhelming. We feel this list is doable in a few months with the right plan and effort. Ironically, doing the last one first (personal development coaching) may help a new Buyer get in the right mindset and create this plan where they may have been struggling with limiting beliefs, time management issues or lack of motivation. Each new
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