Making Your List . . . Your Focus List
It’s that time of year when we encourage children to make their lists. We, too, make lists. I want to suggest a list that might significantly benefit your business – a Focus List.
Make a list of things you would have to tell to describe your business, including items that would document those. Make this list from several perspectives. Think like a proud parent, telling the story. Think like a prospective investor, probing to understand. Think managerially, identifying the critical indicators. Think judicially, seeking credible evidentiary support. Think about those things that deserve your focus.
With this list completed, consider whether your existing records optimally address the above perspectives and demands. Are you regularly recording and tracking the key business metrics? Do you chart those in a way that clearly demonstrates the direction of your business? Do your accounting records, from the chart of accounts to presentation, format reflect data diagnostically? If not, now is the time to remedy those deficiencies. Begin now to redesign, capture and reformat. Starting now will help you to start the New Year well.
With a Focus List you will better focus on success factors and you will lay the foundation for a much more effective transition – whether to next generation owners or to an acquirer.
Make your list . . . and if you need assistance, give me a call.
John R. Bise
Accredited Valuation Analyst
P.S. A tip of the hat to Richard Greer of Birmingham who responded to an earlier e-mail concerning persistence with the following, attributed to Winston Churchill. "If you're going through Hell, keep going." That's a good maxim. Charting your path as described above will demonstrate progress even if you find yourself marching through Hell!