Because the true value of your business will be determined by the final amount you get when you sell it, doesn’t it make sense to focus on those factors that create and drive that value up? Too many business owners focus instead on day-to-day income generation or spend all their time working in their business rather than on their business, to their detriment in the end.

So you’ve decided it’s time to prepare to sell your business. It’s not a decision you’ve come to lightly. The question is, how do you ensure the most ideal outcome?

Enter business value drivers. Value drivers are common to all businesses in all industries and simply increase the value of your business. These are integral and must be in place before you ever take the first step in selling your business.

It can be easy to focus on the financial side of things when you decide to sell your business, but the true value of your business includes more than just profit, revenue, and expenses. There’s also the off-balance-sheet items that include such things as your management team, customer base, and the overall appearance of your facilities and equipment.

Whether you’re preparing to sell your business sometime in the future or think you’re ready to sell now, another key value driver to consider is customer diversification. To really get a feel for why it’s so important, ask yourself: what is the truest strength of your business?