Understand Your Business

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Understand Your Business
September 18th, 2018
by Bill Boyajian

Here are some scenarios that should give you pause for concern:

Most businesses derive 80% of their revenue and profit from 20% of their customers. Worse yet, sometimes only one client constitutes 80% of a firm’s total business.
Some retail businesses derive 95% of their sales from their brick and mortar store, yet some owners want to throw that away for an unproven online business they have to start from scratch.
A better way is to allow the online business to evolve and grow over time while you reap the benefits of an ongoing business. Bottom line: Don’t throw the baby out with the bath water.
If you try to maintain the status quo, you will fall behind. If your number of sales (or clients) is decreasing and the size of sales (or accounts) is staying the same or decreasing, your business is on a very slippery slope. This scenario cannot continue without a serious injection of effort and change.
If your business is a family business and family members are the biggest problem in the business, you need some outside intervention to correct the problem.
If you are an owner, you need to focus on those things in the business that ONLY YOU can do. Delegate the rest to staff who show the ability and responsibility to get things done.

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“I needed help orchestrating a succession plan for our business. I had heard that Bill Boyajian specialized in assisting owners to transition their business to the next generation. He knows how to bridge the generation gap and deliver what each needs to hear. I would recommend Bill to any business owner who needs advice on succession planning from a trusted outside professional.”

–Charles Denaburg,
Managing Partner,
Levy’s Fine Jewelry
Birmingham, AL

"Our family needed some guidance on business transition and succession planning. We asked Bill Boyajian to help us because we knew we could trust him to tell us what we needed to hear. Bill became a valuable resource for our company and our entire family. He has the ability to meet each of us where we’re at and it has served us very well."

–Ceylon Leitzel
Leitzel Fine Jewelry
Hershey & Myerstown, PA

“We needed a plan to transition our business to a non-family member and we asked Bill Boyajian to help us. His experience in the area has really paid off, but we didn’t expect the added value of putting us together with a financial planner who helped organize our retirement needs. We now have the fundamentals to transition our business successfully, and we have Bill to thank for it.”

–Ernie & Debbie Cummings
Kizer-Cummings Jewelers
Lawrence, KS

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