Everyday I ask prospective women in business clients: "Are you building value in your business?" The response is too often glazed over eyes. And, then the question, "How can I build value in my business if the business is all about me?"  

Exactly! But, now that you know the problem what are you going to do about it?

First, let's start with the fact that when you started your business you invested some amount of your own money - right? Perhaps, $1000 or, more like, $10,000 or more to launch the business. You needed to purchase, at the minimum, business cards, website, computer, office supplies, phone, and perhaps some legal services. If your business offers a product then you also had to invest in that making or developing of the product for sale and perhaps even for your inventory. If you needed, or decided, to open an office or retail location then you also have lease expenses and more. All of these things go into starting up a a new venture. So, the next question is: "If you were willing to invest your hard-earned money as well as your valuable ($) time in this business then don't you expect a return on your investment?"

Of course, your answer is a resounding "YES!" So, once again, I ask you, "How are you building value in your business?"

Let's start with the most obvious, yet often least thought of, asset in your business: your customers. What do you know about them?

Think about what has happened over the past ten years with almost everyone you do business with. I am talking mostly about the big companies you do business with. For example, is there anything the supermarket you shop at doesn't know about you? How about CVS? Your bank (credit card carrier)? Your health insurance company? The fact is today everyone you do business with keeps valuable data on their customers. So, ask yourself what do you know about your customers? What more could you find out? And, the most important question for the future sale of your business - "who would this customer information be valuable to if you wanted to sell it?" See, you have value in your business with the data you collect.

Second, is your product and/or service unique in some way from your competitors? For example, you have a better way of manufacturing it or leaner operating costs or even higher quality vendors you have connections to? Your connections and/or your business model may be a valuable asset to a competitor. Just because you aren't bigger doesn't mean you aren't better in other ways. I know this because I see it every day with clients you have figured out the "secret sauce" but don't know how to sell it. This "secret sauce" of doing business is an asset and can be valuable when developed and pitched during an exit.

Third, location! I know that you know that in real estate it is location, location, location! Every now and then a small business owner scores a dynamite location for her business. She operates her small business for a few years and tires of the day-to-day and shuts the door from burn out never taking the time to value her location to a potential buyer. Don't be to quicki to dismiss your location - your built-out - as an asset to a buyer. Everything you invest in your business should be about building value so that you can one day reap a return on your investment.

This is the most important point I stress with all my women business clients - investing in your business MUST be an investment in your future exit strategy...YOU ARE NOT YOUR BUSINESSS!

As a woman entrepreneur it is critical that you commit to investing in your business with the idea that it will one day be a solid return on your investment. If you are not thinking in this way then take your hard-earned money and invest it stocks, bonds or mutual funds - at least you will have a better shot at seeing it grow.

Now, that you know where to look at building value in your business, sit down with a pad of paper and take a deeper look at where other assets exist, such as: key employees (if you have them), equipment, brand name, reputation and more.

Every business has some value to be sold or transferred when the business owner is ready to exit - find yours and you'll be prepared for the future.