So, you’ve bought a new business or maybe you’re looking to sell. Whatever the case may be, you want to increase the value of your business. After all, what’s the point if your business isn’t growing in value?
You will need to be prepared to invest a good chunk of time and potentially inject some investment to grow the value of your business, but by doing it right, you are more likely to create a business that will be an attractive venture for both investors and buyers.
Take a fresh look
Since it’s your business, you probably think you know it all. But the best way to start looking at increasing your business is to take a step back and take a moment to consider how a prospective buyer would view your business. Think about what they would want to know, and where they would like to see the business going. Is there anything about your business that would make an investor or buyer uncomfortable?
When taking a fresh look at your business, it may also help if you have a second opinion, doesn’t have to be a paid appraisal, it could even be an opinion from a friend or another business colleague. Taking this step can assist you to look at the changes that need to be made to your business.
Paperwork is important
Whether you are look at selling your business or buying a business or as the case may be here, looking to increase the value of your business, paperwork is important. Having your affairs in order should not be underestimated when preparing for growth. Also, a well-organised set of paperwork will show you where work is needed to improve efficiencies and in turn, increase profits.
Focus on your unique selling point
Every business has a unique selling point (USP), that is, something that differentiates it from other businesses in the sector. If you have just bought the business, you may be trying to sort through paperwork and getting to grips with the management and staff, and you may have lost sight of the USP. But standing out from the crowd is very important when looking at ways to increase the value of a business. So, make it a priority to be familiar with the USP and find ways to push the point forward to your customer base.
Empower your staff
People are an important asset to any company and having staff who are motivated and trained will play a significant factor in the growth of a business. When looking for opportunities to grow, don’t forget to check in with your staff and see if there is any improvement required there. Are you giving them enough room to grow? Do they feel valued? Empowering your employees will result in a low turnover rate, a healthy working environment and generate more business.
Have you got a strategy?
No matter how small or big your business, a documented strategic plan is key to growth. By setting goals and milestones, you will have a clear vision for your business and work towards increasing its value.
These tips will assist you to jump-start growth opportunities for your business. There is no better time than now - go on, take a look at how you can change things up in your business.