How to Increase the Value of your Business
As a Business Broker and Consultant, one question business owners inevitably ask is “How Can I Increase the Value of My Business?”
Sooner or later, the ownership of almost every privately-owned business is going to change. It will either be sold, passed on to another generation, or go out of business. To help you create the highest value for your business, here are a number of ideas gathered from over a decade of working with business owners to make their business as profitable and valuable as possible. There is no particular order to these.
As you look through them, look for one or more that might especially catch your attention.
-From day one,?be in the business of replacing yourself. If the business is all about you, it is virtually worthless when you are gone.
-Create and continually revise?written protocols?on how each task in your business is performed to maximize results.
-Develop a?skilled management team?around you. If your business can be successful without you, it becomes more valuable.
-Stay intensely focused on your customers needs and how you can add extra value to them.
-Keep your business?focused only on the products or services you and your team are the best at providing.
-Keep expanding your customer base. Be certain that no one customer produces more than 10% of your revenue.
-Be very, very good at sales and marketing. Without new customers, it is much more difficult for your business to grow.
-Have?more than one supplier?for your essential needs.
-Have?a well-defined hiring process. Your business success probably depends largely on the respective skill set of your employees.
-Have?world-class financial systems?in place that can be easily understood by other professionals.
As you consider these ideas and others, it might be useful to brainstorm with an objective group of advisers such as?The Brokerage LLC.
?We are deeply experienced team of business professionals helping organizations maximize their current profit potential and create a foundation which ensures long-term sustainability. We help your business create more current cash flow and increased valuation. We help good businesses become even better.
How can we help you? Let’s talk
Stuart Kimball
The Brokerage LLC
843-209-0784???[email protected]
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