Imagine you are selling your car. After receiving estimates of the current worth, you take small steps to increase the resell value—change the tires, get a new paint job, have a professional do a full tune-up—and these small steps result in a significant boost to the value of your car, allowing you to receive more money for the sale.
The same idea applies to boosting the future value of your business. By taking small steps now, you can quickly and significantly maximize the future sale price of your company.
- Social media
The value of your business’s social media directly affects the overall value of your business. Luckily, increasing the engagement of your customers as well as your overall online presence is quick, easy, and mostly free. Establish a consistent posting schedule where your business posts marketing materials as well as resources that your customer base would find appealing. As you increase your followers and engagement, the value of your business will grow.
- Goodwill
Another important factor included in the overall value of your company is goodwill. The goodwill of a company is an intangible asset and increases its value. Goodwill is the value of your brand, good employee-employer and customer relationships, a loyal customer base, and any proprietary technology or patents. An easy and quick way to increase goodwill is keeping in touch with your customers and employees for their feedback on how to improve the company operations. Another way is becoming involved in the community. Whether sponsoring a Little League team or donating to a cancer benefit walk, by becoming active in the community you raise awareness of your brand and develop goodwill towards your company – all while supporting a good cause!
- Email marketing
Establishing email marketing is a great way to increase your customer lists and promote products, sales, and other promotions. Having a monthly newsletter can keep your customer base informed about your company, especially when you get to the point of selling your business. Informing your customers about a sale and reassuring them of continuing quality can help ease transition sales drop-off.
- Intellectual property
If your business routinely uses original intellectual property, obtaining patents, trademarks, and copyrights, that can significantly boost the future value of your business. Further, by protecting your intellectual property now you can prevent future dilution of your brand from another business “borrowing” your great ideas!
- Consult an expert
In order to increase the value of your future business, you need to first get an idea of what your business is worth in the present. By consulting a business broker, you will receive guidance throughout the valuation process and customized solutions to super-charge your future business value.
Increase the future value of your business with Tennessee Valley Group
Tennessee Valley Group can help you assess your business’s current worth and create a plan that helps you harvest the wealth of your business. For more information on our services, please visit us online at www.tnvalleygroup.com.
Tennessee Valley Group
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