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Thinking of selling? Expanding? Secure Funding? Retire? Other?

10 Things That Build Business Value!!

1. Establish your brand in the marketplace.

2. Develop your operations manual. Put systems into place that will let your business maintain or grow in your absence.

3. Be vigil in keeping your books current; showing accurate, clearly identified and consistent records. (Remember, besides it ultimately making you more successful, a potential buyer or auditor might be looking at them any day.)

4. Expand your individual client lists, your networking sources, and especially protect your reputation. Your reputation and your company’s reputation are identified as being the same.

5. Take care of your intellectual property: trademarks, patents, etc.

6. If you have any outstanding tax issues, take care of them ASAP.

7. Give a good first impression – the business should always look clean, businesslike, and attractive when anyone walks in. Specific maintenance duties should be included in every job description, e.g. keeping trash emptied, personal items out of sight, etc.

8. At least quarterly, review that your legal paperwork is being maintained.

9. Update your business plan weekly or monthly as well as your expected future projections. Maintain your business plan as if a buyer might walk in the door any day with an outrageously large offer – IF you can hand it over your current business plan and books for review Right Then.

10. Obtain a realistic picture of the value* of your company, noting that specific actions you take with the above can increase its value. Despite all of the things you hear, there are no set formulas in determining your company’s value.

*Determining the value of a business will depend upon several things including, but not limited to, company assets; net profits the business is showing now and in the past; feasibility of further growth or expansion of the business; location. If the goal is to sell – the recent sold price other area businesses in that industry will need to be taken into account, but only as one variable.

Compliments of Lew West Business Consultants
http://www.lewwest.com/ Blog – http://www.mynext30.com/

1. When you have a product basically the same as all of your competitors, it is how you treat your clients that will make you stand out from the crowd. If you do what you do well for them, and go that extra mile in customer service, your clients with actually pay you for the experience of doing business with you. When you make it easy to work with you, they feel they can trust you and are relived that they are able to obtain the product they wanted without hassle. Your price can reflect your reliability and client service, but keep it reasonable.

2. Be aware of the difference between what a client “perceives” as the product value and its “actual” value. Once you determine the break-even cost (actual value) of your product, you have established a base price. Now you need to focus on establishing the “perceived” value of the product to the client. The client usually knows the market price range of the product, so your job is to show the client your enhanced attributes of the product. You want your client to begin to “feel” that you are offering a product of greater value than what is on the general market. If you have developed a strong list of benefits and advantages to serve their need, they will “perceive” your product as worth more, and will be willing to pay more for your enhanced version. These unique attributes could possibly be an improvement you’ve added, or something your competitors have failed to point out, or even showing them how to more efficiently use your product to better fill their need.

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10 Things That Build Business Value!!

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