What is your businessworth today? No matter what metric you use to measure the worth of your brand, you likely can think of a few areas needing improvement. The value of your businessis something that’s quite fluid. You can change your brand’s worth at any time–either for the better or worse.
How Can You Increase the Value of Your Business?
According to the Small Business Administration, there are approximately 33.2 million small businessesin the United States. No matter what industry you’re in, you’re likely battling for visibility both directly with competitors and for attention from other brands in your area. Increasing the value of your business might seem like an uphill battle at times.
Fortunately, there are some specific steps businesses can take to up their brand’s worth.
Conduct an Audit
Before you can increase the value of your business, you have to know what it’s worth. Start by figuring out the value of your brand name, the worth of each customer in dollars and what your physical assets are worth.
Get outside input on weaknesses and strengths so you know where best to focus attention and improve.
Improve Your Appearance
Do you own a building? Sometimes, improving the outward appearance of your office space helps up your worth in the eyes of stakeholders and potential customers. Creating a warm, welcoming environment draws more foot traffic to your store if you’re in retail.
Beautifying an old building, for example, can draw attention to certain areas of the townand help with your brand image. Plant new trees, take on a project at a local park or look for other ways to spread positive community spirit.
Boost Profits
If you plan to sell your business one day or need to take out a loan for expansion, you’ll find the bottom line on profits matters. Boost profits in a couple of ways. Add new products to sell to current customers. Poll them and ask what they need most. Or, you can bring in new customers to buy the products you already sell. Look for untapped markets or build referral programs to bring in more buyers.
Invest and Improve
If you have excess revenue, investing it in some way is a smart move for the future health of your business. Moneymarkets are an excellent way to earn a bit of interest without putting your rainy day moneyat risk.
Most money markets require around $2,500to start, but the amount and interest rates vary depending on the bank and current interest rates. Look for an account insured by the federal government in case the bank goes under. You’ll also want easy access to your funds without losing any money.
Attract the Best Employees
Your business will be worth more if you attract top job candidates in the industry. You must make working for you more attractive than being with the competition. Pay attention to what salary and benefits competitors offer and get as close as possible.
Where you can excel is in offering perks the other guys don’t or can’t. For example, you might allow employees to work remotely or remote-hybrid positions. Create an on-site daycare center for those with children. Let workers bring their dog to work. Offer voluntary time off for pouring into local charities. Make new programs your employees ask for and you’ll attract more skilled people.
Take Small Steps Every Day
Increasing the value of your business happens in little increments over time. Take the steps needed to improve your business just a little every day and before you know it the value of your brand name, the revenue you bring in and any physical property you own will also grow.