How to increase the value of your business
Increasing the value of your business isn’t always that easy, sometimes you have to develop business strategies, improve your cash flow or optimise your operations to ensure that you are producing the best quality product for your target audience. Below, we’ve listed some tips to increase the value of your business.
Offer the best quality
Every business knows the strength of competitors and how they can affect the success of a business. One way to increase the value of your business is by providing a higher quality product and service than your competitors. You want your customers and future purchasers to choose your products over anyone else; this builds value but also a competitive advantage. Quality doesn’t just mean price or how well you can deliver a product; it means how you can add value to that customer and meet their needs in a fast and more efficient way than your competitors.
Add something extra to your product
Most of the time, when you have a product in the market, there are many other businesses offering the same, so how do you ensure those customers choose your product over others?
If everyone is offering the same product, it just becomes expected and is therefore not seen as special or different anymore. The way to make sure your customers are choosing your product over another is by adding something extra to the offering; your product is then seen as superior compared to the competition. You can improve the packaging or maybe alter an element to simplify it. All of which add value to your overall business.
Customers are very emotional people and will take well to a business that welcomes them with warmth, helpfulness and respect from the customer service department. Businesses are actually beginning to use customer service as a competitive advantage as they can see that consumers are looking for helpful and welcoming companies who actually care about what they are selling. If your customer service has a bad reputation, customers are less inclined to use your services. So, to build value within the business, have a strong customer service team who can follow respectful guidelines and ensure they align with the company culture.
Improve cash flow
Improving your cash flow can be simple just by cutting out insignificant costs. You may find you’re paying for office space, but with the current climate and the majority of companies now working remotely, that office space is probably not getting much use and will be negatively impacting your cash flow. Maybe you need to start leasing equipment or any other short-term additions to the business rather than buying. Those suggestions can improve your cash flow, which therefore improves business value, especially if you are looking to sell your company.
A great way of increasing your business value is by planning discounts! Consumers love a discount; it’s a great way to sell lots and lots of products at a cheaper price but actually increase the profit as you’ll most likely sell double what you normally would. Not only will you sell more products, but you may also gain further customers as they’ll find they love your services.
GAIN LINE isn’t your ordinary business consultancy, our experts guide you through a structured process to challenge you and keep you on track to make sure you come out of our process with tangible practical actions that you and your team will buy into and have ownership of.
Our Sprint workshops take a deep dive into any business challenge within a protected and committed time-space.