Strategies for Adding Value to Small Companies Over Time

 

Building a profitable business is the goal of most small companies. Our team is prepared to help you to assess the value of your business, set and track goals, and improve financial outcomes. We believe that a business owner can improve their chances for success greatly when taking the first step of assessing and building value.

It’s no secret that many small businesses have felt the devastating impact of the COVID-19 crisis.  Now, more than ever, it is important to develop strategies to successfully add value to your small business. We understand it may seem a daunting task, but it is indeed possible!

Here are some basic tweaks and points of focus that can help you add value to your small company in the long term.

  • Quality counts. Make sure your product is of the highest possible quality.  Once customers know they can trust the quality of your company’s products or services, they will come back for more.  Building a loyal customer base is key to longevity.
  • Set yourself apart from the competition. Give customers something special and unique.
  • Be nice! Work hard! Customers not only will come back, but are likely to share positive customer service experiences with their friends.  With all the upset in the world as of late, good customer service is more important than ever.
  • Offer discounts! Seasonal sales can help up the profit margin. Customers unwilling to pay full price for an item or service may go ahead with the purchase when a bargain is on the table. Though it may seem you are losing money, initially, you weren’t making any money off that customer when they deemed the price too high. And, it’s likely that if that customer feels you offered a “good deal,” he/she will patronize your business in the future.
  • Prompt delivery is a must. To increase staying power, make sure your company has the staff and inventory necessary to fulfill orders in a thorough and timely manner.

So, now you know some steps you can take to add value to your business.  But, first you need to know where you stand, currently. The first step is determining your “value builder score.” The Value Builder System is a statistically proven methodology designed to improve the value of a privately-held business. At the core of the system is the value builder score. The attached, 13-minute questionnaire evaluates businesses on the eight core value drivers that acquirers take into consideration when buying companies. Click here to fill out the questionnaire and learn your score: https://score.valuebuildersystem.com/the-liberty-group-of-nevada-inc/kathryn-guthrie

 

Questions? Give us a call at (775) 825-3948.







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