f you’re looking to sell your business, you’ll want to ensure the business is as appealing as possible. Much like investing to increase the curb appeal of a property before you sell, it’s important that you spend the time to make your business secure, profitable and valuable for a potential buyer.
For some top tips on increasing the saleability of your business, read on below.
- Improve efficiency.
In improving your internal efficiencies you’ll be amazed how quickly you see your profit rise. Streamline project teams, so that work is shared and projects can be completed quicker. Knowledge sharing throughout the different departments in your business is one of the best ways you can improve efficiencies as people are able to play to their strengths, offering new ways of working to colleagues in other departments.
2. Get maintenance of systems Up-to-date.
Make sure that your systems are in good working order and will meet the inspection guidelines for business insurance. This would go a long way in business appraisals too. It would mean that equipment is in good working order and the maintenance of air-conditioner units, HVAC system etcetera is up to date. Remember this is stuff that will need be done anyways, so why not to do this ahead of time and make a good impression on a prospective buyer walking in the door.
- Work with existing clients.
As everyone in business knows, it’s far more cost-effective to invest in the time you spend with existing clients to generate more revenue. In the final stages of running a business, you won’t want to invest your time in winning business through new clients. It’s far more time consuming than working with the existing clients you already have to maximize their spending on your services.
Make the most of the relationships you’ve worked hard to establish and find solutions for your existing clients to increase their expenditures in your final few months of running the business.
- Lock down processes.
One of the most important things you need to achieve when selling a business is to ensure your business looks as though it will still run efficiently once it’s sold. The more effective and robust your process and procedures are, the easier it will be for the buyer coming in to pick up where you’ve left off. This will allow you to sell not just the business at its current value, but a trajectory of likely future business based on your current success.
- Tidy up your business.
Do not forget that oftentimes a buyer’s first impression of your business is the physical structure. Prior to listing your business, make sure your facility is looking its best. If you’ve been considering any renovations or new furniture purchases, make sure it is all complete before any buyers step foot in the door.
Finally, make sure to tighten up any loose ends before you list your business for sale to ensure that you receive the price you need to move on to the next stage of your life.
If you have any questions about selling a business, please visit our FAQ page or contact us for free, impartial advice.