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8 Ideas to Increase the Value of Your Company
September 2023
Companies in your industry with the same levels of revenue and profitability can be valued quite differently. If your goal is to build a more valuable company within the next few years, here are some ideas to consider implementing:
- Solve your labor shortage. A major driver of business value is the stability, longevity, and productivity of your employees. Develop a system to continually recruit, assess, hire & retain good employees today.
- Differentiate your business from the competition. Know your competitions strengths and weaknesses. Be creative in your marketing.
- Ensure stability in your revenue and margins through forward planning and good financial reporting. Analyze your financials to quickly spot trends and address.
- Plan for growth. Be intentional about planning. Create annual, quarterly, and monthly goals and track them. Running a business without a plan is like hamster wheel.
- Increase customer satisfaction. Cultivate happy customers who return to you to purchase more and refer you.
- Don’t be held hostage to any one employee, customer, or supplier. Don’t trade your independence as a business owner for dependance.
- Create consistency in your business. Document your most important processes so your employees can do their work independently. Critical processes to document include HR, operations, and sales, among others.
- Strive for enabling the business to run without you. If your business can’t run without you, you own a job. Craft time to invest and work on your business, after all, it probably represents the largest segment of your overall wealth.
Jeff Ketchum is a 25-year entrepreneur and owner of 5 businesses including, Lordstone Business Advisors, Inc., and Lordstone Corporation. As a certified small business Growth-Drive Specialist and ValueBuilder Advisor, Jeff helps business owners who want to increase the value of their businesses. Jeff can be contacted at (906) 428-9330.
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