RISMEDIA, Sept. 9, 2008-Considering today’s slower market in some areas, don’t hesitate to add value to your business now in preparation for a market upturn.
“Consider adding value through important intangibles like employees, customer lists or location,” says Cress Diglio of Corporate Investments International, Inc. and IBBA chairman.
There are a number of options to consider:
– Develop key employees. Demonstrating that your company’s success is reliant on your capable, well-trained employees-not just you-will pay off greatly.
– Document what you do. Be sure that job descriptions, operational processes, strategic plans and business records are documented and well-organized.
– Build relationships. Name recognition, customer awareness and your reputation are all part of your business value.
– Improve cash flows. “It’s important for business owners to make sure they are driving all income to the bottom line,” says Diglio.
– Review your assets. Sell off or dispose of unproductive assets and remove or buy off any assets that are primarily for personal use.
– Find and build your niche. Pinpoint a niche that has barriers to competitive entry.
The International Business Brokers Association is an international non-profit association operating exclusively for the benefit of people and firms engaged in the various aspects of business brokerage and mergers and acquisitions.