Building value into your enterprise is always important, whether you are a start-up company or a mature business. Any added value will enable you to do other things, be it borrowing to create more wealth or simply living well for your efforts, and it will enhance the ultimate sale value of your company.
While value can mean different things to different people, some common denominators exist.
Team
Without a solid team operating the day-to-day business, your company is destined to fail. A multi-skilled and loyal team for business owners means the company is not solely reliant on you. This can either be temporary if you wish to take extended annual leave or permanent, if your goal is to sell or exit the business.
Cash Management
Unless you are creating your own cash, which is separate from profit, it will be difficult to borrow unless you have a large number of assets to pledge as security. The business and relevant team members must manage the cash well and continue to perceive this as a high priority. Additionally, your business should be reserved for clients who pay promptly and adhere to the agreed terms.
Deliver on High-Quality Service
High-quality service consistently delivered can distinguish your company from its competitors. Ensure that you are not overpromising in terms of what you can realistically achieve and the time frame within which you can complete this.
Companies that overcommit are in real danger of damaging their reputation. In a climate where it is already challenging to win clients and easy to lose them, upholding a solid and established reputation is the difference between your company’s success or failure.
Managing and maintaining your reputation with great care can exponentially increase value as your customers become your unconscious sales force.
Innovation
Companies that become complacent and, therefore, make no real changes in line with clients’ needs and expectations will find themselves lost in the market. Standing still is the first step towards going backwards. While you may not be the first to market, you can be creative and approach opportunities through an innovative lens.
Employees who bring fresh ideas to the table should be recognised for their wins and losses, as the only way new ideas will arise is from those who dare to take a risk.
Are you Ready to Build Value into your Company?
Don’t be afraid to change direction. Change is a certainty, and embracing its potential is important rather than hiding from the opportunities it presents. If you are not experiencing change, you are probably falling behind those who are. Make change happen if you can, rather than waiting for it to be forced upon you.
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