Things you can do now to increase the value of your business
This is an anxiety inducing and scary time. If you are running a business, this may be especially true. Are you considering selling your business due to the economic downturn? Or, perhaps, you have been planning on selling for some time now?
No matter what your situation, you can use this time to find ways to increase the value of your business. Modify your business so that it can survive the changes to our lives.
Even if you have no intention of selling your business, now is the time to pivot your offerings and marketing if you want to adjust to the ‘new normal’.
Read on to discover some of the ways that other businesses have been adapting.
Move your business online
Most people are aware that ecommerce has been able to continue operating throughout the UK lockdown. This has given some businesses the chance to keep running.
There are many businesses that did not have online services before the pandemic that have found ways to pivot, for example, by offering delivery services. Other businesses have grown their online services from what was, previously, a small part of their business to a much larger portion.
Perhaps the most notable shift from offline to online has been fitness studios and gyms. Online classes have proven to be very popular and those gyms that have found effective ways to put their classes online have managed to keep running during lockdown.
For example, Blok has used this time to launch a product called Blok TV- an online channel that offers gym classes to people in their homes. It is not only existing members that have taken advantage of this new product. The gym has been attracting new customers who are at home looking for ways to work out.
Here are some steps to moving your business online:
- Build an online shopping feature on your website.
Luckily, there are several platforms you can use to build an ecommerce business. One of the most popular options is to use EKM. Platforms such as these make it easy for someone with relatively little web experience to use.
There are alternatives like WIX, Squarespace and BigCommerce. You will need to find the option that best suits you. Obviously, if you are already using a platform, developer or designer for your site, you may want to find out if you can use them to add an ecommerce option to your site. You can also add Shopify onto your existing site so it’s easy for customers to use.
- Upload available products.
You might not be able to deliver all of your products so put up what you have available for delivery. The better the images the more likely a customer will be to buy them.
- Fill in all of the necessary information.
Carefully go through all the pages and parts of your new online store and make sure you have put in as much information as possible. Including your policies on shipping and exchanges as well as how you will accept payment.
- Decide on how you will deliver.
You can use a courier service, the Post Office or, if you are targeting local customers, you can deliver by bike or on foot.
- Market your new online service.
Your customers can’t buy if they don’t know you are selling. Get the word out on social media, send an email out to your subscribers or put informative flyers through post boxes.
Make your brand or business socially conscious
This is a difficult time for the whole country. Customers want to know that the businesses they choose to spend their money are aware of this. Consider how your business can help.
Can you offer discounts to essential workers and NHS staff? Or, could you consider helping food banks and those in your community that are in need?
Keep thinking ahead even if you are closed
If you have had to close your business during the pandemic, there are still ways that you can increase the value of your business. You can spend time writing content and posting on social media.
You could tidy up your books or you could redecorate or deep clean your business premises.
All these things will add value to your business if and when the time comes to sell.
By Anthea Taylor, Content Producer at Dynamis and writes for all titles in the Dynamis stable including BusinessesForSale.com, FranchiseSales.com and PropertySales.com as well as other industry publications.
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