2020 has been a difficult year for many, but particularly for small business owners. When states shut down, shoppers were forced to rely on Internet shopping and curbside pickups or delivery. If your small business could not provide either of those options, you inevitably suffered. Thankfully, we have moved past this point, and you have likely learned how to adjust to this new normal. As we close out the longest year in existence, there are still some things you can do and/or adopt to increase your small business’s value.
Ways to Increase Value
The surest way to increase the value of your small business is to start with the basics: uniqueness and predictability. Think about ways in which your business is unique from others. What do you offer your customers that others in your industry in your local area (and beyond) do not offer? For instance, courier delivery options, online shopping, discounts for repeat customers, Instagram promotions, etc. Similarly, predictability means you can provide exactly what the customer expects each time – and in the current climate, this is priceless. This predictable behavior is what guarantees customer retention – an intangible asset that holds great value.
In addition, you may want to consider these ideas to help increase the value of your business.
· Increase diversity of products or services offered
· Offer a product/service that is difficult to replicate
· Improve your customer service in a noticeable way
· Make sure your location is in a desirable spot
· Ask satisfied customers to leave reviews for your business
Above all the most important things to a buyer are reoccurring revenue and industry growth – but how can you improve these, as well? The key lies in the first thing, reoccurring revenue. When you can provide unbeatable products/services, great customer service, easy-to-access storefronts, and reliability, your customers will keep coming back for more. When they do, your profit margins will inevitably increase. Retaining customers is much more profitable than trying to acquire customers. A low churn rate in customers is always desirable.
As a small business owner, the best way to beat the woes of 2020 is to get creative. Customers want to support their local, small businesses – all you have to do is meet them in the middle. Offering discounts, multiple delivery options, diverse catalogs of products or services, and exceptional customer service will help you guarantee that you end 2020 and start 2021 in a position of success.
If you are looking for a local business advisor to help you make the best decisions for your business, contact the local business experts at Transworld Business Advisors. With years of experience, our team of brokers is armed with the knowledge you need to take your small business to the next level.
