28 Oct Examining Your Business: Strengths
When planning on selling your business, it is important that you examine it thoroughly to identify its strengths and weaknesses. In this post, we will be highlighting potential areas of strength that should be identified and extolled during the negotiation process of selling your business.
Good communication is essential to keep a business strong, as it provides the opportunity to discuss achievements and problems. It opens the door to creative thinking in a friendly atmosphere. There are many ways to communicate, both verbally and non-verbally. Although necessary, it is sometimes difficult to keep up with the changing technology. Technology makes like easier, but you must not let it draw us apart. Face-to-face conversations and phone calls are increasingly being replaced with emails and texts. Eyes are looking down at phones rather than seeing the people right in front of them. While some believe this loses our personal touch, many busy business people prefer emails and texts, as they can be received and sent when convenient and without interrupting the receiver.
A strength every business should have is integrity. From the owner of a business and flowing down throughout the entire staff of employees, integrity and honesty are essential. It is difficult to have a successful business if customers do not trust the owner and the staff. If an employee is found to be dishonest and isn’t truthful to customers, it is best to replace that employee with someone who has integrity.
Excellent customer service is another important strength to have. No customers, of course, would mean no business. Building a personal relationship with customers and following up to see if the product or service sold to them is satisfactory is very important. Maybe you could expand the number of products sold and even break out to some completely different products. You should continually look at possible changes in the business, as no change means becoming stagnant and not growing.
If you’re ready to sell your business, these steps are necessary, and will help you find a Business broker with years of experience to help execute your sale. A great way to begin this process will be to contact Moche Hazout at Transworld Business Advisors today!