According to an article by Nariametrics, “a business is an asset of value if It is sellable, fundable and has continuity”. This means that if your business cannot be sold for a huge value, is not attractive to get funding, and cannot outlive you, it is rather, a liability. A quick self-examination might reveal that your business does not satisfy any of these criteria.
But no hope is lost. You can redeem your business by just reading through this article and implementing the strategies outlined. In this article, I will be outlining 5 sure-fire ways to turn your business into an asset, which will give you some satisfaction in the long haul.
Be Innovative
No one wants to do business with a startup that just recycles what has already been done. Put on your creative cap and seek new grounds to conquer, or at least, new ways to do the same things. Innovation is the core of every business, and without it, a business is as good as irrelevant. To have your business become an asset, you must be innovative. Improve on your already existing model. This will give you an edge over your competitors and attract more customers to your business.
Minimize expenditure
Since we are looking at ways to turn your business into an asset, and not a liability, minimizing your expenditure is necessary. There are certain unimportant things entrepreneurs do in their businesses. Certain overhead costs should not even be considered in the first place.
Evaluate your current expenditure and determine the unnecessary things that take your business finance. Minimize them and invest in projects and areas that will boost your sales and asset base.
Hire right
This is a no-brainer. Hiring the right team will help you achieve your business goals. You wouldn’t want to have staff members that are not interested in the business, but only want their pay at the end of the month. Analyze the value of each staff and ensure they are performing optimally. In the hiring process, ensure you look out for candidates that believe in your company vision and are passionate to move your business forward. This will put less stress on you during the training process. This way, you have the right people on your team, so they will be adaptive and responsive enough to good changes.
Market strategically
If you are not investing in marketing your business, I wonder what you have been doing. You must be putting your business out there daily to get new eyeballs on it, and even retain your already existing customers. Why do you think big brands like Coca-Cola still market their products despite their large market share? They need to get more customers and also, remind their already existing customers that they are still in operation. In business, most times, out of sight is out of mind.
If big brands are doing it, how much more should your small business be? We need to grow! However, in your marketing effort, you must be strategic. It is not every medium that suits your business. Plan with your marketing team and start working on marketing strategies that will grow your business.
Engage the power of customer satisfaction
Providing your customers with great customer service is a proven way to grow your business. Why? They keep coming back for more, not to forget that they also become volunteer marketers of your brand. Customers want to be at home with your brand. And you cannot achieve this when your customer service is crappy. Be consistent in your brand message and provide excellent service that will keep them loyal to your brand.
Having discussed these ways to turn your business into an asset, you should get to work right away! Do a thorough evaluation of your business model, team, and strategies. Plan the way forward with these steps, and be on your way to creating an asset out of that business of yours.
Featured Image Source: Finance MonthlyGot a suggestion? Contact us: editor@connectnigeria.com