preparing your business for sale

Assessing your business through your client’s eyes

If you’re a small business owner, the likelihood of you getting some well-earned time off for a holiday is probably slim. But, for those who are lucky enough to step away and get some R&R now and then, do you ever return to your business and feel inspired to make a change?

For most, the answer is yes. Why? Because some time away from your business has allowed you time to reflect and to return and see it in a different light – through the eyes of your client/customer.

When we spend most of our time working “in” our business, innovating, fixing problems, creating new ways to be profitable, managing staff, dealing with clients – it’s hard to zoom out and see what our client’s see. But this is the most important perception when it comes to analysing and assessing your business and then be able to work “on” the business.

Take time to experience your customer’s journey from the beginning to the end. Walk through the reception area, take it in. Are the flowers fresh, are the cushions dated, are you greeted with a smile? Purchase a product and assess the experience, undergo a treatment or experience a service and imagine you have never been here before. These are just some of the ways you can identify areas of improvement, acknowledge areas of success and pinpoint areas that have been missed and need attention. If appropriate engage a mystery shopper to provide a critical assessment of the business through the eyes of a customer without your staff knowing.

For example, in a customer-facing business like a mechanic’s workshop – What is the current state of the customer bathrooms? You may not notice the stained grout or dirty taps, as you frequent this bathroom several times a day – but your customer will notice these things instantly.

For many businesses, first impressions are the difference between a repeat customer and one that never returns. Poor presentation, products, experience and overall service results in poor word of mouth advertising. In time, this means fewer customers/clients and therefore fewer profits. Looking further down the track, when it comes time to sell your business, it looks less attractive to potential buyers, which then affects the sale price. Importantly, setting high standards will mean that your staff responds to these expectation in all aspects of the business.

So… What do you do?

No, you don’t necessarily need to take out a new loan and renovate your business. However, do what you can to improve the look, feel and experience that your customers receive when they visit. It doesn’t cost the world to touch up the chipped paint and give the business a deep clean, but your customers will appreciate the effort, and you’ll no doubt feel the positive effects.

Need a second opinion when it comes to your business? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy at [email protected]. Our honesty and transparency are just two of the reasons why we are leaders in our field. Let us help you with your business sale journey.

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