Alright, let’s just get this out there: everyone wants their business to be worth more. Whether you’re thinking of selling next year or just fantasizing about that big payday down the line, boosting your company’s value is always a smart move. But how do you actually do it without turning your life upside down? Let me walk you through a few things that really work, and, honestly, a couple I wish someone had told me when I started out.
Start With the Ugly Truth: The Numbers Matter
Listen, I get it. Most of us didn’t start a business to become accountants. But the truth is, buyers (and, frankly, you) will care about your bottom line more than anything. First thing’s first: know your numbers inside and out. What’s making you money? What’s eating away your profits? If you haven’t peeked at a profit-and-loss statement lately, now’s the time. I remember putting this off and then kicking myself when a tiny, recurring cost turned out to be a real cash leak. You’d be surprised what you find by just taking a closer look.
Polish Up Your Systems (It’s Less Boring Than It Sounds)
Ever had an employee call in sick and, suddenly, everything falls apart? Systems. That’s what you need. Write down (yep, actually write down) how your business runs, from greeting customers to making deposits. People looking to buy a business absolutely love a place that runs without its owner glued to the wheel. It shows your company’s built to last. And honestly, having checklists or videos isn’t just for them—it’ll save your sanity, too.
Diversify Your Customer Base (Or, Don’t Put All Your Eggs in One Basket)
Here’s a nightmare scenario: your top customer calls and says they’re out. Poof, goodbye big chunk of revenue. Scared yet? Sorry, but it’s the stuff buyers freak out about. If most of your income comes from one or two big clients, it’s time to look for more—but don’t panic. Even slowly adding a few different types of customers can help a ton. It’s kind of like spreading out your risk in the stock market.
Spruce Up Your Place, Online and Off
No one wants to buy a business that looks tired or stuck in the early 2000s. Give your website a facelift. Sweep the floor. Fix the sign with the flickering light. Small stuff adds up. I once met a buyer who said they got “a weird feeling” from mismatched chairs and ended up bailing. It sounds silly, but people notice.
Lean Into What Makes You Special
Ask your employees, ask your regulars—what makes your place unique? Maybe it’s the playlist you use, or a weird flavor of muffin only you sell. Make a list and hype those things up. Being memorable (in a good way) puts a shine on your business that’s pretty hard to fake.
Check Your Value—and Keep Checking
You don’t have to guess what your business is worth. Use a business valuation calculator to get a ballpark figure, but just know it’s not the end-all. It gives you a place to start and shows where you might want to improve.
Bottom line? It’s not rocket science. Solid records, a bit of polish, and a dash of “what would a buyer think?” goes a long way. Just don’t wait until you’re burned out or desperate. Plant the seeds now, and you might even fall back in love with your business along the way. Stranger things have happened!