1)Maintain a Good Relationship with Your Employees
When prospects examine your company, they’ll look at the day-to-day operations as well as the income statement. Happy, productive employees will keep your business running like a well-oiled machine. To keep your business lively and profitable while preparing for a sale, engage your employees. Train them to work more efficiently, and provide encouragement when they are doing well. Let all your employees, from IT staff to administrative assistants, know they are appreciated and they’ll do a better job. Good communication between management and employees creates a better work environment
- and more profits.
2)Ensure Confidentiality to Protect Your Business
Revealing too much too soon to clients, vendors and employees may hamper the sale of your business. It might cause employees to worry about job security and look for work elsewhere; clients may buy from competitors if they hear unflattering rumors about the sale from outside sources. Any mention of the sale should come from you at the right time through an official letter or meeting. A Business Broker understands the importance of confidentiality and knows how to effectively advertise your business for sale without revealing your identity.
3)Look for Ways to Cut Expenses
Cut corners without sacrificing quality by replacing unnecessary permanent jobs with temp workers or software. Allowing some employees to telecommute will save money on furniture and computers. Replace office parties and outings with informal get-togethers so you don’t have to pay to keep company morale high.
Check into discounts for small businesses at office supply stores and other retailers. Make payments on your business credit cards and your utility bills on time to eliminate late charges. Use Google Drive, DropBox and other cloud storage services to reduce paper usage and Fedex fees.
4)Leave Selling to the Business Broker
Hire a business broker so you can stay involved in your company’s daily operations. A broker knows how to reach qualified potential buyers while maintaining confidentiality. Brokers have contacts to reach the potential buyers most likely to purchase your company. They are also experienced in business valuation. If you price your business too high or too low, it will drive buyers away. Using assets-based valuation, the earnings multiplier method or other formulas, a business broker arrives at a price acceptable to you and potential buyers.
5)Boost Your Social Media and Online Presence
Add a blog to your website and update it often. Creating interesting content boosts your Google ranking and drives more people to your site. Post daily on Facebook, Instagram, Twitter and other social media sites. Use photos and videos to get your ad message to potential customers. If you sell products online, make sure your site is easy to maneuver and include short but informative descriptions. If you do spend money on marketing, try pay-per-click (PPC) ads, which appear on search engine pages and Facebook or Twitter ads for business.