Business owners are all wondering what the next few months and years will bring. The uncertainty is especially felt around M&A activity and business sales. However, at CGK Business Sales, we believe the conditions of this downturn are quite a bit different than last time around. There is still a lot of capital ready for investment. There will be (and still are) business buyers out there. In fact, we believe some will become even more aggressive. With interest rates at historically low level, it’s a very tempting market to say the least. But what if your business is in a slow period now? How can you use that downtime to add value? Here are a few ideas.
Boost Your Marketing
It’s a great time to take a fresh look at all aspects of your marketing. What value do you bring? What are your strengths? How can you differentiate yourself from the competition? And does your web site and your online advertising and Search Engine Optimization really reflect this information?
Find New Talent
If you’re able to, this is a great time to go headhunting. A large pool of exceptional talent is out there that wasn’t available a couple of months ago.
Get New Ideas
It’s a great time to get creative and start thinking big thoughts with your team. What can you do to shake things up for the future? What about ideas to better deal with future disruptions like pandemics?
Document Your Business
If your business is run primarily out of the information and insights that only live inside the owner’s mind, that’s a risky business. More risk equals less value when you sell. In light of that fact, try and get what makes you special down on paper. Document your systems, procedures, and ideas thoroughly.
We were on the longest bull market in history, so it shouldn’t come as a tremendous surprise that there was a correction. The source of the correction might be surprising, but whether it’s a pandemic or political conflict, the outcome is the same. Yes, the market has gone down. But it’s not time to despair. We see big deals happening now and in the very near future. Use your downtime wisely, and you could see a nice return on that investment when you sell your business down the line. Talk to CGK Business Sales’ Houston office (or any of our locations nationwide) to talk confidentially about what it might look like to sell your business.