First key is having your accountant take a look at your accounting procedures. Make recommendations on how to improve them. He or she may also help in preparing financial projections for the coming year(s). Getting your company’s financial house in order is very important in establishing the value of your firm.
The next key is marketing. You need to make sure that people know who you are and what you do so they can see the value in what you offer. Make sure your website and all online presence is up-to-date and user friendly. Have an effective social media strategy in place, as well as good search engine optimization. Appearance is key in today’s business world. First impressions can be critical.
Another key is to get rid of outdated inventory – selling off any extra assets such as unused or outmoded equipment. The proceeds from the sale can be used in the business. If there are any assets that should not be included in the value of the company, such as personal vehicles or real estate, you might want to separate them from the assets of the company. A prospective purchaser expects everything they see to be in the sale. If a portrait of your grandfather is your personal property, delete it from any list of company furniture, fixtures, and equipment; and if the business is for sale, remove it entirely.
The most important thing is to make sure all your paperwork is in order. This includes trademarks, copyrights, patents, and any other legal documents. You should also review your contracts and agreements and make sure they are up to date. leases, and franchise agreements.
Finally, make sure your employees have employee agreements in place. Having all of this in order will help improve the value of your company. It could potentially lead to a sale or merger in the future.