The heart of the WT Value Discovery Report is your tailored plan for business improvement and our goal is to work with you so your business is exit ready at all times.
Running a better business means doing two things: reducing risk and thinking strategically. The WT Value Discovery Report does this with an in depth analysis of your business that includes:
- Business value
- Industry analysis
- Business operations
- Sales and Marketing
- Legal and regulatory
- Economic factors
Tackling business risk is a challenge for many business owners but it will have a big impact on your business value immediately; a few quick wins include:
Practice Good Governance
Good governance starts with a decent business plan, understanding your regulatory responsibilities as a business owner, and being compliant.
As your business grows you can build from a few basic reports to a more formal accounting and reporting structure that will help you communicate, control and measure the performance of your business more profitably.
Building financial and business knowledge in the team is also critical, so you recognise risks and opportunities and can take immediate action.
WT Value will partner with you to help build a governance framework that grows with your business.
Write it down
Standardising business operations will reduce business risk, and documenting how you do things is the start of that process.
Documented policies and procedures are a starting point for improvement, a training tool for new staff, a quality control mechanism and ultimately a way to make your business more valuable.
Use checklists and bullet points where possible but own the processes. Good policies and procedures are visited and revisited regularly.
The WT Value solution can help you set up a documentation framework that will form the basis of the standard operating procedures of your business.
Get a good system
Making the wrong call in business is a risk you can reduce by putting in place a decent bookkeeping or accounting system.
To protect your business and improve its value you need data you can confidently rely on and you also need a regular system of review.
WT Value can support you with set up and training on a system that will grow with your business.
Reaping the rewards of strategic thinking in business takes a little longer but it’s an investment worth making if you want your business to grow.
Act like a SWOT
Periodically stepping back from running your business day to day is the only way to get the full picture on factors that affect the value of your business.
Knowing that you need to control your short term cash flow won’t help you if you didn’t know that a new competitor in the market place is going to undercut your prices, or technological change means you might need to invest to stay up to date.
A SWOT analysis looks at the internal strengths and weaknesses of your business: the business value. It also looks at the external opportunities and threats: the industry and economic factors.
Making time for a strategic review of your business can be tough but with WT Value on board we can help structure your business improvement plan to timetable these reviews, and hold you accountable for having them.
Build customer loyalty
Sales and marketing isn’t just about getting cool stuff with your business logo on to give customers. As your business grows putting a formal structure around how you manage and build your customer base in the medium and long term is crucial to ensuring the longevity of your business.
Building customer loyalty to the business not the business owner is the first step. A simple customer care system is a good start but for sustainable growth you’ll need a dedicated sales and marketing plan that takes a long term perspective on expanding your customer base.
Incentivise the team
It’s not just customer loyalty that will ensure sustainable business growth. Getting the team invested in the performance of the company means they will be less likely to leave if you do.
Employee incentives like share schemes help retain the cumulative experience and knowledge of key members of the team.
WT Value can advise you on the best staff incentives depending on the size of your business and your ultimate goals.