Even if you’re not listed on the stock exchange, we all know that certain businesses are a lot more valuable than others. If you’re worried that although you have a steady flow of customers your business might not be as valuable as possible, here are some ways to increase the value of your business.
Work with innovative suppliers
No matter what industry you work in, it’s highly likely that the products you sell or the services you provide are constantly evolving. Even if you’re selling something a simple as kitchen towels, there are a number of developers out there that are coming up with new ways to make their towels better. This can be anything from making them more absorbable, cheaper to produce, more environmentally friendly, or simply better than their rivals. That’s why it’s important only to work with the most innovative producers on the market. If you work with a supplier that has created a product they’re happy with and has no intention of changing it no matter what their rivals are doing; you could end up with a lot of stock that is outdated very quickly and may become very hard to sell.
Reduce your overheads
As well as increasing your sales, technology can increase your profits by helping reduce your sales. Whether it’s investing in specialist equipment that can help your employees complete processes more quickly, reduce the number of waste materials you have to throw away, or simply reduce your energy consumption, there are lots of ways technology can have a big impact on your business. No matter how simple a process may seem, consider whether investing in technology could help reduce the time and money spent on completing it.
One of the highest costs for manufacturing businesses is the expenses used to pay warehouse staff. When scaling up a business to produce more produce, instead of hiring more workers, consider implementing automated equipment that can speed up the process at a lower price long term. One great option is a conveyor belt as this can transport goods from one area to another quickly and effectively, increasing your output.
It’s important to buy these from innovative brands, like fluentconveyors.com, who are constantly working on creating the best bespoke solutions to solve any problem within a production line. Every cog in the machine is important and has the possibility of causing major disruption if failing, so it’s important that you use the best suppliers possible for every piece of equipment you sell.
Infographic created by WSI, an eCommerce fulfillment company
Increase your sales
Another great way technology can increase your business’s value is to increase the number of sales your business makes. There are lots of simple ways in which technology can create a mechanism that is constantly increasing the number of customers that are aware of your brand. This can include anything from creating an effective website, to increasing your online presence on social media to even paying for an advertising campaign to run on other websites. These are highly likely to create more potential customers than some more traditional ways of marketing, like cold calling or taking out adverts in newspapers, TV, and online.