10 steps to maximise the value and saleability of your business – Step 4
In this instalment, the fourth of our 10 blog series, we will discuss the importance of brand values.
Step 4 – Make sure your business’ brand values are clear, attractive and resilient
Your business is your brand. It’s a multifaceted mixture of the experience customers have of your products, services, people and attitudes. Your brand is both tangible and intangible, and includes everything representative of your company from your premises, website to everything people see, hear, feel, and experience from your business.
It is important that your vision of the value of your brand is properly understood and shared by all stakeholders, from your customers, through to employees and suppliers.
You, as a business owner, need to know the reasons customers are loyal to your particular brand are the same reasons you think they are – If you’re not sure, ask them.
The benefit of your brand is what you are really selling. It’s the ongoing revenue stream your brand promises to deliver.
It is important to ask yourself some basic questions. So, do you know how strong your brand is? Are you able to relay what your overriding USPs for customers are to a prospective buyer?
How easily customers would switch from you to your competitors is an indication of the strength of your brand. Do you command a premium price? How long have your customers been loyal?
How will customers perceive your company brand if you, the owner, are not there?
It is vital that your overall brand and what you stand for is clear, attractive and resilient.
In the fifth instalment of this series, we will discuss building and reinforcing strong loyalty from customers, suppliers and employees.