Finding & Defining Your USP
In business, it’s important to stand out from the crowd, and one of the best ways to do this is to showcase what makes you different, in order to do this you must discover your USP. As much as this is true when selling products, it’s also important for selling a business.
When looking to sell shrewd marketing comes into force, making your business look as desirable as possible whilst also being realistic. Let’s face it you are looking to sell for a reason and many people think that selling means the business is failing – but they can be so wrong.
Why are you selling?
There are many reasons you may be looking to sell and not just a failing business. Many people want to sell to a larger corporation for more financial stability, or perhaps you need certain expertise to keep up with the changing times.
You must also ask yourself, if you want to remain part of the business, move on, or retire. Your answer to this may help towards finding your USP after all you may have the best knowledge to run the business but need extra reinforcement to help take it up another level.
Once you know what you require and what you or your staff bring to the business it’s time to think about what matters to the buyer.
What Matters to the Buyer?
Remember, buyers have no existing attachment to the business, so it is your job to build that rapport and respect. You can achieve this by getting into their mind set; here are some examples of what a buyer may be looking for;
- Finances – this may be obvious, but in many cases money talks so if your business is financially secure it makes it a very appealing investment.
- Growth – the worldand the people in it are changing daily, therefore a business with potential for growth is important.
- Loyal Customers – new customers can be expensive, so a list of existing customers who are loyal is worth every penny.
- Transparency – you are searching for a buyer or investor so you must be transparent and not misleading. This will build trust proving that you are worth investing in.
- Staff – your employees can make or break a business so get them involved, introduce them to prospective buyers allowing them to get to know your business from the inside out.
This is a brief list of key selling points but it is a start to identifying your USP. Once you have this list begin thinking about which aspect sets your business apart and make this your focus when creating materials to sell or speaking with potential buyers.
How to Spread the Word
Spreading the word can be difficult but can be made easier by bringing on M&A specialists such as bcms.com to assist. These people deal with transactions on a regular basis so can offer advice and support, as well as provide networking opportunities so you can meet the right people for your business.