Computerization is an investment.
Technology lags are a big issue for businesses. Far from knowing how big it is, many owners are slow to make the big leap to computerization. But when it comes to selling or transferring the business to a new generation, losses and difficulties start to accumulate. Here are some tips for leveraging technology during the sale of a business.
Computerization and market value:
What should I do to prepare for the sale and maximize the value of my business? This issue is of great interest to homeowners planning to sell.
Computerization is a major element that will increase the value of the organization and facilitate the transaction. It is therefore advisable to begin this shift as soon as possible to prevent the technology gap from widening and making it difficult to catch up. If you succeed, you’ll find that your business will increase in value, which will benefit you during the sale in monetary terms.
““Sooner or later, we will have to catch up with technology. Competition forces it.”
Why computerize your business?
Less stress: Selling a business is stressful. If you also have to manage the computerization to make it more attractive, the process will be even more difficult. For example, change management will be twofold and employees will have to adapt to two major changes within the same time frame.
Work better: There are many tools available to make your work easier, such as customer management. An CRM is a good example. It is commonly used to track actions taken with clients, build a strong pipeline of potential clients and maximize business development. During a sale of a business, this tool also simplifies the transfer of customers and provides a clear history to the potential buyer.
Becoming efficient: The primary objective is to be efficient in its work through technology. With the right tools, it is possible to significantly improve internal business processes and employee work. Productivity will be better, which will be of greater interest to potential buyers.
Demonstrate actual value: Imagine having to quantify the true value of a business. This is a difficult exercise, especially when the company’s data is rudimentary or in paper format. We also note that it is easier to demonstrate enterprise value when it is computerized.
Be more competitive: A competitive company has an enviable position in its market and is much more attractive to buyers. Computerization can help you take up this position, or keep it.
Do you use these excuses?
Those who are reluctant to embrace technological change use this excuse:
- I don’t know where to start
- I’m going to sell my company anyway
- I don’t have time
- My company doesn’t need technology
- We’ve been doing it this way for years
How do you computerize your business?
- Digitization: Change from paper to digital.
Currently, many companies still use paper documents to manage some of their information. Unknowingly, they are at greater risk of errors, longer data entry, etc. By moving toward digitization, information will be more accessible, control will be better, data will be able to communicate with each other, and management will be more effective.
- IRP: Move from specialized to integrated software.
Specialized software by function, such as accounting, customer relationship, project management, inventory), operates independently from one another. Integrated software, on the other hand, communicates with each other, enabling data to be used effectively and to achieve multi-dimensional results. For example, inventory quantities can be compared with accounting data to recognize variances and better manage production.
- Digital: Developing a Brand on the Web
Yes, there are a lot of companies that don’t exist on the Internet. Some owners simply don’t see the value in it. However, that belief is wrong and very harmful. Having a website is necessary to acquire new clients or to inform existing clients. Social media is also a value-added tool with strong sales potential. All this will contribute to the development of the brand image, which represents a monetary advantage during a transaction. We must also consider digital technology because of its potential and its short- and long-term benefits.
Others will do so:
Computerization is part of the reality of every business. Even those who resist change are confronted with it, because the way things are done is constantly being modernized. No matter what sector you work in, there is automation. If it takes a long time to come into a sector, chances are that a company will make the leap. Today, the number of years a business has existed is no longer the only criterion for success.
You’ll win by:
Computerizing your business will be beneficial for all the reasons listed above. However, such a change needs to be planned years in advance. Be sure to identify the right technology tools and, if necessary, surround yourself with a professional who knows how computerization works.