How to Sell Your Business in the Pandemic
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Oct 07,2020
- 13 Mins Read
When the current crisis hit the Indian market, entrepreneurs were bewildered and took time to embrace it. Acknowledging the new reality is difficult as it is leading to an instant economic slump. So, companies that diversified and digitised themselves are survivors while others got out of the race. With the onset of the pandemic, various business proposals got affected. Also, many companies that were planning transition during that time got struck and thus, dealt with a huge blow.
As operations have got still in the market, you must be thinking to sell your business. Keeping aside this option, it is even more important to ascertain if it is the right time to sell the business and if yes, how to do it.
At present, when the economy is shrinking, there would not be many buyers available to purchase your business. In such a case, you would have to augment your business and captivate buyers' attention. Here are some of the ways to enhance the business valuation of your company and sell your business at a better price.
The first thing that a buyer looks into a business is its financial statements. The financial backdrop gives a cue of liabilities and assets of your business. It states if your company has a promising future or not.
Before selling the business, you have to pay off existing debts and harbour relations with vendors as well as customers. By doing so, you will be creating a positive image in front of prospective buyers.
Following the financial records, a buyer looks upon customers that are connected in your network. The more repeated customers you have, more will be your business worth. To keep your nexus intact, you should not cease business operations. Rather than stalling operations, you can digitise the business, sell products online and meanwhile, look for buyers to sell your business.
Furthermore, customer experience should be enhanced to keep the bond intact and attract potential buyers toward the business.
Despite the crisis, you have to continue investing into the business. While cutting cost, marketing should be wiped out as it is one of the essentials during such times. Marketing has to continue as it will showcase that your business is operating irrespective of economic slump. This imagery will connect customers with you and increase their reliability on your brand.
Apart from offline marketing, you have to invest into social media marketing as well. Digital marketing is a new tranche of marketing which is inclusive of various online tools. It will help you stand out amid your competitors and gather more leads without spending much money.
Digitise the Business
Technology is playing an integral role in the pandemic. Businesses are using the technology and digitising their business in order to cater to the customers' needs. You may also have to follow a similar approach as you have to show the business operational while looking for buyers.
Creating an online platform or store would be an apt idea. Following this, you can list products and services on the store and target buyers through digital marketing. In this way, you would not require much physical space.
Diversify Your Business
In order to sustain the crisis, it is crucial to create new demand. For that, you can diversify your existing product line. A market research or customer survey can help determine new products that should be added.
After this, you can begin manufacturing or assembling it and create sample products for testing. If sample products are liked by the target audience, then you can begin selling new diversified products. It is one of the ways to showcase buyers that your business is profitable and will do well in the offing also.
These are some of the ways to sell your business in the epidemic. These ideas will help stabilize the business and at the same time, attract buyers' attention. Besides this, there can be a plethora of other ways to sell your business effectively without losing its worth. If you know any such idea, then please write it in the comment section below.
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