Business appraisal services can breathe life into your business
Business appraisal services to help you review your strategy, keep plans on track or even take your firm to the next level could be what you need if you’re feeling unsure on strategy, or a bit stagnated.
Business owners tend only to go to their accountant for services such as end of year accounts, payroll or on start-up, for business structure advice. Many aren’t aware of the benefits that a review of their business could hold. Here are three ways using business appraisal services could benefit your business.
Thorough strategy review – a business plan put together at start-up phase may need to be reviewed in accordance with market changes, customer demand fluctuations or budget/funding changes. What was right at planning phase may not be right or business practice. Sometimes, having an independent review of the business can help owners spot opportunities they might otherwise have missed. For instance, we helped a company under our Board Support service spot an opportunity to diversify their business, that they hadn’t thought of, and helped them achieve the funding to capitalise on this opportunity. They gained new blue-chip clients as a result
Increase access to funding – when it comes to taking the business to the next level, in most cases, additional funding is needed. This can sometimes cause business owners to delay action, thinking that the funding hurdle might be too much to overcome at this stage in the business. However, with a vast array of alternative funding sources now available, owners don’t have to just think along the lines of traditional bank lending – which can often be the cause of them not proceeding with an application, for fear of tight lending criteria. From family or friend borrowing to peer-to-peer lending, crowdfunding and private equity firms, there’s a good range of options to explore. A provider of business appraisal services can help you find the right option to suit your business objectives.
Head off potential issues before they arise – forewarned is forearmed is a well-known phrase that is as true in business as in any other situation. Using business appraisal services will help with identifying potential issues before they become a problem to the business. An independent view can provide the experience and expertise in spotting pitfalls and so that the necessary action to avoid these can be executed. For instance, financial checks on customers or suppliers as part of a review could highlight a problem waiting to happen, if either party are in financial difficulties that could impact your business through non-payment or orders that can’t be fulfilled.
Whether you’re looking to take your business to the next level, need a sense check on plans or are simply feeling a little stagnated in business, why not get in touch to find out more about our business appraisal services.