Whether you’re looking to sell or simply increase profits, renewed focus and management strategies can maximize your shop’s stability.
When seeking to add value to your printing or signage business, five areas should make up the foundation of your strategy. As we’ve grown Nonstop Signs and Graphics from a garage operation to a multimillion-dollar printing business, these key tenets have guided our approach and provided return. So much return, in fact, that it’s hard to ignore the impact they have on the bottom line, and even to the entire valuation of a business.
When our team networks with other industry leaders and business owners, we often find that adding value to a company is not the chief focus for most owners; those executives often become so mired in day-to-day operations that steps aimed toward improving the distant future aren’t a huge priority. However, knowing what third parties are studying when they assess your business is important even for day-to-day operations.
The reality is companies don’t just assess value for sale, as you might believe. A snapshot look at the financials, operations, and overall value of your printing business is necessary to get additional financing, such as a loan for new equipment or perhaps expansion into a new office. Over the past ten years, we’ve acquired at least ten state-of-the-art machines, an office building, multiple lines of credit, and purchased several other companies. This financial and physical expansion was made possible by the add-value strategy that we’ve implemented at Nonstop Signs and Graphics.
It’s as Easy as 1, 2, 3, 4, 5
These five ways of improving your printing or signage business come right from the playbook of our managing team at Nonstop Signs. Consider our strategies for each, and how they can be implemented in your own business so that you can maximize your opportunities to expand, upgrade, or even sell comfortably.
1. Aggressively Increase Profitability
If adding value to your company is your destination, then profitability is the all-terrain vehicle that will get you there. There’s one key part of increasing profitability that a shocking amount of founders and owners don’t realize: You must know your company’s financial health like it’s your own.
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