Our podcast channel has a discussion with Malcolm Peace and one of the things he talks about is how his group looks for legacy businesses they can modernize and therefore improve productivity.
We see a lot of this, and it doesn’t have to be complicated or expensive. Often the simplest solution is the best (Occom’s Razor). I can’t give specific advice as all businesses are different, but here are a few things clients have done.
- Switching from paper checks (still handwritten in one case, in 2021) to credit cards and ACH.
- A CRM to track everything with customers (and there are industry specific CRMs).
- Scheduling software (no more paper) that is updated in real time.
- Using AI to streamline mundane (computer) tasks.
- You can see, it doesn’t have to be major. But it will increase productivity, cashflow, and value.
As an owner, it should seem like a no-brainer. But inertia gets in the way as does the old, “We’ve always done it this way.” This is when businesses are coasting and a great line I recently heard is, “You can only coast downhill.”
Business buyers look for opportunities where they can modernize. They pay a lower price, make a few tweaks, and increase profits in short order.
This time of year is a great time to look under the hood of your business and see how you can give it an easy tune up.
“Because you can’ can still be a good reason to do something.” Matthew McConaughey