How to Improve the Appeal of a Business for Sale in South Africa
Want to market your business for sale in South Africa? Before you start, read below what you can do in the coming weeks to months to prepare your business for sale amidst the economic downturn period in South Africa.
Apart from the usual preparations, such as getting the financials and licences up to date, follow the guidelines below to make the business more attractive for buyers to ensure a fair and market-related selling price.
What You Can Do Now
Rather than just relying on foot traffic to your store, take the shopping to the customers. Yes, you pay rent per square metre and want as many as possible for visitors. But as recent events have shown, spreading your wings to reach more people, even in their homes anywhere in South Africa can help to expand revenue streams. A business for sale with a high turnover, several revenue streams, and a wider reach is more attractive than one relying only on the income from direct foot traffic and a limited offering.
Things to Do:
· Improve the customer experience
· Expand the offering
· Incorporate technology
· Price competitively
Train Your People to Use Technology
To improve customer experience, you need to look at in-store and remote customer experiences. Train your sales personnel in sales and customer care functions. Also provide them with product knowledge. If the retail store has trained personnel who can become key employees, the buyer can appreciate the value they bring to the table. In addition, trained employees are able to provide better service and thereby improve the customer experience.
But the customer experience is also tied in with competitive pricing models, the convenience of many payment choices, home deliveries, online purchase options, loyalty points, and finance options.
Get to Know the Customers
Gather customer data through in-store forms, the social media platforms where your store should be active, and through mobile surveys. Give them incentives to complete the short forms, such as discounts or in-store purchase vouchers. Send personalised discounts to their mobile phones based on their purchase preferences. Add a mobile point of sale for more convenience. Keep in mind that the customer data collected provides proof of your patron total, which is important in determining the selling price at the end of the day.
Create an Online Presence
Create a large following on your social media pages where you engage rather than sell. Every third post can be an advert, but for most part, you create a buzz using the social media. Also add a web page and, if possible, add an e-commerce facility where you sell your merchandise online as well. This provides more income streams and the website becomes an asset.
Engage on Social Media
Sign up at the social media community pages and groups in your area. Post something of value and engage with community members. Provide positive feedback on their social media pages. Once a week, where allowed, post a promotion.
Loyalty points have become the norm. It is time to join the storm with your own loyalty plan. Customers are more likely to purchase from your store if they stand to get discounts for their support. You can also list the number of customers participating in the loyalty plan as yet another positive for your entity.
In-store finance options help cash-strapped customers to purchase what they want and need. With such, they are more likely to buy from you store than from competitors. Expand your offering to include essentials, which can be sold online to customers anywhere in South Africa.
By improving the income, expanding the customer base, and increasing the store’s presence online and offline you create an attractive opportunity. The next step is to get in touch with our brokers to market your business for sale to buyers across South Africa.