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
