When business owners start to think about their long-term goals and exit strategy, you can bet that PR and communications are not something that have been factored in, but they are hugely important and can actually help make a company more valuable.
Using these tools to create a digital footprint and recognisable brand with strong values can be significant selling points.
We would urge all business owners considering selling their company to implement a well thought out PR strategy to help make a company more valuable.
Use marketing tools to prove your company’s worth
Public relations and other communications and marketing tools such as social media, Google My Business and SEO are all vital when it comes to creating a business presence and highlighting its success in its field.
A well thought out PR strategy can create a searchable history of your company’s achievements and customer reviews through content marketing, awards and online press articles and build up your social media followings.
Winning awards over competitors will also make a business more appealing to a potential purchaser or investor so it is important to shout about these too.
What will you tell your team about your exit strategy?
Internal communications also have to be considered. How much or how little you tell your team about your future plans will also make a huge difference to how invested they will be in any major changes or goals. If they are worried about a company’s future or job security, they will be less likely to stay or productivity may drop, which could make your business a less appealing option for a prospective purchaser. If a team is united in achieving a goal or know they are part of a succession plan, merger or acquisition, they are more likely to want to be part of the company’s future.
Don’t forget the importance of planning how and when you communicate all changes to your team.
Secure your company’s future
Whilst personal branding and ‘people do business with people’ are still valid points and can help to win contracts, if you are planning on selling or exiting your business, you need to factor your communications into those plans as early as you can and use them to build your company’s presence and value. PR and comms can be a powerful tool to create both a legacy and a future for any business.
If you are planning to retire or sell your business and would like some help in creating an aligning PR and communications strategy, contact Emma Speirs on firstname.lastname@example.org or call 01536 682800.