From the wheel to the steam engine to computers, technology continues to evolve and shift how we live our lives. The speed and power of computers have doubled about every two years over the last 60 years, which has enabled us to go from computers weighing 30 tons and taking up 1,800 square feet of space to the world’s current smallest complete, operational computer that measures only two millimeters. For the world of business brokerage, this dramatic new world of technology offers several significant competitive advantages.
Maximize the ability to win prospective clients
No matter the rate of technological development, businesses always need to find new prospects if they want their business to continue to grow and prosper. Technological advancements should be used to maximize opportunities and make prospecting easier.
For instance, technology can assist with a business’s valuation process, streamlining and simplifying this process. This may include helping with an analysis of financial statements or market trends and providing the latest industry benchmarks or comparable sales data. A good broker can opt to use AI to refine a business listing description, but it must be used judiciously.
The latest technology can also provide access to reliable and up-to-date market data. This helps brokers avoid various issues, from an owner’s hesitancy about disclosing sensitive details to challenges gathering market trends, industry statistics, and comparable sales data. Technology also means that access to research from various industry publications, government reports, and trade associations is more accessible than ever.
Finally, one word of caution: Make sure that your broker has and uses any tech tools in a manner that is appropriate to help you and your business, while maintaining the integrity and confidentiality of your business.
More nuanced marketing
Another advantage that technology offers brokers is better targeting. Not only can business brokers use the latest tech to connect with potential buyers or sellers, but also they can use it to ensure they are finding an appropriate audience.
Thanks to technology, brokers will be able to identify and engage with interested parties more easily. Transworld Business Advisors boasts an extensive database of interested buyers — hundreds of thousands of buyers, and the list is constantly growing. Your Transworld broker can easily tap into that database to ensure that your business is presented to the widest relevant audience.
Today, technology also means broader marketing avenues are available, from promoting the sale of a business via social media platforms to targeted online advertising. Search engine optimization (SEO) also helps to more effectively pinpoint the most interested parties, ensuring an easier sale for the highest price.
Another advantage is enhanced access to relevant market data, such as updated industry statistics, market trends, and comparable sales data. More detailed databases and CRM systems connect hundreds of brokers globally and all their historical data. As a result, your Transworld broker, no matter where they are, has access to the information that will help you and your business.
Finally, technology was already reshaping how everyone, including business brokers, communicated, but the pandemic accelerated that shift. Teleconferencing and video calls make remote meetings more accessible and convenient. The ability to electronically sign documents and share sensitive documents via secure online portals means that transactions can be conducted safely from any distance. Storing information on servers or in the cloud also allows for better and more convenient record keeping.
No doubt, a learning curve accompanies any shift in technology. Some individuals resist change more than others, too. However, the advancements technology has already secured for business brokers are here to stay and worthwhile to adapt to increase productivity and to remain competitive moving forward.
Transworld strives to make the most of the latest technology in providing the very latest in business brokerage. If you are considering selling, reach out to learn more from our qualified business advisors by clicking HERE to schedule a no-obligation meeting.
