In yesterday’s post we concluded that, regardless of the sort of entrepreneur you are, or you motivation to begin the company formation process – be it to sell the company or form a company you can run for the rest of your life – building brand values is core to future success. Today, we will provide with four key areas of your company to focus on when creating brand values.
Even if your company has a horizontal management structure, and decision making is very much a democratic process, it is impossible for the identity a company to come from anywhere else apart from the original founders. The company you formed has the identity it does at this moment, due to the fact you started the company formation process with a clear idea of the brand what you wanted it to be. Therefore, from the point of formation, growth and maturity it is crucial you articulate your concept of what your brand currently is and what you want it to be in the future.
Creating a robust management team and infrastructure is one of the key ways of creating strong brand values in your company. Especially if one of your main objectives is to eventually sell the company. Having an effective and established management team, will assure potential buyers that there are people who had an integral role in the success of the company still there and capable of moving the company forward. Steven Hudson, founder of Hudson Electronics, says “When I first formed the company, I was in a position where I couldn’t go on holiday, because the day to day operations of the business could not function without me. Now that we have established a strong management team, the company can run without me and I wouldn’t have it any other way – indeed, if we weren’t in this situation I think it would undermine the brand I have created.”
Sector and Market Conditions
Regardless of how you choose to establish brand value in your company, your business will be more ‘valuable’ if it operates within a growing sector. You must have a comprehensive grasp on where you stand in the market place. Knowing your market share, market, and brand’s position within it ,is vital.
Building value in your brand, is about focusing on the things you would expect; customers, market and marketing. However, it is also based on how your run your business. Your brand is likely to be deemed more valuable if your have a proof of previous profits and established streams of revenue.