What Can Business Owners Learn from the Electoral Process?

By Jason Thompson, CPA/ABV, ASA, CFE, CFF
Partner and Director of Valuation and Litigation Services

Last Tuesday, voters cast their ballots in a round of primary elections for federal, state and local offices. In the business world, people vote every day, selecting products and services based on how effectively companies tailor their campaign to customers.

If you want to breathe new life into your business, put on your campaign hat and start running it like a political race! Here are some things to consider and ways to win your customers’ vote!

Build a campaign staff. Surround yourself with people who will represent your company in the best possible light. Just as politicians need fans waving signs of support, business owners need a team of folks who firmly believe in their company, spreading the good word about how it can benefit customers.

Keep your campaign promises. Business owners are like politicians in the sense that they set high expectations and build a buzz around themselves. They present a grand vision for the public to rally behind. Once you’ve won over your audience and gained their support, don’t lose sight of that vision. Always remember what you’ve promised and evaluate whether you’re living up to the portrait you’ve painted of your company.

Learn from your opponents. Think of your competitors as fellow candidates in the race and see what you can do to distinguish yourself from them. Do you need to change your brand image, your messaging, the way you interact with customers? What is the public’s perception of your company at the moment? Is it time to improve your reputation? These are just a few of the questions that should be rattling around in your head as you hike up the campaign trail.

When you go into work every morning, your first thought should always be: How many votes am I going to win today? In your world, every day is Election Day!

If you have questions about the value of a business or the valuation process, please call Jason Thompson at (317) 608-6693 or email jthompson@sponselcpagroup.com.

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