Trust in American banks is at an all-time low. It may be because of the 2008 fiscal crisis. Or perhaps because of the Consumer Financial Protection Bureau (CFPB) and its aggressive, public shaming tactics for calling out shady business practices. Unfortunately, these things adversely affect how the public perceives the entire business sector regardless of whether your particular bank is a friendly, honest, local business.
As a banker it is understandable to feel discouraged in the face of statistics like only 21% of Americans in 2014 having confidence in their bank. And that’s compared to 60% of Americans in 1980. In the face of disparaging numbers like it is easy to feel like your customer pool is dwindling. But there are ways to put your bank out there as worthy of your customers’ trust. Both new and old customers will trust a bank that knows it’s worth.
This is where business valuation experts come in. With various business valuation tools and business valuation services, business valuation experts can provide your bank with a way to communicate to customers in a transparent way the quality of your business. Have you ever asked yourself the question “What is my business worth”? Or maybe you’ve already heard of business valuation and have Googled “how to value a company” but have been confused by the results.
Business valuation experts can help you by providing guidance so you don’t have to fumble with the process by yourself. Deciding why you need a business valuation is always the first step, but establishing credibility with customers is always a necessary goal for businesses, so we already have that part figured out. Next, you need to make sure your paperwork is in order for the experts to review with ease. One easy way to seamlessly include business valuation in your regular processes is to add it to your annual review.
According to the Philadelphia Business Journal, business valuation is a way to have good planning, so it is an extremely useful tool for any forward-thinking business. It provides you with the strong and weak sides of your business so that you can take the next step to improve. Such a straightforward and directly helpful analysis is invaluable to a business that is looking for ways to show credibility and trustworthiness. So not only can business valuation provide you and your customers with helpful information, but it can help you improve your business! What’s not to like?