Social Media is given the credit for a lot of things, and often wrongly - but to help you sell your business is highly feasible.
Too many businesses see Social Media as merely a sales and marketing tool, but it can do so much more than that.
Long before the arrival of mainstream Social Media sites, your Internet activity/strategy was all about SEO; we used to say "if you're not on Google, your business doesn't exist".
Social Media and messaging now dominates Internet activity and we now might say "If you're not virtual, you're not real" - as I heard one consultant say this week.
As for conducting due diligence on a business, your Social Media activity will provide additional valuable insights into the thinking of a company, its strategy, how it engages with customers and much more. But if you have a limited Social Media presence, it could well prompt additional questions from a potential buyer. I for one, would be interested to understand why a business wasn't using Social Media. And perhaps it would also raise questions about the company's attitude to and belief in the potential of the Internet as a brand building tool and as a vehicle to engage with its customers.
If I were looking to purchase a company today, Social Media would be one of the very first places I'd look to see what they have to say and how they conduct themselves online - and that's another important reason to make sure that your personal and company profiles on LinkedIn are up to scratch and represent yourself in as professional a way as possible.
In short, how you look to a potential purchaser should be a key part of your Social Media strategy.
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Given that 91 per cent of retail brands report using two or more social media channels, according to Yesmail, any business that overlooks this key marketing channel will seem prehistoric. That said, if a business for sale has a healthy balance sheet but a negligible social media footprint, some buyers might ponder: ‘Imagine what I could achieve if I scaled up its social media operation?’