{"id":1338,"date":"2022-12-22T14:20:32","date_gmt":"2022-12-22T14:20:32","guid":{"rendered":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1338"},"modified":"2022-12-22T14:20:33","modified_gmt":"2022-12-22T14:20:33","slug":"goodwill","status":"publish","type":"post","link":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1338","title":{"rendered":"<strong>The importance of goodwill in your business<\/strong>"},"content":{"rendered":"\n<p>Goodwill in accounting refers to the intangible value that a company can hold, above and beyond the pure financial value of its assets. This covers areas like brand reputation, intellectual property, and both external and internal relationships.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/accountants247glasgowsouth.co.uk\/wp-content\/uploads\/2022\/12\/thumbs-up-1024x683.jpg\" alt=\"business goodwill\" class=\"wp-image-1339\" srcset=\"https:\/\/accountants247glasgowsouth.co.uk\/wp-content\/uploads\/2022\/12\/thumbs-up-1024x683.jpg 1024w, https:\/\/accountants247glasgowsouth.co.uk\/wp-content\/uploads\/2022\/12\/thumbs-up-300x200.jpg 300w, https:\/\/accountants247glasgowsouth.co.uk\/wp-content\/uploads\/2022\/12\/thumbs-up-768x512.jpg 768w, https:\/\/accountants247glasgowsouth.co.uk\/wp-content\/uploads\/2022\/12\/thumbs-up-750x500.jpg 750w, https:\/\/accountants247glasgowsouth.co.uk\/wp-content\/uploads\/2022\/12\/thumbs-up-1140x760.jpg 1140w, https:\/\/accountants247glasgowsouth.co.uk\/wp-content\/uploads\/2022\/12\/thumbs-up.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>A business that can show its goodwill in the marketplace is actually worth more \u2013 both intangibly and financially. When a company is up for sale, the price a buyer is willing to pay will be greatly increased if the seller can demonstrate this quality of goodwill.<\/p>\n\n\n\n<p><strong>What do we mean by goodwill?<\/strong><\/p>\n\n\n\n<p>Goodwill includes the value of your business\u2019s brand, your loyal customers, proprietary technology, reputation for great customer service and good employee relationships. It is the amount someone is prepared to pay for your business that is above your net assets at fair value. Building goodwill in your business is not only good for its market value, these aspects of your business potentially also represent a competitive advantage.<\/p>\n\n\n\n<p><strong>Five key ways to build goodwill in your business through relationships<\/strong><\/p>\n\n\n\n<p>In a business context, building goodwill is all about developing a trusted and benevolent way to work with your stakeholders that can increase the longevity (and value) of your business idea. In the long term, a business that\u2019s part of a trusted industry network has great potential in the marketplace.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Make goodwill one of your core values<\/strong>&nbsp;\u2013 every business needs a set of core values at its heart. With the right values in place, you can put goodwill front and centre of how you operate. Be kind and thoughtful. Always be honest and upfront. And behave in a way that helps the business, but also helps your stakeholders, community and team. Living goodwill in this way makes it second nature for everyone on the team, and helps set the best possible reputation for your company.<\/li>\n\n\n\n<li><strong>Nurture your customer relationships and make them feel valued<\/strong>&nbsp;\u2013 a solid customer base is one of your biggest assets. So, treat these customers well and do your best to create long-term, valued relationships. The more you can do to reinforce this value, the more likely it is that customers will become proactive advocates for your brand.&nbsp;<\/li>\n\n\n\n<li><strong>Build long-term trusted relationships with suppliers<\/strong>&nbsp;\u2013 your supply chain is the arterial system that feeds your business. If you want to keep this supply chain stable and affordable, you need to be professional with your suppliers. Pay them on time and negotiate fairly over prices. Be reliable with your orders and work together if there are any supply problems. Treat these businesses as you would want to be treated.&nbsp;<\/li>\n\n\n\n<li><strong>Treat your employees well and make them feel engaged<\/strong>&nbsp;\u2013 be transparent and open with your team. Keep them in the loop with planned strategies and results. Offer them great benefits and time off. Make sure they are happy, healthy and loving their jobs \u2013 and do everything you can to create a great team spirit within the organisation.<\/li>\n\n\n\n<li><strong>Be truthful and honest in all your business dealings<\/strong>&nbsp;\u2013 Sometimes telling the truth won\u2019t seal the deal, but it\u2019s always better to demonstrate this goodwill and to be open and honest. Dishonesty is never the path to greatness and it could break the trust you have with your customers, suppliers, team or community.<\/li>\n<\/ul>\n\n\n\n<p><strong><a href=\"https:\/\/accountants247glasgowsouth.co.uk\/contact-us\/\">Talk to us<\/a> in South Glasgow about nurturing goodwill in your business<\/strong><\/p>\n\n\n\n<p>Demonstrating goodwill in your business isn\u2019t just one of those \u2018nice-to-have\u2019 goals on the CEO\u2019s wishlist. It\u2019s actually an intangible part of the value of your business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Goodwill in accounting refers to the intangible value that a company can hold, above and beyond the pure financial value of its assets. This covers areas like brand reputation, intellectual property, and both external and internal relationships. A business that can show its goodwill in the marketplace is actually worth more \u2013 both intangibly and [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","post_reading_time_wpm":"300","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":"58"},"footnotes":""},"categories":[58],"tags":[],"class_list":["post-1338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The importance of goodwill in your business<\/title>\n<meta name=\"description\" content=\"Building goodwill in your business adds to its value. 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