How custom software apps can boost small businesses' value by turning their unique methods into valuable assets.
For small and medium-sized businesses (SMBs), intellectual property (IP) can be a hidden goldmine. But how do you capture that value when selling your company? Custom software applications can be a strategic answer. Many SMBs have unique processes or algorithms that give them a competitive edge. Building a custom app allows you to encode these procedures into the software itself, making it difficult for competitors to replicate. This "secret sauce" becomes tangible IP, boosting your company's value.
In this podcast, we speak with Brandon Wilson, Co-founder and CEO of STEADYNAMIC, a software development firm with deep roots in the early AI space. We also learned that custom software streamlines operations and automates tasks, freeing up your team for higher-value activities. This translates to increased efficiency and the ability to handle growth, making your business more attractive to potential buyers.
We also discussed some of the downsides of building custom software including development costs, technical expertise required to build it, and the necessary maintenance required. Oftentimes, business leaders and the market-at-large confuses TRUE AI with technology advancements. It's important to recognize the difference and even more important to begin to
Thinking Points:
Do you clearly understand what your true value is to your customers?
Do you have a 'secret sauce' in your company that can be amplified using a software app?
What are your plans to further expand your value to capture more market share?
What are other people in your market doing to expand their value with a software app?