Looking to increase the value of your business? Whether you're 5 months or 5 years away from selling, here's an idea: start something new (yet related).

Business buyers like to see vitality, growth and health in a business. Whether you've had your business for 2 years or 20, you can create a new service offering, find a new product to sell, enter a joint venture or develop a new line of business to add that is complementary to your core trade.

Ask your customers and clients what other needs they have that you might be able to help them with. Take stock of why people buy from you. What are they already entrusting to you and how can you expand that relationship to include other services? What company strengths can you leverage into a new opportunity?

For example, one company we worked with was a leading provider of decorative stamped concrete. Its high-end residential customers were typically installing or enhancing their backyards into resort-like outdoor living areas and the company was able to leverage their expertise of running quality-conscious crews and delivering repeatable results. Thus they began offering landscaping services, water features, custom pools, outdoor kitchens and patio furniture to help customers transform their backyards into high-value oases.

Another company we sold specialized in cleaning restaurant oven hoods. Their crews would go in at night to perform their work. A perfect add-on business would have been inspecting, recharging and replacing fire extinguishers. Another possibility might have been applying non-slip floor treatments in the kitchens, or general janitorial services and supplies. The owner had already invested in "windshield time" - getting the crews to the locations. What other services could be added that leverages that investment? Whatever it might be, the Return on Investment would have been a welcome addition to the company's financial statements.

A few words of caution at this point: don't over-extend into areas that are outside your expertise and financial capabilities; don't attempt to be everything to everyone; and be judicious when buying new equipment or expanding facilities - if you're planning to sell your business in the near future, there simply may not be enough time for you to get a reasonable return on your capital investment.

Look at your business with the fresh perspective of an outsider, if you can. You might ask a true outsider to do so as well. The obvious add-on to your business is probably right under your nose.

I'll discuss other ideas for increasing the value of your company in future editions.