You are the proud owner of a new business, and you are ready to take a step back and let it run its course, having just gone through the exhausting and complicated process of acquisition. But if it is operating in the red, the acquisition may very well be just the first step in a very long journey.
Turning around a business can be difficult, but it is not impossible. It comes down to understanding why it is struggling in the first place, and then putting in place measures to combat the weaknesses to ensure an upward trajectory. Perhaps it is in need of more efficient management, digitalisation, or simply a rendezvous with its core values; whatever it is, the below guide will point out the key considerations to address the next best steps in turning around your new acquisition.
Less is moreIf your new acquisition is a struggling business, chances are there are issues with its revenue streams. And investing too much too quickly might be counterproductive to achieving your goals, especially if you are not well versed in your new business’s financials and balance sheets. All expenses need to be nitpicked with a fine-tooth comb to see where spending is either too much or too little – after all, this can be the difference between the company pulling into success or finding itself sinking.
The customer is always rightYour business is nothing without a loyal customer base, so it would be wise to ensure that they are retained even after the acquisition, and that all their needs are tended to as best as possible. While this may mean business as usual to continue providing the same high standards of customer service, it may also mean reassessing your targets and protocols to improve service to lure back in customers who are sitting on the fence and are maybe starting to look elsewhere.
Simplicity is keyAlbert Einstein once said: “If you cannot explain it simply, you do not understand it well enough.” He also said: “Everything should be made simple, but not simpler.”
A family run business in its third generation, supplying office furniture nationwide either directly or through white label websites on behalf of other retailers. Having built up an excellent reputation for the product range and service provided, the...
Indicative offers are required by noon of Tuesday 22 September 2020, with a sale concluded by no later than the close of business on Friday 25 September 2020 and therefore only parties that are able to work within this time frame should respond.
Presenting to the market a well established 2 surgery practice due to the vendors plans to reduce responsibilities. Income is derived from fee per item patients and a large capitation scheme which equates to 32% of the practice income.
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