Many small businesses and entrepreneurs do not consider a merger and acquisition as early as they should. Particularly in a down economy, an M&A can be the best avenue to more clients, increased business, great company publicity, and more.
Less than 1 in 10 mergers are deemed successful by the people initiating them — a staggering number when you consider the cost. The No. 1 reason cited was a failure to consider culture when integrating two businesses.
A down economy creates the perfect marketing opportunity for business. Reach out to your customers in a time when your competitors are cutting back on their marketing and take advantage of media outlets who are resulting to lowering their costs due to decreased demand.
A successful family business is possible with clear boundaries and well defined systems and structure. Formalize and document your processes and hold family and non-family staff to the same expectations.
Branching out and opening a second franchise or storefront presents exciting opportunities and requires specific considerations to be successful. Before that grand opening, take on board business consultant Larry Mandelberg’s experience and advice.
The two things that set any business apart from another similar business are staff and input from advisers. A board makes your organization accountable to an external group of knowledgeable businesspeople and will drive you to make better business decisions.
Today’s economy has given small business owners and managers a new reality: the loss of target clients and the need to reassess their business models to find new ones. It is either reassess and float or keep business as usual and drown.
In our current economy, our customers are buying differently. They are also generally responding to marketing in entirely new ways. Evaluate your business model and processes to take these fundamental changes into account.
As a manager or business owner, your ability to encourage information sharing is critical to avoid bad decisions. Contributing to bad decision making is a lack of knowledge and experience. Recognize that you have limitations and embrace input.