How to Grow Your Newly-Bought Business

You’ve gone through the pros and cons of buying an established business. You pinpointed your business through the listings of businesses available in Durham. The business even passed all the considerations to check for when looking at a business.

Now it is time to grow this new business. The question is just how to grow this business. At Sunbelt Business Brokers of Durham, we work with entrepreneurs to help them find the business that best fit them. Over the time we’ve seen how important the transition period is, but we have tips to help.

5 steps you should take to grow your newly-bought business are: 

1. Learn the business. New owners can’t be too eager to start making changes to a business. However many owners may know about the industry or may have seen the business from the outside they don’t truly know the business until they are behind the scenes. Take notes of the processes, the systems used, how those systems are accessed, management and the employee ecosystem.
2. Strategize as you transition. Although any changes will have to be delayed at first, that doesn’t mean new owners can’t strategize. As new owners go through the transition period with the seller, they should speak to them about strategies about changes they wish to implement. The seller often still has an emotional connection to their business. They want to see it succeed. The seller will give knowledge advice, and maybe even previous testimony, on the validity of those ideas.
3. Be as transparent as possible. The worst thing new owners can do it plan out many changes and them spring them on employees. Be transparent with employees and speak to them often. Tell them why you chose this business, express plans for change well before it’s time for the change, and make the changes a discussion so employees an openly address concerns that may arise from each change.
4. New business owners should use networking event to build their reputation in the area. Meet other business owners in the area, especially those who can help your business by offering services or those who have similar markets and can refer people to your business.
5. Implement a Strategy. Now that owners are through a transition the fun starts. Whether new owners plan to attack a niche market, innovate and recreate their product or service, or scale the business, they can finally take off.

The patience new owners have to go through the steps will make a less stressful transition. They will come out more knowledgeable to make business decisions with a loyal team behind them. They will not only have the support of their employees but of the local business owners around them as well. It takes a lot to build a business, but when you are ready to buy, contact Sunbelt Business Brokers