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Run a Business after You Own

One of the greatest tasks starts as soon as the escrow is closed and the business is transferred to your name. This is a very exciting day in your life as now you can say proudly that you own a business and are your own boss. There is some amount of confusion and fear in running a business. To overcome early confusions and fears and to run your business successfully, there are 10 tips available in the market. These tips are ideal and this advice is from experienced business owners and business professionals. Follow these tips which can help you run your business successfully.

  • Meet with employees

    One of the foremost steps, as soon as you buy a business, is meeting with the employees. They have worked for a long time and they have knowledge of the customers’ needs, products, and other business related services. Take their opinions and ask them to share their ideas to improve the business. Create a friendly environment and relationship with employees and build trust among them as part of one team. At a same time, share your thoughts and ideas about how you want to run the business and what new products and services you want to add to the current business. To improve the business more and more, offer some financial and target oriented incentives to them. Review their current knowledge on the sales register, tools, products, and techniques, and train them up to business industry standards. Educate them on the importance of customer service and ask them to greet each customer in a polite manner. These look like small details, but they build friendliness, trustworthiness, happiness with customers, and customers will always like to come to your store as their first choice to buy products and services.

  • Give the premises a new look

    It is always a good idea and is strongly recommended that as soon as you buy a business, you give a new look to the premises. This can be done by new paint, a proper cleaning of facility, removing junk and unwanted items and trash, fixing broken materials, and improving the visibility of the store. Products, services, and promotions, and ensuring all the equipment is in good and safe order also helps. These tasks all bring a new look to the business location and customers feel more comfortable buying products and even sometimes they will refer other people. Any change in the premises will be recognized by the buyer and that sends a welcome greeting to the buyer from the new owner.

  • Introduce yourself to customers

    All regular customers are familiar with the previous business owner. With any change of business ownership, sometimes there is a temporary drop off of sales as the customer gets used to some kind of new environment. It is good idea to stay at the business and greet the customer and introduce yourself as the new owner. Business owners and business experts say all such acts will create trust, confidence, and friendliness among the customers. Now, they know that you are the new owner and they will expect the same or better service going forward and they will continue to do business with you. Even if you do just a little, the returns will be great.

  • Spend more time at the business and create a reputable brand

    Running the business is the most crucial and greatest responsibility of owing a business. If you have good control of the business you can own and run multiple businesses in a profitable manner. In order to run a profitable business, you need to have absolute control of the business. To get control of the business, spend more time in the store at the beginning, check and verify all products, services, locations, etc. Review employee performance, business equipment conditions, vendor price lists, review the shift, daily reports, track inventory and sales , keep the products in a systematic manner, keep or update the price tags, check and update the prices, watch videos for possible source stealing, keep the premises safe, work different schedules, asses the type, nature, and needs of customers, etc. Once you have done these things, you can assess yourself and find out the status of your control of the store. With all these measures you are creating your own brand and adding changes to the current business model as you wish and that tells people that this is your style of business and success. New entrepreneurs, new business owners, and even your friends and family members would like to follow you as you are the role model for success.

  • Talk with vendors and suppliers

    The key for a successful business is cash flow or profit. This will not only depend on your efforts but also on the products, and at what cost you are buying. Talk with current suppliers and get a quote from other suppliers. Look their rates, terms, and conditions. Some vendors give more promotions or discounts if you buy a more product or some vendors give 15, 30, or even 60 day’s credit on the inventory. It is always ideal to choose who gives more discounts and longer credit as you have enough time to sell the products and also check that you are getting a lower price than others so you can sell at a cheaper price without losing your profits. Because your rates are better than your competitors’, your gross turnover will go higher. This is a vital step that has to be taken as soon as you take ownership of the business. You should not run out of stock and make a good relationship with vendors and suppliers. Ask them to fill the stock and ask them to take out the unsold or expired items, so you will always be ahead in the game.

  • Talk with accountant for bookkeeping and taxation

    For any kind of business, it is always wise to keep good books. Talk with your bookkeeper/accountant; take their advice to maintain all the records. Send shift, daily, and monthly reports to the accountant, including invoices, paid in and paid out, bank statements, etc. The bookkeeper will compile all your data and file the appropriate taxes and send your profit and loss statement of your business.

  • Review the current products and addition of new products, technology, and services

    It is always recommended that you review what products you have, what you are selling, and what price you are selling at. Review your product price, turnover time, demand for the product, amount of the product needed, etc. Once you knew these items, change the price, increase or decrease the amount of inventory, and focus on the extra products needed in that area. Apply for necessary permits if needed before adding such products. Talk with customers to find out what other products they are expecting. Hire a business professional and review with them and they can advise how to make more sales and how to reorganize the store. Also, tracking is very important for a business. Use all tools for scanning. Apply all necessary security cameras to keep your premises under video surveillance. These measures are ideal for the business and they will increase your sales and decreases the stealing of items.

  • Review the competitors’ prices, products, and services

    It is always ideal to know who and where your competitors are. Periodical review of their prices and products is highly desirable to readjust your prices, products, and services. Business professionals and business owners recommend that you not lower your price by decreasing your margin. Buy at a lower price than your competitors and sell at a low price without reducing your profit margin. Add as many products/services to your business as possible to increase your sales. Adding even small things sometimes makes a big difference.

  • Get trained by the seller

    This business was established/run by the seller before you took over ownership. The seller has full knowledge of the business. Please ask the seller to provide training as much as possible. They know the ins and outs. Take their opinion, ask them to introduce the customers, vendors, suppliers, etc. The seller will know the type of business, customers’ behavior, product needs, etc. This will certainly be a big help to run the business without losing sales. Changing ownership sometimes drops off the sales. By staying at premises with the seller he can introduce you to customers as the new owner and you can retain your sales or sometimes the sales may go up. Do not change any business model for few days until you get control of the business. Once you learn and adjust the current business model, then you can convert it to your model of business.

  • Love the business and services

    You should always love your business and what you are doing. If you enjoy running a business, offering business services will give you enormous satisfaction and also provide good progress for your business. Always feel pleasure to serve customers, and then you will be a leading, successful business owner forever.

If you want to know more about how to run a business, or more management secrets, please contact us at help@bizworldusa.com or 415-234-8833 and one of our approved third-party business management consultants will contact you.