Business Buyers Resource Centre

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S Martin (Feb 2013)
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Buying a business? Hit the ground running!

21/9/16

Purchasing a new business is time consuming and expensive...

...but it is essential that once you have bought it, you hit the ground running and start to generate new business and obtain that return on capital invested.

Once you have bought a new business, there always seems so much to do. You may find yourself not knowing where to start. Especially as every second counts and you can’t afford to loose a single trading day. That being said, it is worth taking a few minutes to consider all of the physical elements of the look and feel of your business, as this often has a direct effect on sales and customer experience.  

The compliance of your building is also another key concern when you have purchased a new business, sometimes this will be sorted out by the landlord, but more and more often these days it will be the responsibility of the tenant to arrange compliance on their buildings. Examples of this are PAT testing on electrical equipment or a fire risk assessments. Please follow this link for further information on compliance expectations on buildings.

Motivating the team

Often as part of the sale of a business the team are part of the sale. Research has shown that when a business is taken over existing staff feel a period of unrest, unsure if the new owners will keep them on and, if so, if their working arrangements will change.

Taking an interest in the building and their working environment is a great way to show them your commitment to the existing team and keeps them motivated.

A simple review of the building may result in assistance in both keeping your team motivated and increasing your income. It might be as small as decorating the toilets, or refreshing the number of signs in the window. Little changes can often make a big difference to a business and after all it’s no secret that you want to return your capital invested as soon as possible.

The following checklist may help to determine if your business could benefit from some small changes or requires some assistance in terms of compliance. PDF Business Review

Pro’s and Con’s to ensuring your building is well maintained and shows your product off in its best possible light. 

 

Pros Cons
  • Ensures top price for the product.
  • Provides a business to be proud of for you & your team.
  • A fresh clean look for the business.
  • Engages clients to stay for longer
  • Existing staff kept motivated.
  • People start to talk about the great changes the new owners have introduced.
  • Cost implications.
  • Time required to organise the work.

 

When you first purchase a new business cash flow is often tight and any downtime may prove detrimental to income. It is essential to consider any works being completed whilst keeping the business running, or completing works outside of work hours, to ensure that sales are kept to a maximum due to minimum downtime.

Business Review

Why not use our free business review form to assess your business and see how your business may benefit from some freshening up/maintenance works.

Perhaps you are so busy that you don’t have to time to complete a business review on your property and would prefer if someone came into your new business and completed a review for you and offered you an all in one solution. If that is the case why not get in touch with www.c-s-m.co.uk who can help in terms of assessment and the supply of a team that can work around you to ensure that you maximise your property and therefore maximise your sales. Their teams can come into your business at your convenience ensuring minimum loss of sales whilst works are completed.

Of course, you may be able to complete a lot of the works yourself, which will help with the cash flow, but for those jobs that are a bit beyond your capabilities then the C|S|M team are ready and available to assist you.

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