Bullet-Proof Your Business
June 28, 2014
By Jerry Bellune
2 keys to profitability
Warm months are a time of business transition.
Owners want to sell when the weather is good.
They envision themselves easing into retirement.
This is a good time for prospective buyers, too.
They can move now with the kids out of school.
Are you getting ready to take over a business?
Perhaps planning to start one from scratch.
Here are two keys based on years of experience.
1. Be open, receptive and honest.
Listening to everyone is critical.
Start with your employees and contractors.
They know what has made the business succeed.
We took over a failing company 30 years ago.
It was not our first but this one was a challenge.
The staff asked when they would get a raise.
They had not had one in three years.
We were honest with them.
“When we start making a profit,” I said.
They took these six words to heart and worked hard.
Those who didn’t want to work hard bailed out.
Everyone else was glad to see them go.
We moved into the black in less than 12 months.
2. Only promise what you know you can deliver.
The staff will ask about your plans for the business.
Community leaders want to know that, too.
If the seller was struggling financially, they know it.
They’re testing you. Ask what they recommend.
Then shut up and listen.
We aimed for profitability in 16 to 18 months.
We said with their help we might do it in two years.
That drove several employees out the door.
They didn’t think they could wait that long.
We shared this with a few community leaders, too.
Their response was amazing. They passed the word.
They went out of their way to send us business.
Recommended reading
My new book is “What It Costs to Be the Boss.”
It is all about the price we pay as leaders.
It gives you a blueprint for successful leadership.
For a copy, email me at [email protected]
Next: Think before you speak.
© 2014 The Bellune Company, Inc.
Neither MidlandsBiz.com nor The Bellune Company, Inc. makes any warranty as to the results that may be achieved from using this information. ©2013 The Bellune Company, Inc. All rights reserved. Requests for permission to reprint or circulate may be obtained by emailing [email protected]
