Boss Lady

Old business? New tricks for taking over an established company

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Taking over an existing business in one of the most daunting things you can do. In many ways, it’s more frightening than starting something new. An established business comes with preconceptions. And, let’s be honest; the chances are they aren’t good ones. Yet, you may have a sentimental reason for wanting to take over. Perhaps this is a brand that meant something to you when you were young. Or, maybe you see something in the opportunity that other people don’t. Whatever your reasoning, you have hard work ahead of you if you want to see big money from your purchase. Here are a few steps that’ll help you breathe life back into a dying business.

Incorporate business

You’re probably fed up of hearing it, but you need to integrate technology into whatever you do. Nothing breathes life into a project so much as getting up to date in this way. Of course, you’ll need the standards – a website, an online store, blah, blah, blah. But, you could take things even further. As this is a resuscitation project, you need all the help you can get. It might also be worth incorporating the newest technologies into your store. With tablet holders like the ones found at Sprocket, you can give customers a little of what they love. Letting customers use technology in your store is sure to go down well. Of course, you’ll want to make sure it’s relevant. For a clothes store, a virtual wardrobe could be a lot of fun. Or, perhaps you want to include a nutrition app for use in your food shop. Whatever you choose, this is a fun way to get things going again. And, it’ll make your company stand apart.

Announce your arrival

There are few times in business when a rebrand would pay off. This is one of them. People were obviously bored of the business. You need to give them a good reason to take notice again. Unless you’re desperate to do so, you should avoid changing the name. That at least gives you a starting point. But, everything else can go. Redesign logos, and branding. Refurbish the store. Host a grand opening when you’re ready to unveil your new look. Holding special promotions and events is a sure way to show people you’ve arrived. It’s also a good chance to set the new tone for the business.

Keep staff informed

Of course, a ready-formed business will have ready-formed staff. For the most part, you should try to keep hold of them. At the end of the day, you don’t want to kick anyone out of a job. Besides which, these are people who know the business inside out. They may have a lot to teach you. If you want to keep hold of them, though, you need to keep them onboard. Making massive changes without running things past them won’t go down well. Ask for their input on everything you propose, and make sure they’re happy with the changes.

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