Beer Mergers
Business Sales : Mergers & Acquisitions : Corporate Consultancy

Beer Mergers Limited is an independent, specialist corporate advisory firm, a "boutique" operation focusing specifically on sales and acquisitions in the small business sector.

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Lessons in Communication

 

Its good to talk, as they say, and the old maxim that its not what you say but the way that you say it still holds true. But the business environment is increasingly pressured, and with new social media pressure, often we don’t always say what we think, or what we mean.

Here are some idea’s that may help to communicate better.

  1. Reduce Costs.  The opportunity for cutting costs is almost always greater than you think, and even a small reduction can make a big difference.
  2. Squeeze Working Capital.  Good housekeeping is always important. Don’t be reluctant to chase invoices and take advantage of early settlement discounts where possible.
  3. Check Pricing.  Especially for a premium product or service.  It’s amazing how often pricing is overlooked, with an innate belief that it must always go down.
  4. Keep your Customers.  It’s almost always more expensive to get new customers than to keep your existing ones.  Old customers are already bought in to your service, maximise them.
  5. Buy Well.  Constantly review suppliers and prices, like costs a small amount can make a big difference.
  6. Keep up with the Market.  When your focus is almost totally on business survival, it’s easy to forget to watch industry developments, and how they can affect you.
  7. Check out the Competition.  Understand what they’re doing and how it affects you, ensure you are not left behind, watch for new ideas that you can replicate.
  8. Review your own Products / Services.  Do they need a full revamp, are there any gaps in your offering, or opportunities for new business?
  9. Plan Well.  Always keep the big picture in mind, whilst managing day-to-day trading.  Ensure you work on the business as well as in it.
  10. Finally, reduce the Tax Take.  So often businesses don’t know of or don’t take advantage of all allowances.  Take good professional advice.

Finally, remember, its “profit for show, and cash for dough”! Good housekeeping also starts with being selective in what business you take on, always avoid buying business just for volume, it’s more about achieving at least a decent margin.

Posted on by Mike Halls

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