6 Simple Ways to Create Value & Reduce Risk After an Acquisition
95% of small businesses are poorly run.
They are missing the basic best practices of professional operations.
How to create value & reduce risk after an acquisition:
Small businesses have a lot of key-man risk.
They are built around the do-everything founder which limits growth.
Break up the roles and put a specialized person in each.
Static undocumented processes are risky and hurt productivity.
Document processes in SOPs and update them when better solutions are found.
Then knowledge can be shared across the current and new staff.
Get Finances in Order
Financial reporting is often late and the bare minimum at SMBs.
Timely financials help you spot issues early and make better decisions.
Set a Plan
With no plan, you are wandering around hoping things will go right.
Set a goal and track your milestones along the way with KPIs.
Hope isn't a strategy.
Track your funnel, create sales quotas, and put incentives in place to hit your goals.
A crappy job description on Indeed isn't going to cut it.
Spend time and money to get the best people in each position.
Put processes in place to recruit and interview well.