Patrick Gore, Managing Director of www.hampers.com, has more than twenty years of experience in developing businesses. In the last couple of years he has taken on hampers.com, working with step-daughter Hannah Lia to take the forty-two year old business to the next level. Patrick shares his 5 tips to help you if you are taking over an established business:
1. Understand the culture of the business you are taking on – it’s the most critical factor that will determine success or failure.
If you don’t understand the culture, you run the risk of instantly alienating yourself. By doing your research, you’ll be more able to understand what makes employees and customers tick, and you’ll have a team who’ll support you.
2. People make the difference, but finance is the fuel.
You want the very best people for your business – but ultimately, it’s increases in sales and profit that enable companies to invest more money back in; for staff training, growth, expansion, product development and more. That’s what helps to propel the business forwards.
3. Verify everything you have been told in due diligence – the more you put in before taking over, the more you will benefit afterwards.
Never just take one person’s word for it; everyone has their own opinions and experiences, and you’re better off getting a rounded view than just one person’s, to ensure a bigger and more honest picture is painted.
4. Repeating what was successful yesterday is no guarantee of success tomorrow – so be innovative.
Times are constantly changing; just look at what we’ve experienced over the past 18 months with COVID-19. You never know what tomorrow will bring, but the more you look to adapt, keep up with trends and continue to look for new ways to enhance your business and product offering, the better chance you stand of succeeding in a competitive market.
5. Work incredibly hard!
When you’re seeing the company benefit from hitting goals and targets, create some more – don’t just sit still and think “I’m done”.
FInd out more about Patrick and Hannahs business at www.hampers.com