How to Grow an Acquired Business

When you buy a business, you’ve only just begun. The real challenge is making it grow because now you need to turn an okay business into a great one. Maybe you’d like more sales, maybe your customers aren’t as loyal as you want them to be or maybe (and this one is likely the most probable) – you have no idea what to do. 

Businesses don’t grow by accident but because someone takes action. Currently, that someone is you and you need a plan. Not just any plan, though, you need to be smart and strategic about this. You have to scale without losing what made the business successful in the first place. 

In this article, you’ll learn what to do to turn your acquired business into something big, strong, and more profitable than ever. 

Learning About the Business

Before you do anything at all, first you need to understand what you’re working with. For instance, businesses for sale in Vancouver offer unique opportunities, as do businesses in, say, Seattle or San Francisco.

As you can see, each has different economic landscapes and consumers behave differently making them great examples for comparison. Vancouver has a very strong real estate market, there are many diverse industries there, but that doesn’t mean you’ll use the same strategies everywhere. 

The economy in Seattle is heavily influenced by tech giants, while San Francisco has a high-risk, high-reward environment driven by venture capital and innovations. The point is, research the market thoroughly to understand where your new business is at. 

After that, take a detailed look at the business itself. A good way to start is to see how financially healthy the business is, what its operations are like, and how it performs in general. Dig into the numbers and check revenue, expenses, and profit margins to see if you can find any red flags. 

Apart from numbers, you should also see how the business is positioned in the market. What are the competitors like? What do customers think about it? A SWOT analysis can help you pinpoint strengths you need to build on, what needs to be fixed, which opportunities you need to explore, and are there any threats to prepare for. 

When you’re clear on where the business stands, you can start setting goals. 

How to Scale 

Once you’ve done your homework on the market and the business, now you need to make it grow. Scaling doesn’t just mean you need to sell more. It means that you need to improve how the business runs, reach more customers, and keep them coming back.

Easier said than done, right? Here’s how you do it. 

1. Making Things Go Smoother and More Efficient

This phrase is so overused, but it’s so true – you need to work smarter, not harder. The first thing to do is to cut all unnecessary costs and make everyday processes more efficient. Try to automate all repetitive tasks to free up some time. Then, improve the way you track your inventory and make sure financial management goes smoothly. 

If you have employees, you should train them and if you need to, you can reorganize their roles to have everyone focused on growth. 

2. Expand Marketing and Work on Your Online Presence

You can’t grow your business if nobody knows about it. SEO is a must because it makes your website visible and easy to find online, plus it makes it mobile-friendly. Another thing to do is to create useful content (blogs, videos, posts on social media) to reach new customers. 

Ads on Google and social media will bring you more traffic pretty fast and you can also parent with influencers or local businesses to expand reach. 

If you already have happy customers, you can encourage referrals with incentives and discounts. 

3. Keep Your Customers Coming Back

It’s great to get a new customer, but you know what’s even better? Keeping them. You can do this by creating a great customer experience, so make it easy for them to purchase something and offer strong customer support after the sale is done. 

A loyalty program is another excellent way to keep customers, as are personalized discounts or just simple follow-ups. Ask for feedback and use it to improve your products or services. The key is to make every customer feel valued because it makes them more likely to return and recommend your business to others. 

Conclusion

When you acquire a business, it’s only natural to want to make changes. But make sure you’re not making them just for the sake of it. Instead, you should focus on making the right move at the right time – all the time. 

Keep in mind that some businesses grow fast, but others need more time. Both are okay, as long as you stay adaptable. If you see something isn’t working, tweak it. Keep an eye on the numbers, listen to what your customers are saying, and most importantly, don’t compare your business to others unless it’s to improve. 

Otherwise, you’re only putting unnecessary pressure on yourself.