Avoiding the merger: What does it take?
Mergers can be complicated, contentious and a lot can go wrong. Want to keep your company to yourself? Learn how to negotiate the deals you want and avoid the legal consolidation. Even the threat of a merger can demoralize your staff, cause employee flight, client loss, and business failure.
Address these common motives for a merger…in order to avoid one:
Reduce costs by removing duplicate departments — Try doing so before a merger attempt - lower costs by streamlining departments and responsibilities. Perform an in-house audit of each department’s responsibilities and if there is overlap try to consolidate. One hand should always know what the other is doing. Make sure that the departments are working cohesively towards the same goal. Sandler business coaching works to cultivate teamwork and overcome procrastination to improve a company’s ability to accomplish more by achieving balance.
Meet increasing demand for products and/or services — When two companies combine their sales forces, the result can be a larger number of accounts, which can mean higher income for the newly formed company. However, there are strategies besides merging that can have the same effect. Focus on hiring competent employees who have strong skill sets. Give them the tools, freedom, and support to establish and maintain a volume of accounts that will maximize company profits. You need to ensure, however, that you are always providing optimal service to existing accounts while remaining flexible, willing, and able to sign on new clients.
Combine infrastructure to expand the company’s reach — Each separate company may have different niches or demographics that it targets, and combining the two can result in a broader client base. You can broaden your horizons by actively seeking more clients in many different areas. Effective management is key in either situation. Sandler Management Training Programs help leaders refine skills in areas such as time and resource management. Training also teaches managers to achieve difficult goals in shorter periods, which can increase the number of sales and client reach and bring in higher volumes of cash flow. The important thing is to remain committed to your choice and actively manage your employees to work with the strategy in order to make it the best choice for your company, thereby making the most money possible.
For further strategies to maximize your business potential give me a call – a 10-minute conversation will tell you if Sandler is a fit!
Senior Partner & Certified Trainer
Sandler Training / PEAK
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