My husband and I purchased a food manufacturing business at the end of fall 2019 and launched it on December 1. After one month of training by the previous owner, we thought we knew everything about our business.
And we were so wrong!!
We faced many challenges. The good part is we learned a lot on the job.
In this blog, I want to share 5 tips that are based on our business journey so far.
1. Learn from your employees
I started to learn from my employees. I built a good relationship with them and understood that every person on my staff has his/her own unique personality. This relation has helped us to know more about our strengths and weaknesses as business owners.
2. Start communicating with your customer
The previous owner introduced us to the customers by email. Their existing customers were worried because of the change in ownership. To be honest, we were worried too! But we only had one choice; we needed them to trust us.
I started calling them, introducing myself as the new owner, and invited them to come to our office to meet us in person. I learned a lot from them as they told us about their expectations. This created so many golden opportunities for us. So, remember to be honest with your customers and communicate well.
3. Connect with your business community
Trade shows are an important way for us to connect to our business community. I do a lot of research to find the best trade shows in the food sector. I show up in these trade shows to introduce myself and my brand in the food community. This has helped us find good networks, experts in the food manufacturing sector that has helped us to grow our business and learn more about the industry. Remember to be an integral part of your business community.
4. Follow your business plan
After about one month in business, we reviewed our business plan and found that it was not useful anymore, so we started editing it. We realized that one might not achieve 100% of set goals in a specific period, but a business plan will help choose the best way to reach one’s goals. So, our suggestion is to review your business plan regularly and follow it to reach your goals.
5. Control your expenses
In the first couple of months, you will find lots of hidden costs that may affect your business. You need to minimize unnecessary costs to decrease the financial pressure. While you’re following your business plan, follow your cash flow too. You need to update your cash flow every month.
You might find other challenges in your own business, but remember this—every challenge you might have is a lesson that you need to learn, and it will help you to be successful in your business. You have to be smart to change the threats into opportunities.