I heard last week that a good mate of mine, Dean Calvert has grown his business in a similar way to what we’ve done in the past – that is by acquisition. Growing your business in this manner can be both a great opportunity and a great risk. Over the last few years, we acquired another business which gave as a leg up in a market that we had little experience with. Whilst that acquisition didn’t end up as smoothly as we wanted it to, we learnt a lot from it. I believe that in the current market, growth by acquisition can really give you a leap ahead if you make the right acquisition. Having to integrate one companies team, clients and resources into your own is not an easy thing. Each business will have had it’s own culture before and the acquisition will lead to a new culture in the combined business. One of the things to remember though all through this is that good communication is the key to success. Communication with your staff, the new business staff, and all your joint clients. It’s also important for the new business owners to “get across” the new client base as quickly as they can and ensure that the clients know that business will not only continue as it has before, but improve through the larger unified business.
Congratulations to Dean and the team at Calvert Technologies. I’m sure you’re in for a few next few months. Hope it all goes well for you.