Navigating Business Sales in Charlottesville: How Local Business Brokers Simplify the Process
Selling or buying a business is a major life decision—one that involves financial, legal, and emotional considerations. In a city like Charlottesville, where the business landscape is rich with locally owned enterprises, navigating this complex process calls for experienced guidance. That’s where Charlottesville business brokers come in. These professionals help streamline business transitions and ensure clients are set up for long-term success. One firm that stands out in this field is Filament Business Advisors, known for its personalized, strategic approach to business sales and acquisitions in the region.
Whether you’re preparing to sell your company or exploring investment opportunities, working with business brokers in Charlottesville VA can make a significant difference in the outcome. These professionals understand the local market, possess strong negotiation skills, and can help clients avoid the common pitfalls of going it alone.
The Local Market Advantage
Charlottesville is known for its vibrant economy, bolstered by a mix of education, healthcare, hospitality, and a thriving small business community. This dynamic environment creates ample opportunities for entrepreneurs looking to enter or exit the market. But to truly capitalize on those opportunities, it’s essential to work with a Charlottesville business broker who understands the unique nuances of the area.
Filament Business Advisors brings a deep understanding of the regional economy and buyer behaviour, enabling them to position businesses effectively. Whether it’s a family-owned retail store on the Downtown Mall or a service-based business in Albemarle County, Filament tailors its strategy to meet the specific needs of each client.
Why Use a Business Broker?
Many business owners underestimate the complexity involved in selling their business. It’s not just about listing it online and waiting for a buyer. It involves preparing detailed financial records, valuing the business accurately, maintaining confidentiality, and negotiating with potential buyers—tasks that can easily overwhelm someone without experience.
This is where Charlottesville business brokers add real value. They serve as intermediaries, allowing business owners to stay focused on running their operations while the broker handles the sale process. Brokers can also identify qualified buyers, help navigate due diligence, and ensure that legal and financial aspects are covered correctly.
Using professionals like Filament Business Advisors also enhances credibility with buyers. A business listed by a reputable broker sends a strong signal that the sale is serious and well-managed.
The Role of Filament Business Advisors
Filament Business Advisors offers a full spectrum of services designed to simplify and enhance the business sale process. Their team works closely with clients from initial valuation through closing, providing strategic advice every step of the way. Their approach is built on confidentiality, transparency, and a deep commitment to client goals.
What sets Filament apart is their consultative style. They don’t just list businesses—they help owners understand the value of their company, prepare for market conditions, and optimize the business for a successful transaction. They also maintain strong relationships with attorneys, accountants, and lenders, making them a hub for the entire process.
Whether you’re a retiring owner looking to pass the torch or an investor looking for the right opportunity, Filament serves as a trusted partner. That’s why many local clients searching for business brokers in Charlottesville VA choose Filament for their proven expertise and local insight.
Final Thoughts
The decision to sell or buy a business can be life-changing, and it shouldn’t be taken lightly. In a growing market like Charlottesville, the right guidance can be the difference between a successful transition and a costly mistake. Partnering with seasoned business brokers in Charlottesville VA, such as Filament Business Advisors, streamlines the business sale or purchase process and greatly enhances the chances of a favourable outcome.
With in-depth local insight, strong professional connections, and industry know-how, Charlottesville business brokers guide clients through the intricate steps of business transactions with clarity and assurance. Whether you’re stepping away from the business world or diving into a new venture, a reliable Charlottesville business broker can make the journey smoother, more efficient, and ultimately more rewarding.
Related Business Advisory Services
If you are a business owner planning your next steps, it’s important to understand how valuation, exit planning, and the selling process work together.
Whether you are preparing for a transition or exploring your options, you can learn more about:
Core Services:
Work With Advisors:
Working with experienced business brokers in Virginia can help you align these strategies and achieve the best possible outcome.
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Read MoreYour Trusted Partner in Business Sales: Professional Brokerage Services You Can Rely On
When it comes to buying or selling a business, the process can be complex, overwhelming, and time-consuming. Whether you’re a business owner looking to sell or an entrepreneur seeking a new opportunity, the guidance of an experienced professional is invaluable. This is where Filament Business Advisors steps in. As a trusted partner in the world of business brokerage Richmond and business brokerage Richmond VA, we bring expertise, integrity, and a results-driven approach to every transaction, ensuring our clients achieve their goals with confidence and ease.
The Importance of Professional Business Brokerage
Selling or purchasing a business is one of the most significant financial decisions many individuals will ever make. The stakes are high, and the nuances of the market can be tricky to navigate without proper experience. A professional business advisor Richmond VA acts as your guide throughout the entire process, offering a strategic and informed approach to buying or selling.
A skilled business broker not only understands market trends and valuation techniques, but also knows how to structure a deal that benefits both the buyer and seller. Their expertise can help identify hidden value in a business, ensure proper pricing, and facilitate smoother negotiations. This is why engaging with an experienced firm like Filament Business Advisors, a leader in business brokerage Richmond VA, can make all the difference in achieving a successful transaction.
Why Choose Filament Business Advisors?
At Filament Business Advisors, we understand that every business is unique, and that’s why we provide tailored services to meet the specific needs of our clients. We specialize in business brokerage Richmond, serving both buyers and sellers in the vibrant Richmond VA area. Our team of seasoned professionals acts as a trusted intermediary, ensuring both parties have a clear understanding of their expectations and the full scope of the deal.
Our role as business brokers includes:
- Business Valuation: Properly valuing a business is critical for a successful sale. Our experts use proven methodologies to accurately assess the value of your business, considering factors like market trends, financial performance, and the overall health of the business.
- Confidentiality: Selling or buying a business can often be sensitive, especially when it involves employees, customers, and other stakeholders. At Filament Business Advisors, we prioritize confidentiality throughout the entire process, ensuring that your business remains protected until the right time to announce the sale.
- Buyer and Seller Matching: We have a vast network of prospective buyers and businesses for sale. As an experienced business advisor Richmond VA, we take the time to match buyers and sellers based on shared goals, business types, and desired outcomes, leading to more successful and fulfilling transactions.
- Negotiation and Deal Structuring: Negotiations are often the most challenging part of any business sale or purchase. Our experienced brokers use their negotiation skills to structure the deal in a way that benefits all parties. Whether it’s working out terms or navigating complex legalities, Filament Business Advisors ensures that the final agreement is fair, transparent, and mutually beneficial.
The Business Brokerage Process
Engaging a business brokerage Richmond firm like Filament Business Advisors is a step-by-step process that ensures both buyers and sellers navigate the transaction smoothly. Here’s a breakdown of how we work:
- Initial Consultation
Whether you’re selling or buying a business, the first step is always an initial consultation. Our team of expert business advisors Richmond VA will meet with you to understand your objectives, expectations, and the unique characteristics of your business. This helps us determine the most effective strategy moving forward.
- Valuation and Market Research
The next step is to accurately assess the value of your business. We use a combination of market data, industry analysis, and financial performance to determine the right price. For buyers, we help identify businesses that match their preferences, budget, and investment goals.
- Marketing and Buyer Outreach
For business owners looking to sell, our team will create a customized marketing plan to reach potential buyers. We leverage a wide array of resources, including our extensive network, industry contacts, and online platforms, to ensure your business gets maximum exposure. As your trusted business advisor Richmond VA, we handle all the details of communication, marketing, and outreach so you can focus on running your business.
- Negotiation and Structuring
Once interested buyers come forward, we begin the negotiation phase. As experienced business brokers Richmond, we are skilled at facilitating communication between both parties, addressing concerns, and ensuring a fair negotiation process. We work with you to structure the deal in a way that aligns with your goals and protects your interests.
- Due Diligence and Closing
Once terms are agreed upon, both parties enter the due diligence phase, where financials, legal documents, and business operations are thoroughly reviewed. We help guide both parties through this process to ensure everything is in order before finalizing the deal. Once due diligence is completed, we assist with the closing process to ensure a smooth transition of ownership.
The Filament Business Advisors Difference
What sets Filament Business Advisors apart from other business brokerage Richmond firms is our commitment to personalized service and integrity. We take the time to understand your unique needs and work tirelessly to help you achieve the best possible outcome. Whether you’re selling your business or buying one, we are here to make the process as efficient, transparent, and successful as possible.
By choosing Filament Business Advisors as your trusted partner, you gain access to a wealth of experience and a network of buyers and sellers in the Richmond VA area. Our business brokers are passionate about what they do, and they will work diligently to ensure that your transaction is seamless, from start to finish.
In Conclusion
The world of business sales and acquisitions can be a maze of complexities, but with the right professional guidance, you can navigate it with confidence. As a leading business brokerage Richmond VA firm, Filament Business Advisors is committed to providing expert advice, strategic guidance, and reliable support throughout the entire process. Whether you’re a business owner looking to sell or an entrepreneur seeking the perfect opportunity, our team of skilled business advisors Richmond VA is here to help you every step of the way.
Contact us today to learn more about how we can assist with your business sale or purchase. With Filament Business Advisors by your side, you have a trusted partner in business sales that you can rely on.
Related Business Advisory Services
If you are a business owner planning your next steps, it’s important to understand how valuation, exit planning, and the selling process work together.
Whether you are preparing for a transition or exploring your options, you can learn more about:
Core Services:
Work With Advisors:
Working with experienced business brokers in Virginia can help you align these strategies and achieve the best possible outcome.
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What You Need to Know About Foreign Buyers
There is a potentially lucrative group of buyers that many sellers don’t initially think about. We are talking about foreign buyers. While there are some hurdles to working with these types of buyers, it is important to note that there are many huge advantages as well. Let’s take a closer look.
How Are Foreign Buyers Different?
At the top of the list of ways in which foreign buyers are different is that they are often seeking a visa. Another commonality among foreign buyers, one that will surprise many, is that they may want access to the U.S. educational system.
It is common for foreign buyers to want to buy a business so that they can get their children into a particular U.S. school district or college. Sometimes the desire to be eligible for state tuition also plays a role in the selection of a business and the decision-making process. In this sense, business location takes on a level of importance that it might not have for domestic buyers.
It is important to keep in mind that there are cultural and business differences that play a role with foreign buyers. Everything from a different use of business terminology to expectations can play a role. This could impact negotiations.
What About Visas and Immigration?
One of the most important things to remember is that foreign buyers are often navigating the complex world of visas and immigration. Whether or not a visa is issued can dramatically impact whether or not a deal ultimately takes place. This fact is often built into agreements. For example, a purchase condition may be conditional upon visa approval. Nonrefundable deposits may also play a role in the process.
What Do Foreign Buyers Really Want?
Foreign buyers have been impacted by the pandemic too. Yet, some factors remain unchanged. Not too surprisingly, they will want to see that a business is profitable. In this regard, you should be able to showcase profitability in a clear fashion. You can expect foreign buyers to want to see tax returns and all the typical documentation that you’d need to provide to any buyer.
A second factor that foreign buyers are interested in is longevity. If your business has successfully operated for decades, this will be a major advantage.
Ultimately, most of what domestic buyers are looking for in a business will translate over to what foreign buyers are seeking as well. With that stated, however, there are factors that are often unique to foreign buyers. As mentioned above, navigating the often-complex visa process can add a wrinkle to the entire process.
Related Business Advisory Services
If you are a business owner planning your next steps, it’s important to understand how valuation, exit planning, and the selling process work together.
Whether you are preparing for a transition or exploring your options, you can learn more about:
Core Services:
Copyright: Business Brokerage Press, Inc.
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Essential Meeting Tips for Buyers & Sellers
The buyer-seller meeting is quite often a “make or break” meeting. Your business broker or M&A Advisor will do everything possible to ensure that this meeting goes as well as possible.
It is vitally important to realize that rarely is there an offer before buyers and sellers actually meet. The all-important offer usually comes directly after this all-important meeting. As a result, you want to ensure that meetings are as positive and productive as possible.
Buyers need to understand how the process of selling a business works and what is expected of them from the process. Buyers also need to understand that following their broker’s advice will increase the chances of a successful outcome.
Sellers should be ready to be honest and forthcoming during the meeting. They also want to be sure to not say or do anything that could come across as a strong-armed sales tactic.
Asking the Right Questions
If you are a buyer preparing to meet a business owner for the first time, you’ll want to make sure any questions you ask are appropriate and logical. It is important for buyers to place themselves in the shoes of the other party.
Buyers also shouldn’t show up to the buyer-seller meeting without having done their homework. So be sure to do a little planning ahead so that you are ready to go with good questions that show you understand the business.
Building a Positive Relationship
Buyers should, of course, plan to be polite and respectful. They should also be prepared to avoid discussing politics and religion, which often can be flashpoints for confrontation. When sellers don’t like prospective buyers, then the odds are good that they will also not place trust in them.
For most sellers, their business is a legacy. It quite often represents years, or even decades, of hard work. Needless to say, sellers value their businesses. Many will feel as though it reflects them personally, at least in some fashion. Buyers should keep these facts in mind when dealing with sellers. A failure to follow these guidelines could lead to ill will between buyers and sellers and negatively impact the chances of success.
Sellers Should Be Truthful
Sellers also have a significant role in the process. While it is true that sellers are trying to sell their business, they don’t want to come across as a salesperson. Instead, sellers should try to be as real and honest as possible.
Every business has some level of competition. With this in mind, sellers should not pretend that there is zero competition. A savvy buyer will be more than a little skeptical.
The key to a successful outcome is for business brokers and M&A Advisors to work with their buyers and sellers well in advance and make sure that they understand what is expected and how best to approach the buyer-seller meeting. With the right preparation, the odds of success will skyrocket.
Related Business Advisory Services
If you are a business owner planning your next steps, it’s important to understand how valuation, exit planning, and the selling process work together.
Whether you are preparing for a transition or exploring your options, you can learn more about:
Core Services:
Copyright: Business Brokerage Press, Inc.
The post Essential Meeting Tips for Buyers & Sellers appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
The Main Street Lending Program
There is no doubt that the COVID-19 situation seems to change with each and every day. The disruption and chaos that the pandemic has injected into both daily life and business is obvious. Just as it is often difficult to keep track of the ebbs and flows of the pandemic, the same can be stated for keeping up to speed on the government’s response and what options exist to assist companies of all sizes.
In this article, we’ll turn our attention to an overlooked area of the government’s pandemic response and how businesses can use a whole new lending platform to navigate the choppy waters.
As the pandemic continues, you will want to be aware of the main street lending program, which is a whole new lending platform. It was designed for businesses that were financially sound prior to the pandemic. Authorized under the CARE Act, the main street lending program is quite attractive for an array of reasons. Let’s take a closer look at what makes this program almost too good to be true.
This lender delivered program is a commercial loan. Unlike the PPP, there is no forgivable component. However, the main street lending program does have one remarkable feature that will certainly grab the attention of all kinds of businesses. It can be used to refinance existing debt at a rate of around 3%. With that stated, it is also important to note that businesses cannot refinance existing debt with the current lender. Instead, a new lender must be found. Generally, loans are a minimum of a quarter million dollars and have a five-year term. In another piece of good news, there is a two-year payment deferment period.
The main street lending program can be used in a variety of ways. In short, the program is not simply for refinancing existing debt. Additionally, there is no penalty for prepayment. The way the program works is that lenders make the loans and then sell 95% of the loan value to the Fed. This of course means that the lender is only required to retain 5% of the loan on their balance sheet. The end result is that lenders can dramatically expand the amount of loans they can make.
Whether it is the PPP or a program like the main street lending program, there are solid options available to help you. Businesses looking to restructure debt or put an infusion of cash to good use may find that the main street lending program offers a very flexible loan with great interest rates.
Copyright: Business Brokerage Press, Inc.
The post The Main Street Lending Program appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
Seller Financing: It Makes Dollars and Sense
When contemplating the sale of a business, an important option to consider is seller financing. Many potential buyers don’t have the necessary capital or lender resources to pay cash. Even if they do, they are often reluctant to put such a hefty sum of cash into what, for them, is a new and untried venture.
Why the hesitation? The typical buyer feels that, if the business is really all that it’s “advertised” to be, it should pay for itself. Buyers often interpret the seller’s insistence on all cash as a lack of confidence–in the business, in the buyer’s chances to succeed, or both.
The buyer’s interpretation has some basis in fact. The primary reason sellers shy away from offering terms is their fear that the buyer will be unsuccessful. If the buyer should cease payments–for any reason–the seller would be forced either to take back the business or forfeit the balance of the note.
The seller who operates under the influence of this fear should take a hard look at the upside of seller financing. Statistics show that sellers receive a significantly higher purchase price if they decide to accept terms. On average, a seller who sells for all cash receives approximately 70 percent of the asking price. This adds up to approximately 16 percent difference on a business listed for $150,000, meaning that the seller who is willing to accept terms will receive approximately $24,000 more than the seller who is asking for all cash.
Even with these compelling reasons to accept terms, sellers may still be reluctant. Selling a business can be perceived as a once-in-a-lifetime opportunity to hit the cash jackpot. Therefore, it is important to note that seller financing has advantages that, in many instances, far outweigh the immediate satisfaction of cash-in-hand.
- Seller financing greatly increases the chances that the business will sell.
- The seller offering terms will command a much higher price.
- The interest on a seller-financed deal will add significantly to the actual selling price. (For example, a seller carry-back note at eight percent carried over nine years will double the amount carried. Over a nine-year period, $100,000 at eight percent will result in the seller receiving $200,000.)
- With interest rates currently the lowest in years, sellers can get a much higher rate from a buyer than they can get from any financial institution.
- The tax consequences of accepting terms can be much more advantageous than those of an all-cash sale.
- Financing the sale helps assure the success of both the sale and the business, since the buyer will perceive the offer of terms as a vote of confidence.
Obviously, there are no guarantees that the buyer will be successful in operating the business. However, it is well to note that, in most transactions, buyers are putting a substantial amount of personal cash on the line–in many cases, their entire capital. Although this investment doesn’t insure success, it does mean that the buyer will work hard to support such a commitment.
There are many ways to structure the seller-financed sale that make sense for both buyer and seller. Creative financing is an area where your business broker professional can be of help. He or she can recommend a variety of payment plans that, in many cases, can mean the difference between a successful transaction and one that is not. Serious sellers owe it to themselves to consider financing the sale. By lending a helping hand to buyers, they will, in most cases, be helping themselves as well.
Selling Process & Complete Guide:
Work With Advisors:
Working with experienced business brokers in Virginia can help you align these strategies and achieve the best possible outcome.
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Negotiating the Price Gap Between Buyers and Sellers
Sellers generally desire all-cash transactions; however, oftentimes partial seller financing is necessary in typical middle market company transactions. Furthermore, sellers who demand all-cash deals typically receive a lower purchase price than they would have if the deal were structured differently.
Although buyers may be able to pay all-cash at closing, they often want to structure a deal where the seller has left some portion of the price on the table, either in the form of a note or an earnout. Deferring some of the owner’s remuneration from the transaction will provide leverage in the event that the owner has misrepresented the business. An earnout is a mechanism to provide payment based on future performance. Acquirers like to suggest that, if the business is as it is represented, there should be no problem with this type of payout. The owner’s retort is that he or she knows the business is sound under his or her management but does not know whether the buyer will be as successful in operating the business.
Moreover, the owner has taken the business risk while owning the business; why would he or she continue to be at risk with someone else at the helm? Nevertheless, there are circumstances in which an earnout can be quite useful in recognizing full value and consummating a transaction. For example, suppose that a company had spent three years and vast sums developing a new product and had just launched the product at the time of a sale. A certain value could be arrived at for the current business, and an earnout could be structured to compensate the owner for the effort and expense of developing the new product if and when the sales of the new product materialize. Under this scenario, everyone wins.
The terms of the deal are extremely important to both parties involved in the transaction. Many times the buyers and sellers, and their advisors, are in agreement with all the terms of the transaction, except for the price. Although the variance on price may seem to be a “deal killer,” the price gap can often be resolved so that both parties can move forward to complete the transaction.
Listed below are some suggestions on how to bridge the price gap:
- If the real estate was originally included in the deal, the seller may choose to rent the premise to the acquirer rather than sell it outright. This will decrease the price of the transaction by the value of the real estate. The buyer might also choose to pay higher rent in order to decrease the “goodwill” portion of the sale. The seller may choose to retain the title to certain machinery and equipment and lease it back to the buyer.
- The purchaser can acquire less than 100% of the company initially and have the option to buy the remaining interest in the future. For example, a buyer could purchase 70% of the seller’s stock with an option to acquire an additional 10% a year for three years based on a predetermined formula. The seller will enjoy 30% of the profits plus a multiple of the earnings at the end of the period. The buyer will be able to complete the transaction in a two-step process, making the purchase easier to accomplish. The seller may also have a “put” which will force the buyer to purchase the remaining 30% at some future date.
- A subsidiary can be created for the fastest growing portion of the business being acquired. The buyer and seller can then share 50/50 in the part of the business that was “spun-off” until the original transaction is paid off.
- A royalty can be structured based on revenue, gross margins, EBIT, or EBITDA. This is usually easier to structure than an earnout.
- Certain assets, such as automobiles or non-business-related real estate, can be carved out of the sale to reduce the actual purchase price.
Although the above suggestions will not solve all of the pricing gap problems, they may lead the participants in the necessary direction to resolve them. The ability to structure successful transactions that satisfy both buyer and seller requires an immense amount of time, skill, experience, and most of all – imagination.
Valuation & Planning:
- Business Valuation in Richmond, VA
- Business Valuation in Charlottesville, VA
- Exit Planning in Richmond, VA
- Exit Planning in Charlottesville, VA
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Getting Back to Business After the COVID-19 Pandemic
Historians have long known the historical relevance and impact of epidemics and pandemics. Despite our various technological advances and the complexity of our society, disease can instantly change the course of history. Not having a robust global system for dealing with disease and pandemics comes with a hefty price tag. In the case of the COVID-19 economic crisis, the price tag will no doubt be in the trillions.
You can’t control what has happened, but you can focus on what to do when the pandemic is over and life begins to slowly return to normal. In his recent article, “How to Hit the Ground Running After the Pandemic,” author Geoffrey James explores what businesses need to do to jumpstart their operations once the pandemic is in the history books.
James wants his readers to understand that the pandemic will end and that business owners need to be ready to charge back in when the pandemic is over and the economy rebounds. As James points out, if history is any indicator, the economy will eventually rebound.
Almost everything about this economic downturn is unique. Take, for example, the fact that the U.S. has just seen its largest-ever economic expansion. The gears and wheels of the economy were spinning along quite quickly before the pandemic hit. This could help restart the economy faster than in past severe economic downturns. In short, many experts feel that this particular economic downturn could be short, but of course, this is speculation. There is no way to know for sure until COVID-19 is in the rearview mirror.
James correctly asserts that businesses need to put together a plan for how they will get up and running as soon as the pandemic is over. His recommendation is to divide your plan and thinking into four distinct categories: Facilities, Personnel, Manufacturing, and Marketing.
Each of these categories has three key questions that business owners should be asking themselves so that their businesses are ready to hit the ground running when COVID-19 is over. Below are a few of the key questions James recommends asking.
- How can we create the most sanitary and disease-free workplace possible?
- Which employees will continue to work from home?
- When there’s a spike in demand, how will we ramp-up?
- What will be our “We’re Back!” marketing message?
The pandemic caught everyone except the experts off guard. Moving forward, business leaders, think tanks, and politicians alike need to work to develop and implement robust plans to minimize the damage caused by pandemics. Humanity, and business, has been “lucky” several times in recent years, as we dodged bullets ranging from Ebola to SARS.
As James points out in his article, “Failing to plan is planning to fail.” Businesses need to plan for the recovery and they need to plan for another pandemic because another one is quite possible especially if better planning and decision making are not firmly entrenched in place.
Related Business Advisory Services
If you are a business owner planning your next steps, it’s important to understand how valuation, exit planning, and the selling process work together.
Whether you are preparing for a transition or exploring your options, you can learn more about:
Core Services:
Copyright: Business Brokerage Press, Inc.
The post Getting Back to Business After the COVID-19 Pandemic appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
COVID-19 Advice for Hospitality Businesses
Clearly, some industries are taking a bigger hit from COVID-19 than others. Any industry that requires a great deal of interaction with the public, or where people gather in large groups, are obviously having very tough times. Movie theaters and restaurants, for example, have essentially gone dark. Some restaurants are easing the bloodletting a bit by providing delivery, but in the vast majority of cases, revenue pales in comparison to what it was prior to the pandemic.
While there is no doubt that the hospitality industry is suffering right now, business owners should understand that there are concrete steps they can take now to improve their odds of surviving the pandemic. In this article, we’ll explore a few of these key ideas.
One of the areas every decision maker and business owner in the hospitality industry should be thinking about right now is staff. During a recent industry roundtable discussion, John Howe, chairman of the International Association of Business Intermediaries, pointed out that staffing problems will continue long after the pandemic has paused or is over. He believes that hospitality businesses will have a tough time getting the staff they need, especially in the short run.
His key piece of advice is to work to have a line on people for key positions. This will allow you to at least get back up and running with basic operations. While it may be a while before hospitality businesses are at “full steam,” it is critical that they are able to open up in some fashion, as this will translate into much needed revenue. Hospitality businesses looking to survive the pandemic should focus on making certain that key positions have been filled. In this way, the post-pandemic relaunch can be as smooth as possible.
Founder and President of Cornerstone Business Services, Scott Bushkie, explained that there are a lot of hospitality industry people out of work right now, and this represents a real opportunity. Now, is the perfect time to potentially upgrade staff. There are plenty of experienced and proven hospitality people looking for positions. The new people you bring may come with extra benefits such as bringing their customers, suppliers, and other relationships with them. For those in the hospitality industry who may have always wanted to upgrade their team, now is perhaps the best time in history to do so.
Employees are a foundational element of your business. Improving your staff means you’ve improved your business and boosted your odds of survival. Bringing in new team members can help you prepare for the post-pandemic business environment. It also offers up the potential for you to upgrade an important element within your business.
Copyright: Business Brokerage Press, Inc.
The post COVID-19 Advice for Hospitality Businesses appeared first on Deal Studio – Automate, accelerate and elevate your deal making.
How to Make Remote Teams Accountable
One of the many, many changes that COVID-19 has ushered in is the extreme uptick in people working remotely. Social distancing has made working from home a necessity for millions.
The technology that is allowing remote working to take place has matured greatly in the last decade. Today, it is possible for team members to work from virtually any location. Of course, as with most technologies, there is a potential downside. Accountability can become a significant challenge with remote workers. Of course, the more remote workers you have at a given time, the greater the potential challenges will be.
Many businesses are struggling with the phenomenon of remote working, as it is something new for them. Under normal circumstances, large numbers of employees working remotely simply wouldn’t happen. In a recent article, “The Right Way to Keep Your Remote Team Accountable,” author Elise Keith, Co-Founder and CEO of Lucid Meetings, explores the key steps businesses should take to help ensure that their employees stay on target while working from home.
Starting Slow
Keith believes that for remote working to be effective that there are 4 major mistakes that should be avoided. One of the biggest mistakes that employers, especially those unfamiliar with remote work, make is that they demand too much productivity right out of the gate.
She points out that remote teams can, in fact, be very productive and even outperform their in-office counterparts. Summed up another way, remote work can be extremely productive. Keith’s perspective is that businesses should “identify the highest priority tasks right now and relax the rest.” Business owners need to remember that they are not the only ones under stress. The simple and undeniable fact is that your employees are feeling the stress of COVID-19 as well.
Getting Good at Working Remotely
The second major mistake she points to is that people are assuming the current pandemic situation is temporary. Other crises will occur in the future, and it makes sense to be prepared. As she phrases it, why not “get good at working remotely?” Teams with good remote working skills are proving to be rather resilient right now.
Being Open to Technology
A third mistake she points out is businesses shouldn’t disallow the use of non-approved tools. In short, now is not the time to worry too much about what software tools people are using. Instead, she suggests creating an expedited process for the adoption of new tools. If your team finds a new tool that boosts productivity, you should consider buying it.
She astutely points out, “Software costs pale when compared to the costs of lost opportunity.” At the heart of this point is the fact that now, more than any time in decades, is the time to set aside restrictive thinking and become more open-minded and flexible. After all, your number one goal, and the number one goal of your clients, is to stay in business until the pandemic has passed.
Staying Flexible
Keith’s fourth mistake centers on management’s design to dictate hours and response times. Remote work is, by its nature, going to be more flexible. Trying to micromanage every move digitally is simply not a savvy move and will hurt morale.
Instead, she feels businesses should opt for having a daily meeting via phone or videoconference with the team. Additionally, she puts forth the idea of having a one-on-one meeting with every team member as well.
For many businesses and many situations, remote work may be the “only game in town.” Trying to carry on business as usual is only going to cause headaches for everyone. Remote work can be highly effective for you, especially when used correctly.
Copyright: Business Brokerage Press, Inc.
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