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It is no secret that the coronavirus pandemic has hampered the economic activity worldwide, and thousands of industries have suffered because of it. According to the Australian government department of health, the total number of case in the country is around 30k, while the total number of deaths is 909. Last year, various businesses got shut down, and thousands of people got unemployed. From Airlines to hotel, almost all the business has suffered massively. However, there are also some businesses that remained unaffected from COVID-19. Read the article to know about small businesses that remained unaffected.
Telecom and Internet
As the government urged its citizens to stay at home and practice social distancing, the use of phones and the internet increased significantly. Whether it is work from home, chatting with friends, family or for entertainment purpose, it became essential for everyone, and nothing has changed so far. As it was generating revenues, the business remained unaffected.
The cleaning business in the country also remained unaffected. As the threat of virus and infections was everywhere, the demand for cleaning and disinfecting increased. It allowed the business of cleaning to thrive, and people started to opting for hiring professionals for the end of lease cleaning Adelaide and sanitisation of their residential property. The cleaning professionals use modern tools and the latest techniques to clean a property perfectly.
Different businesses in the garment manufacturing sector also remain unaffected. As the demand for masks, gloves, surgical gowns, sanitisers and other similar items increased tremendously worldwide, the small business generated a lot of revenue. As a result of that, they successfully stayed away from losses. The manufacturers followed effective ways to increase productivity using technology.
The insurance industry also witnessed stability during the tough time because people realise the importance of insurance in such a pandemic. So, whether it is life insurance or health insurance, it remains unaffected from the COVID-19.
During the COVID-19 pandemic, more and more people opted for health checkups due to various problems and recommendations of the doctors. Survey has revealed that the numbers of test that have been done in the labs during COVID are ways more in number in comparison to other times. They were also taking care of themselves and, therefore, using medicines as a precautionary measure.
If you are planning to make investments or start your business, then you should go for something that remained unaffected by the coronavirus. So, before you make a decision, keep in mind the businesses mentioned above.
Gone are the days when cleaning was only about using soap water and sponges. Today, cleaning and sanitation are performed cross the world with advanced cleaners but most importantly using modern and advanced machines. Over the decades, the cleaning industry has been revolutionised with the invention and launch of a plethora of high-performance and user-friendly cleaning equipment.
Nowadays, a host of machines are available in the market that makes cleaning peaceful, easy, and efficient. More than homeowners and tenants, these modern equipment are used by professionals cleaners in the city to perform important tasks like carpet cleaning, wall washing, and end of lease cleaning in Canberra, among others.
Advantages of Having Modern Cleaning Equipment
Besides ease of use, there are many other advantages of advancement in technologies of cleaning equipment. Some of these benefits are listed as follows.
What More To Expect?
The technological growth of cleaning tools and machines has been exceptional. However, it is just the tip of the iceberg and advancement of cleaning equipment has a long way to cover. The introduction of robotic cleaning machines with artificial intelligence has made appearances but their technologies need to be perfected.
It is expected in the future, there will be excellent cleaning machines that will clean according to a schedule and with minimum human assistance. Such machines will be beneficial for cleaning commercial and residential settings in Australia and other countries.
The Bottom Line
The advancement in technologies of cleaning tools and equipment has made the activity less stressful and time consuming. From laymen to professionals, everyone experiences ease of use and get excellent results with minimum effort. The latest cleaning equipment are just the start and there are many more advanced machines to come in the future.
It is natural to feel tired and stressed by the daily grind. A job satisfaction survey recently reported that maintaining work-life balance is a challenge faced by an increasing number of Australian employees. Reasons for the growing unhappiness vary from stagnant wages to long commute. If you suffer the same fate and wish to break the wheel; start your own business.
Mentioned below is a list of ideas for small businesses you can launch for cheap or free.
With every business requiring a strong internet presence, the need for chatbots has increased. You can start a chatbot making business without learning software coding. All you need is an internet connection. There are many tools online that can help you start a chatbots business.
If you are great at accounting, data logging, and calculations, starting a bookkeeping business will be your best option. You can take projects for various companies for making balance sheets, financial reports (monthly, quarterly, bi-annually or annually), and income statements.
Reviewer or Tester
You can become a reviewer or tester if you have a strong following on social media. You can approach companies to review or test their products or services for your audience. Having your blog, channel, social media account, etc., is required for this business.
Are you good at organising and managing tasks? You can benefit by opening this business. You can become a freelance secretary who books meetings, replies to emails, organises calendars, refines presentations, and answers calls.
Website or Application Developer
Small business, big companies, and individuals, they all require websites or applications to reach their target audiences. You can put your developing skills to use for your own business. Start by taking small freelance projects and go big as you grow.
You can start your content writing business by taking freelance projects for writing resumes, product/service descriptions, company profiles, articles, blogs, and much more. This business will be ideal for you if you have a good hold over any language.
Make a steady income by taking various surveys online. You can register on survey websites like Mysurveys, EarningStation, Global Test Market etc. Taking surveys is easy and requires little time. You can make about over $150 with this business.
Call Centre Representative
More and more companies are looking for people who can take sales or customer care calls from home. To start this business, all you need is an internet connection and a phone line. You will not have to commute anywhere, and you can earn well with this business.
Travel enthusiasts can start this business. You can assist people by booking a holiday tour for them. This business will include purchasing aeroplane tickets, rent a car, booking accommodation, and preparing an itinerary.
Most of these business ideas don’t require you to invest extra money, and all you need is a good internet connection. There are endless possibilities outside the 9-to-5 grind to explore. If you have a specific skill set, you can use it for your own business and earn a good income.
Selling a business is a versatile process that involves crucial points of consideration. It is not a simple and easy process but can be highly rewarding if done with extra care. If you are planning to sell your business, then you need to know the primary factors that can help you in maximising your chances of success. If you do not research well and follow the key steps, then you may end up wasting months and getting the right deal.
Experienced buyers will see you and the business you are selling and will quickly pass it over if they see any potholes. Hence it becomes imperative to measure the factors and see where your business stands a chance. Things like determining the worth of your business, finding suitable buyers, how to maintain the confidentiality from your customers, competitors and employees, are few critical factors that you need to know before you start out in the market.
Consider the following important points to maximise the chances of selling your business:
Before you start the selling business, you should be aware of the overall process and how the business is valued. It is common to take minimum time of six to twelve months to sell your business once you are in the market.
Also, don’t rush into the whole process; give yourself enough time to study the basics and the facts. Do your research and know the key steps that you should follow:
Understanding the value of your business is crucial when thinking of selling your business. One of the most common mistakes business owners make is to value their business based on revenue, however, they don’t know that growing revenue at the expense of cash flow, will often diminish the value of the business.
The primary metrics for determining value are the cash flow and other factors like depreciation, taxes, amortisation, earnings before interest, are the primary metrics for determining value.
One more critical factor is to remember that buyers do not just look at the financial aspect, but also at things like strong management, infrastructure, growth capacity etc.
Maintaining the confidentiality of your business deal is essential.
For that, you can use a third-party to engage buyers. Most business owners hire a business broker who assists in locating a buyer and protect confidentiality.
Or you can also use an effective Non-Disclosure Agreement which is specific and detailed.
Be upfront about everything while making a deal with your buyer. The investors are experienced, and they will understand it if you are not informing them everything in the beginning. Remember that any business is not perfect, and each one of them has positives and negatives and buyers do understand this. Being honest since the beginning will lower the risk of failing a deal.
Honesty is the best policy in all business transactions and the same works with selling any business.
Buyers are not interested in the previous success or previous statistics of your business. At the time of sale, the past success of a business is almost irrelevant. Buyers are interested in the current performance of the business, generally of the past one year. They look for future sustainability and feasibility.
Use effective techniques for the negotiation while selling your business to get the best prices. Focus on the deal structure, non-price financial consideration, taxes and intangibles to make a smart negotiation. Different businesses such as retail business, manufacturing business, cleaning business etc always undergo negotiation. For instance if you are selling your cleaning business, you need to have all the necessary details that buyers of cleaning businesses require. If you are able to give any information about your business such as simple tips to remove water stains from leather or carpet, then the buyer will have a positive impression that your business has potential and deserves negotiation.
Collect all your important documents such as financial statements, tax returns etc. and review them with the help of an accountant. Make a list of contacts related to sales transactions and supplies, and cover relevant paperwork. Create copies of these documents to distribute to the potential buyers.
Finding a buyer is the most significant step when selling your business. However, getting the right buyer can be a tough task, and for that, you need to be fully prepared. Here’s how you can get potential buyers for your business:
You worked hard for your business, but selling that business is a huge task and takes careful planning to get the best results. Study the points given above and make sure you make the perfect deal for your business.
Technology has become such an effective weapon that it can have enormous impacts on the growth of your business. It helps in reorienting the business to a better position and help shape the future growth and development of the business.
Most of the business owners do not acknowledge the fact that overinvesting in a fancy website is not the only way to use technology to promote their businesses. Digital promotion is a lot more than just having a beautiful website. It is imperative these days to use social media to establish your brands and make your online presence strong. Search engine optimisation is vital for enhancing your company’s more detectable and palpable and website optimisation to ensure that your website is functioning well.
The digital promotion has become so cost effective in today’s world that you get imminent results through promotion campaigns immediately. You can quickly test various methods to promote your product and choose and apply one which seems most useful for your business. You can easily test different creative concepts, change campaigns, modify copy or even adjust your customer profiles as per your requirements to improve your results.
Here are 5 tips to try to promote and increase the exposure of your business to its potential customers:
There is no denying the fact that social media platforms are one of the most effective platforms for product and services promotion in today’s era. From youngsters to adults and kids, all use different platforms. You can make the most out of this technology and promote your small business on Facebook, Instagram, LinkedIn,Pinterest, Twitter, etc. Mark your presence in this competitive market by using any one social media platform.
New-age entrepreneurs are doing the same despite their size and nature of business. You just need to pay attention on the quality of your content while posting something on such sites. It should be customer-oriented, engaging and inviting. Use videos, images along with the descriptions to let social media users understand you in the better way.
For all the social media sites you can post to just one platform and can link it to other platforms as well. And in this way, you can easily expand your reach. However, if you are hiring an individual or an agency to manage all this for you, then make sure that you choose wisely. Don’t hire someone on the basis of money, but someone who understands the value of your business and is well versed in handling social media. You may never know, but one unsuitable tweet or status update could have wide-reaching ramifications for your business.
There is a wide variety of services and pricing available that can help you reach your target audiences as per your budget. Always share the high points of your business- launch of new products and services, special; milestones you have achieved, significant changes on your management team, and any considerable new client engagements etc. keep uploading videos and photos that are related to your news. Also, take opportunities to present news about your business in print as well as online publications or local industry newsletters and blogs to market your business.
However, it is essential to understand that location for your business is equally important so that you can convert your online traffic into new customers. Also, location-based marketing can help you find new customers, but if your business is in an inaccessible or isolated place, then there will be no use of such marketing. It’s imperative to move your business at a place that can be easily accessed by your current and potential customers. Hire professional Removalists Brisbane, Queensland today to relocate your business to the best and the most reachable location.
PPC is popular not only on search engines now but prominent social media sites as well. Millions of people access popular websites on a daily basis and the advertising your business on such websites are getting a lot of attention. These sites have so much reach that they can place your ad very explicitly so that your prospective customers see it.
For instance, if you want to reach other businesses owners, you can check the database which allows you to select who will see your ad based on location, industry, company name or size, function or designation.
Hence you can also hire a PPC specialist to manage your campaigns which will help you in taking wise steps. Running successful PPC campaigns is not that easy and hiring professionals is very effective in this case.
Many businesses see and use technology as an expense and not an advantage. They think that investing a big part of their budget for technology will return a significant percentage. However, it is not right. In fact, they should use technology as a tool and get its true competitive advantage so that they can accomplish as much as possible.
The digital world is all about building relationships. Make your audience your priority in your business. Give something to your visitors every time they come to see your website. It can be anything like an eBook or a sample of your insights which can help them in learning something. However, it should be not a product or sales pitch. Instead of focussing on money, first become a trustworthy advisor so that people can seek your business.
Technology is redesigning every aspect of businesses and having the right strategies will help you in being ahead of everyone else. As a business owner, you should understand what technologies can work the best for your business. Implement these ways as they will help you use technology in your business efficiently.
Business technologies make operations easier and more efficient. Technology has become an integral part of the businesses today- and this is a trend which is growing day by day. Using technology is directly correlated to business growth as it increases productivity.
Clean office surroundings elevate the concentration of the employees and therefore increase the overall productivity of the business. Bond Cleaning Melbourne is a reliable and recommended company for end of lease cleaning Melbourne that has expertise in cleaning the commercial spaces and ensures the refund of bond money.
There are many ways to use technology to increase the productivity of your business Businesses these days are continually looking for new technologies to create a workforce which is more effective, more productive and more inventive. Recognising technology solutions that release various attributes and enable true productivity is the goal of all businesses today.
Here are 5 effective ways to Increase Productivity Using Technology:
Businesses are saving more capital as the in-house staff is depreciating and mobile workforce is expanding day by day. Maintaining large workspaces requires a lot of money; this is why more and more companies are giving their employees the option to work offsite. It is helping them save money for the business. This also helps the hiring team to get better candidates. Mobile-friendly technologies provide instantaneous access to business information, data, and their team; as required by productive employees. Not only this, it saves a lot of time and helps in management of remote team, which has become the need of the hour due to Corona virus situation.
Collaboration tools provide faster and more comprehensive communication which helps in creating an open and communicative environment. Collaboration software is another method to increase productivity using technology. This software provides an all in one environment where team members plan, discuss and execute their business strategies. These programs have all the tools at one place with access to every member. These tools help the employees in communicating with each other as it creates a chat-like environment, which serves as a more comfortable setting.
It has made communication easy and helped the managers organise he work schedule for each employee working remotely. Now, they can monitor the tasks of every employee easily, without even being in the same office space.
Another way by which these collaboration tools help in increasing productivity is by minimising meetings, which is one the biggest time taking activity in businesses. A recent study says that twenty percent of a company’s total time spends in attending the meetings. By using these tools, you can reduce the need for unnecessary meetings.
Technology helps in getting your staff and work well organised. Infinite hours get wasted while searching for information through spreadsheets in large data sets. Creating a database system allows your staff to easily access the data and information which will automatically increase the efficiency and productivity of your employees and business. These database systems not only provides easy access to different information but can manage other things also such as keeping track of your employees’ work hours, or company’s expenses and many other things- all in one place. Such tracking solutions help the managers, clients and employees in remaining up to date, productive and compliant.
Technology provides your employees easy and automatic access to customer information and hence minimises time wasted searching for that information. As a result, it increases customer satisfaction as they get faster remedies to their problems.
Using technology to explore virtualisation helps in lowering hardware maintenance costs and capital expenditures as it lessens down the frequency of essential upgrades. Not only this, but it also saves costs on services repairs. Virtualising operating systems extends the lifespan of older desktops computers. Having a virtual copy of your infrastructure can get your team back up and running instantly as it’s hard to be productive during a power cut, and downtime is expensive.
Many software and applications offer higher process efficiency, and this leads to increased productivity and higher profits. Hence, examine the business technology that you are using and try to seek out if there are other systems available that provide far more process improvement.
Not only using the available technology but it’s crucial that you have the right technology because it has a direct impact on productivity. It is quite common for different business tools and technologies to consume large amounts of time and efforts from your team.
For example, Digital spreadsheets are used properly are very resourceful tools, but if the data is not entered in the correct place or the formulas are incorrect, all the time and effort will be ruined, and you will not achieve the process improvement. All IT tools are built to improve processes; they simply cost your organisation time and money if not used properly.
Engaged and highly productive employees working on organisation’s strategic objectives lead to the growth of the businesses. Employees want to be appreciated for their hard work and technology helps in reducing the communication gaps and conveying to the members of the team that they are valued. This, in turn, leads to greater business productivity.
Business productivity software and technology provides tools to the organisations to overcome different challenges that arise during the execution of business strategies.
When it comes to cleaning my office space, I always try to keep the harmful cleaning products away. However, it is difficult to clean some areas without chemical based cleaners, but I still make sure to use non-toxic cleaners as much as possible for the better health of not only the employees but also the customers who visit the premise. A clean office space not only ensure better productivity but also leaves a good impression on the visitors.
Recently, I got to know about the cleaning solution that you can prepare without the use of any harmful chemical. The solution is simple and cost-effective. You can use it for multiple purposes, from cleaning tough stains to purging dark grease and grime.
So, let’s get down and unveil the method of creating a chemical-free cleaner for your property:
Step 1: Blend the Vinegar and Water
Add water and white vinegar in the spray bottle using the measuring cup
Close the lid and shake the bottle to mix them well.
You can use this solution to clean tables, chairs, doors, windows, washbasin and other things. If the smell of the vinegar starts getting repulsive, you can switch to the second step.
Step 2: Add Essential Oil(s) to the cleaning solution
You can add the most suitable essential oil to put down the smell of the vinegar from the solution. Here, the essential oil works as a scent for you. So, you can add 10-15 drops of the oil to your solution, and mix the solution again.
Step 3: Wipe-down the Dust
The real work begins when you spray the solution on the dirty surfaces, and then scrub using microfiber cloth. This can help you remove the grime at ease. You can scrub until the surface gets grime-free.
I recommend you to avail the services of BondCleaning.Sydney, one of the leading company for end of lease cleaning Sydney, NSW, on monthly basis to ensure the cleanliness and hygiene of your premise. They not only save time but also focus on giving the eco-friendly way of cleaning your space at the most affordable price.
You can store the cleaner in a dry and cool place. Don’t forget to add a label of cleaner in front of the bottle before storing it any place.
You can use it to clean the following things:
The above mentioned article can help you create a powerful and eco-friendly cleaning solution with simple ingredients. This can keep your commercial property neat and clean, without the use of any harmful chemical.
Interior designing is a curious case of career. The more you work, the more you get to know. The profession of interior design attracts creative people. This profession has a certain type of elegance and style. Not everyone is accurate to fit in the shoes of an interior designer. It takes a lot of determination and out of the box thinking to design a simple land chunk into a gorgeous looking place. This profession believes in being ageless as only the artistic and passionate people can make their mark in this industry.
Scroll down to get an insight of the requirements necessary for starting off as an interior designer.
Start training as an apprentice with a reputed interior designer. The aspiring designers also have an option to join the interior designing company. A student is well turned into a professional by the type of exposure they get while doing an internship. Students having the flawless technique to drawing excel the most in this industry.
A creative mind can make huge money from this business. Get inspired by from everything around you and sketch out-of-the-box thinking on the plot. Decoration and designs in housing business keep changing with the season. Thus, making use of land space in an artistic way is a trick.
You must have a dedicated office space. Showcase your creative side by designing the office. This will leave a positive impact on the clients. The interior designers must showcase their talent in every possible manner. Exhibit your work at various events to connect with people.
It is important to have a team of professionals to manage a meeting, appoints and clients. The HR [Human Resource] team ensures that you have a legal agreement of work between the company and the person presuming to be the client.
In today’s technology-enabled life, people get where thing on the internet. Make a website of your company as it will help you reach the maximum number of people. The best part about the website is that you can get orders from residents as well as from the foreign nationals.
Advertising plays a pivotal role in turning a company into a brand. Thus, it is important to introduce your business on the digital platform. Today, there are various social media tools to showcase your work and business. Such as Facebook, Twitter, Instagram and more. Make a separate marketing strategy for social media tools to attract a number of people.
Be technology-friendly to guide your business through the thick and thins of the industry. Request your clients for email ids and keep the record of email contacts. Send newsletters and subscription offer through emails. Stay updated with the latest news about property expo, reality exhibitions and other events as the designers work in collaboration with property agents or the realtors. As they help to secure big projects like residency project, designing of shopping malls, renovation of villas and townhouses, etc.
People have a certain budget in mind when they ask for the renovation of the property. Thus, try to work in the financial limitations of the customers. Make outstanding use of the resources to craft an artistic design.
Completion of projects in time is important for both you and the client. The relocation process for residential projects and commercial ones also have a particular time to finish. To let others finish their work in time, an interior designer must have the habit of working in a time-bound manner.
The success of an interior designer lies in the number of projects completed in minimum time. Take at the least time possible to design the project. Also, make sure the look you have decided for the project is matching to the persona of the client.
Technology has become a part of our everyday life. The people today opt for shopping online instead of stepping out in the market. This reflects the change in buyer’s mind-set. But, are you still running the business in traditional fashion? If, yes then let us tell you the tricks to promote trade through a digital platform.
The home page of the website is responsible for making of the reputation. Give a brief description about your company and let people know what your company is all about. Don’t try to turn each viewer into a consumer. Simply, focus on letting people know more regarding how the product you are offering is different from that of the others.
The top-left corner of the website is the first place that grabs all the eyeballs. Thus, it is important to showcase a link that will help you connect with the buyers directly. Make the connectivity of the visitors easy by providing the subscription link here. The user subscribing for your website will get the automatic notification of the every post you create on the page. This will enable you to connect faster and swiftly with the users.
Hover ads are a useful tool to promote your business. Don’t misunderstand the hover ads with pop-ups. Ads running on the hover of your website are referred as the hover ads, whereas the pop-ups come in between the page and distract the user. Thus, don’t waste time to promote business on pop-up menu. Instead place hover-ads on your website.
Introduce the special offer on hover and feel the difference. These ads won’t target each and everyone browsing through the internet. But, yes this commercial reach to the target audience directly. According to a recent survey, a large number of entrepreneurs have earned increased profits by selling of their product directly to the target audience with the help of hover-ads.
What is a headline?
Headline is a one liner that offers an overview of the content written in the paragraph. The basic rule for writing a headline is its constructive structure. Try using least number of words to make the headline. For example:-
Headline – Train run over trolley at ABC crossing, three people injured; two dead.
An accident took place at the ABC railway crossing injuring three people. The incident took place around 5 in the morning and the cause for this mishap is unclear so far. A trolley hit train was carrying five people out which two died on the spot.
The testimonials are a brief description of the user experience. Consumers face several types of the issue while placing the order or after receiving the order. Expression of the customers view after availing your services is known as the testimonials in the website.
While penning down the content, people often make one silly mistake. That is of, addressing the article as ‘I’, ‘Me’, and ‘We’. These pronouns make the website owner-centric. Try avoiding these words in the website. Instead, use ‘Your’. For example: – Find one-stop solution to your problems here at 123.com.ab
It is important to create a wave of hurriedness among the buyers. The website with pop-up that showcase, ‘Limited period offer’, ‘Special discount’ or ‘Limited edition’. In short, you must create a situation of urgency to buy the product. Exploit the selling conditions by uploading creative content on the website such as, ‘Hurry, offer available till the stock lasts’. Or ‘Buy now or never’. These are the tricks to increase the sale by a huge margin.
Images make everything appealing. Thus, place the beautiful images of your product on the website. Try including pictures shot from different dimensions to make the product look more eye catching.
The quality of content you are uploading plays a crucial role in online marketing. You must ensure that the content is free from grammatical errors and it must not be a copied content. Check for plagiarism once the content is uploaded on the site.
Keep a tab on the page speed. The slow pace of page speed can make you lose several customers. Thus, it is necessary to maintain the high speed of the website page.
Business sale as a process continues for about nine to twelve months, hence confidentiality is critical to the business selling process, irrespective of the size of the business unit. It is absolutely essential for a successful business sale. In fact, to sell the business at its optimum price, the entrepreneur should keep it confidential.
It is true to state that every word will be public when such decisions are taken, however when, what and how much of information is to be made public, should be at the sole discretion of the business owner himself.
Letting the news out, apart from creating uncertainty, can pose following threats:
An entrepreneur may want to hurriedly complete the selling process, owing to employee attrition, negative rumors by competitors etc. which in turn will cost him as the sale price will drastically fall.
If the business is known to be for sale for too long, it leads to a reduction in selling price as the market tends to develop a perception that things are not on track leading to no prospective buyers.
An entrepreneur should ensure that the business continues effectively, as always.
In order to maintain confidentiality, an entrepreneur should hire a professional/business broker who understands the importance of the sale process and markets the business in an appropriate manner. He can also feed the right and necessary information to buyers, and thereby smoothen the process. He can post Blind Ads, Listings etc., pre-qualify, and register buyer prospects and finally release information in phases. A broker ensures that only serious buyers are dealt with thereby the best deal comes forward. If buyers cannot share the reason of them being interested in the deal, or the amount of liquid cash available with them, or provide references of their business credibility, they are not considered as serious buyers.
Blind Ads: They basically camouflage the identity of a business unit. It is a difficult task as the words of the advertisement are to be cautiously chosen. Blind Ads or listings should carry information in a balanced manner, as too little information will keep buyers away and too much information can run into confidentiality issues. This is the simplest and most common way to make sure that no one knows that the entrepreneur is selling his setup.
Pre-Qualify Buyer Prospects: This is indeed the best way to keep confidentiality of the business intact. Even before the first advertisement appears the broker or the hired professional has to screen the prospective buyers. These buyers are serious shoppers.
Register Buyer Prospects: At this stage the confidentiality agreement/non-disclosure agreement is signed between the buyer and seller. Every buyer must sign the confidentiality agreement, before detailed information or sensitive financial data is provided to him. A confidentiality agreement should be mutual and help maintain confidentiality of information, prohibiting the buyer from making disclosures to others about the business transaction; also it should ensure that confidential information is being used only for evaluating potential acquisition. Some prospective buyers may request to meet employees, however, an entrepreneur should attempt to persuade them to meet employees after the deal is finalized. Employees can meet the new management who can in turn provide job security.
Information Release: This strategy helps retain prospective buyers and helps create a desire to know more about the business. It helps in building the sale price.
Entrepreneurs who decide not to hire a broker may create a separate e-mail id to address the buyer’s inquiries. A non-business e-mail address will help disguise the identity of the seller. A selling memorandum is to be prepared so that the confidentiality agreement is signed by the prospective buyer. Very few employees are to be involved in the said process, if at all necessary. All the meetings, with respect to the sale, are to be held after business hours or at an offsite location.
Upfront disclosures can help build trust with the buyers and can prove to be an asset in the later stage.
In case the news of a sale of the business is out, then the entrepreneur without panicking should deal with it firmly. He should explain to his employees that such a deal will only secure their future, suppliers / customers will continue to stay with the business if they like the product/service offering as they have the least interest in the business owner, and finally there is no control over the rumors doing rounds in the market as spread by a company’s competitors, irrespective of the decision of sale being known to them or not. Also in case the information is out, then the entrepreneur should decide whether to accept the truth or deflect the question until one is ready to accept the same. Further there are several remedies, in a legal course, in case of breach of confidentiality. A business owner should think like a buyer when preparing to sell the unit.
It is thus concluded that the news of selling a business is best kept confidential, in the interest of the seller himself. Confidentiality is to be maintained till the day the transaction is closed.