Reduce Costs in People Last
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Small and Medium Sized Businesses (SMBs) that are integrating/merging with another business should do whatever they can to not let people go. This presentation discusses a convincing argument for the case.
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Reduce Costs in People Last
- 2. Better Consulting When integrating an acquired Small or Medium sized Business (SMB)… Letting people go SHOULD BE ONE OFYOUR LAST OPTIONS
- 3. DEFINITIONS Synergy: Combining two organizations so that the combined (integrated) entity is greater than they were before Integration www.nunnbetterconsulting.com “Wearing Many Hats” An expression meaning that a single staff member has numerous roles/responsibilities Typical in in small businesses Development Tech Support Training
- 4. www.nunnbetterconsulting.com In a growing small business, how many people wear a single hat?
- 5. As a business grows, requirements grow faster than the ability to recruit www.nunnbetterconsulting.com ALMOST NOBODY
- 6. FIRST ROUND.COM STARTUP SURVEY “The Number 1 concern [of startups] remains finding and hiring the best talent. This is perceived as more a 'make or break' prospect than competition and customer churn” http://stateofstartups.firstround.com/#highlights www.nunnbetterconsulting.com
- 7. ACQUISITIONS ARE DONE TO ACHIEVE SYNERGIES Combining technology Combining talent Increased revenues Reducing costs www.nunnbetterconsulting.com
- 8. REDUCING COSTS • “Reducing Costs” • The scary synergy that grabs the headlines • Usually associated with reducing the number of staff • With Small and Medium Businesses you should choose this last www.nunnbetterconsulting.com
- 9. NOW YOU’VE ACQUIRED,YOU’RE BIGGER You need people to wear less hats You’re going to grow, further Won’t you need more staff? www.nunnbetterconsulting.com
- 10. WHAT HAVE YOU ACQUIRED? •With an SMB* acquisition you usually want one, or both of these •Expertise in Market •Expertise in Technology •Without the people, what have you got? * Small or Medium Size Business www.nunnbetterconsulting.com
- 11. 4 REASONS TO KEEP YOUR STAFF 1. You acquired for expertise. People, not objects nor market share have this 2. If you’re growing, you will have a need for people who understand your business 3. If you keep the number of staff low you’re dependent upon a few for critical issues 4. If you don’t show loyalty to acquired staff, you won’t get it from them either www.nunnbetterconsulting.com
- 12. www.nunnbetterconsulting.com You’re in a small business that has forward motion, and is growing You’re acquired by a larger business 10% of your colleagues are let go How do you feel about the new business owner’s strategies?
- 13. THE PUNCHLINE •To grow a business • You need loyalty, which requires trust •Have you planned how you going to gain the trust of the people in an acquired company? QUESTION FOR THE DAY www.nunnbetterconsulting.com
- 14. THE PUNCHLINE •You will need the expertise •You will need the manpower •You will need their trust •Demonstrate your trust in the people who make up your staff •Make layoffs a last option QUESTION FOR THE DAY www.nunnbetterconsulting.com
- 15. ABOUT NUNN BETTER CONSULTING Helping small and medium sized businesses with Special Projects info@nunnbetterconsulting.com Better Consulting We help SMBs through their Special Projects • Whether it be a phone call or an onsite engagement, we’re here to help you