I'm not too sure where to start. I'm taking on my parents business and it's in decline. The changes that need to be made are drastic cause they're losing business but I don't even know where to start. I'd like to write a business/marketing plan, but they think it's all unnecessary work. On top of it, they do all their paperwork on actual paper, so i'm trying to get it all on a computer. I'm afraid they won't use it, cause they show extreme fear.
Any ideas as to how to organize and improve with efficiency?
2007-03-26 13:06:41 · 4 answers · asked by Zen Master D 3 in Business & Finance ➔ Small Business
This same scenario is occurring with brother in-law as I type this. His parents have owned their company for over 30 years, and while it is marginally successful, it's outdated and needs to be improved.
A couple of things to consider:
1. The business plan. This is definitely a positive thing to do! If your parents think it's necessary, then write one without them and then show it to them when you're done. They may be amazed at what they see. Do the legwork to show you're serious and dedicated to they business they built.
2. You're on the right track with regards to automating everything. I currently have a client who won't set up online banking because he doesn't "trust" computers. It's common for people to be fearful or nervous around computers and software applications if they're unused to using them. You can start small, Excel Spreadsheets to list inventories, work schedules, etc., Word Documents to type letters. Show them how easy it is use once they can learn it and gradually build up to more "sophisticated software" like Quickbooks or something similar (if this is needed). Point out to them that they had the knowledge and wherewithall to grow and build their business, and that learning a computer is nothing compared to that.
Working with family can be tough because they're family. You're their child and they may have a hard time seeing past that. Start small, prove yourself and your ideas, and show they what can accomplished. Above all, empower them, show them how this (your changes) will improve their professional lives. Key word is "show", don't just talk about it, do it, and show them the results.
Good luck!
2007-03-27 06:53:39 · answer #1 · answered by dbmartin 2 · 0⤊ 0⤋
The biggest obstacle that you have, are your parents. They have invested their heart and souls into this, and feel that they know the best way to do things.
If they are to remain on board, then you will need to walk softly, and learn the art of negotiation. Just remember, that they were successful at one point, and have gotten to this point, so they must have known a thing or two.
Do you have a loan with a bank? If so, speak with the bank manager, or an account representative. You would be amazed at the resources that they can put you in touch with, to protect their money. Also, contact the SBA (Small Business Administration), and utilize their resources as well.
You have a long road ahead of you, but don't give up!! Good Luck!!
2007-03-26 13:14:32 · answer #2 · answered by pnk517 4 · 0⤊ 0⤋
You definitely need to do some planning here.
First of all find out why the business is in decline and work out how to stop the decline.
Plan where you think the business can be in the next 1 year and 3 years. Consult with your parents.
Be slow and polite with your parents. Set up some new computerised accounts/invoicing etc and show them how easy it is.
Ask them how involved they want to be in the future.
Good luck and don't be too overpowering!
2007-03-26 13:15:46 · answer #3 · answered by Biz Guru 5 · 0⤊ 0⤋
You need a clean break with the past. Instead of just taking over, buy your parents out (get a bank loan if necessary). This will give them a comfortable retirement and provide you with independence you need.
2007-03-26 13:17:17 · answer #4 · answered by NC 7 · 0⤊ 0⤋