A business owner chats with employees

How to Keep Your New Employees Happy

Buying a pre-existing business has many advantages over beginning from scratch.

For starters, you can generate income from day one.

Another giant benefit is a built-in employee base. If you’re purchasing a thriving business with a solid team, there’s a good chance good employees are the reason behind the company’s success.

You’ll want to keep the employees of your new business happy and foster strong relationships with each of them —

Happy workers are productive ones!

At the onset, a bit of anxiety on both sides is understandable. You’re new to the business and the personal dynamics of the team. Team members may be anxious about changes and possible personality conflicts.

However, if you focus on building relationships with your new employees and engender trust, you can supercharge your business with new energy that revitalizes the staff and increases your profits.

Check out our tips on how to buy a business and keep your new team members happy.

1. Set (reasonable) expectations.

Each employee should clearly know exactly what is expected of them at the workplace.

Attack any vague areas or concerns with open communication and active listening. The more your employees are clear on exactly what you expect, the better they can deliver.

An effective motivating tool is the performance review. You can conduct these every three months, six months, or once per year for long-term employees. If there isn’t a periodic performance review schedule in place, it’s a good idea to add it in to the mix.

Staff can have mixed reactions to these reviews, but it’s a great way to monitor progress and see who stands out. 

Many small business owners offer financial incentives to motivate staff and sweeten the deal. For example, you may conduct a performance review once every six months and annually offer the opportunity for a raise.

Performance reviews are also a fantastic method for you as a business owner to monitor your own progress. By encouraging your employees to disclose their thoughts on the company, you can foster a trusting relationship with them and work on how to make the workplace even better.

2. Don’t reinvent the wheel.

When you’re buying a business, it will come with its own pre-existing strengths. While it may be tempting to put your stamp of authenticity in every nook and cranny — after all, the business is now yours — don’t reinvent the wheel.

If the business is thriving in one area, don’t go out of your way to change it. Keep what’s working and assess areas that are not.

By all means, you have every right as the new business owner to shake things up in weak spots. Just try not to throw the baby out with the bathwater.

If you try to change everything right out the gate, your employees will probably resent it. Change is a difficult transition for most people; so, make changes when needed and don’t reinvent the wheel. 

3. Promote a sense of ownership.

You don’t want your employees to feel like they are simply means to an end.

The more sense of ownership employees feel, the better they will perform and the greater pride they’ll take in their work.

A great way to instill a sense of ownership is to lead by example. Show your new employees the way you want them to perform by doing a great job yourself.

Another way to foster a sense of ownership is to stay actively engaged with your staff. 

Ask for their help on how to make things more efficient and the work environment more positive. This lets your new employees know that you are invested in them and value their input. Plus, they will probably have a better understanding of the day-to-day operations of the business, since they’ve been at it longer than you have.

Staying engaged with staff as an owner will alert you to issues before they develop into bigger problems and keep you ensconced in the daily life of your company.

4. Host team-building or social events.

Foot the bill for an office happy hour every other month. Invite the staff to a cooking class. The social possibilities are endless! 

Whether you do it a lot or a little, hosting social events is a great way to foster connection between you and your employees and between employees themselves.

Additionally, you can hold team-building events that are designed to promote communication and personal connection among your employees. These can range from boring to challenging and fun, so do your homework and ask your employees for input.

5. Show your appreciation.

Praise is a great motivator and the perfect way to create a positive working environment. If someone is performing at a high level, showing great leadership, etc., point it out and even reward it.

As far as rewards go, there are the obvious financial incentives like raises, bonuses, etc. 

But never underestimate the power of verbal praise. 

Simply letting someone know that you value them as a team member and appreciate their hard work will go a long way.

Periodic performance reviews are an excellent segway to show appreciation in more ways than one.

Remember to stay positive!

No matter what, as a new business owner, your employees will look to you for direction. Your attitude, work ethic, and mood will be mirrored by those around you. Remember to stay positive and you’ll be on the right track to winning over your new employees.

Are you buying a business in Perth? Do you have a Perth business for sale? For more information on how you can get the best results, contact Angela at Advance Business Brokers today.