Initial goal met: Now how do you get your business to the next level?

| May 28, 2021 | Business Law

Doing business – more specifically, successfully establishing an enterprise and profitably managing it – is hard.

So kudos to you if you have accomplished that task. Empirical data reveal that most businesses fail. The challenges are tough, the risks high and market outcomes often uncertain. It takes a select individual or management team to turn a creative idea into a viable and sustainable business model.

Persons who have done that are unquestionably smart entrepreneurs or established commercial players.

And, typically, they also command forward-thinking mindsets that transcend a narrow focus on merely keeping their companies afloat and at status-quo placement. The drive that initially spawns creation endures thereafter; most successful company owners consistently think about strategies to improve and grow their businesses.

And that logically leads to this self-posed question: How do I take my business to the next level?

Moving beyond the plateau toward an evolved business model

How do you plan as a proven business strategist to jump start your successful company, guiding it to a next-stage phase that will position it for even further growth and traction in the future? Will you go public? Will you transform your workforce? Will you expand your headquarters and/or add additional locations?

Some principals do one or all of those things. Others thoughtfully employ other strategies, taking advantage of timely and proven input from an established legal team to refine their corporate plan.

Indeed, there are many things to consider, as underscored in an instructive Forbes article addressing myriad way “to re-energize and grow your business.”

Some ideas worth pondering for a small business owner

Here are some next-stage business ideas that company principals might profitably entertain:

  • Expanding the way that customers are reached and marketed to (e.g., a new or augmented online presence)
  • Close and updated analysis of company financials (“measure your business and use metrics to take your business to the next level”)
  • It’s a modern world: implement and monitor a strongly protective cybersecurity system
  • Consider joint ventures or other business partnerships
  • Revisit and potentially redraft all key company policy manuals and contracts
  • Implement a succession planning strategy, regardless of current intentions
  • Find new ways to leverage capital and secure attractive financing sources
  • Surround yourself with a professional team, including proven legal advisers with broad-based acumen in commercial matters

The information presented in this article is not to be taken as legal or accounting advice. Every situation is different. If you are facing a legal or accounting issue of any kind, get competent legal and/or accounting advice in your state immediately so that you can determine your best options.