Your Assessment Results

You’re currently operating a mature business. Here’s how to elevate your growth potential.

Based on your results, it sounds like your business is already implementing some sound strategies that are starting to help you see gains. You’re running a company that is operating at full speed. This is your chance, financially speaking, to turn it into a well-oiled machine. During this maturity phase, growth may continue to occur, but the breakneck days of exponential expansion are typically in the past. This slowing down creates a time to fine-tune systems and processes that may have been stretched during the growth years. You may already have some plans in place to help alleviate any potential tax or financial problems your business may face, there is always room for improvement when it comes to the financial wellbeing of your organization.

To avoid stagnation, there are plenty of ways to help your business grow, while also decreasing tax and financial burdens, leaving you with more net profit. Here’s what you should be focusing on right now:

• Check if tax structure changes could benefit the company
• Develop forward-looking programs based on your KPIs
• Look for further refinements that could improve processes and profitability
• Consider strategies to protect personal wealth
• Set up trusts and an estate plan
• Develop an actionable succession plan
• Plan out a timeline for a personal exit from the company
• Consider possible options for a company exit

I also want to note that since your exit from the business is eminent in the next 5 years, you need to develop and execute an “exit strategy” to tie up loose ends, evaluate your financial future, and make crucial plans that can help mitigate any potential losses.

This is what you need to get started on now:

• Establish an autonomous entity for innovation within the company
• Develop a method to monitor ongoing market trends and competitive risk
• Carry out market research to spot opportunities for acquisition targets or acquirers
• Consider what “life after the exit” will look like for the entrepreneur
• Review trusts and estate plans
• Develop a succession plan

My team and I at Cordasco and Company are well-versed in helping mature businesses create safeguards to protect their financial futures and grow profits. We also frequently help business owners develop their exit strategies that prepare both you and the business for success. If you’re interested in exploring how we can help you execute all of the above, call us today at 912-353-7800 to book an initial consultation or video chat, and let’s see how we can help your business. You can also email us at [email protected] or schedule an appointment, here.

If you’re interested in learning more about business growth phases and navigating tax and financial challenges, you can order your copy of my book A Framework For Growth: Smart Financial and Tax Planning Strategies Throughout the Entrepreneurial Life Cycle today. There’s also a free chapter available on the book page of my website, here!