Growing Your Business

In my last post, I covered some of the basics for charting a course towards a liquidity event for your business. Today, I’ll dig a little deeper into some of then things required for a healthy, growing business.

FOUNDATIONAL ELEMENTS

BUILDING A STRONG TEAM

Having the right skills and talents on your team is imperative to successful operations. In many privately held businesses, not enough care is taken on staffing your business with the right people. Business owners should retain professionals to help build the team.

COMMON, CONSISTENT MANAGEMENT METHODOLOGY

Most organizations lack a common methodology to operate their business. A system of goal setting, problem solving and accountability must be put in place, maintained and utilized by all in management to ensure that everyone is playing from the same sheet of music.

HEALTHY CULTURE

Building a healthy, values based culture is essential to long-term success. Building a culture where people are treated with dignity and respect and where honesty and integrity are hallmarks of the organization goes a long way towards attracting and retaining top talent.

CONTINUOUS LEARNING

Make continuous learning a “condition of employment” in your company. Encourage and, in fact, require employees to constantly be skill building not only their technical skills but their Leadership and Management Skills as well.

Create a Coaching Culture where people at all levels learn from each other.

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HIGHWAY TO BUSINESS SUCCESS

If you are a shareholder or owner at a privately held business, you need to set long-term goals for yourself and your business. Operating strategies must be developed that align with an exit strategy and culminates in a liquidity event or transfer of the business to family members or employees.

This is a long road to travel with no shortcuts. And it must begin years prior to shareholders wanting to cash out.

A committed team of lawyers, CPA’s, Insurance Professionals, marketing consultants and general business consultants must be assembled as the business grows and changes. Not all businesses need these professionals at the same time but they will need them all eventually. Knowing who to retain, at what point in the company’s growth and for what outcomes is difficult to assess when you are immersed in the business. This coordination can be facilitated by an experienced business consultant.

Arriving at your destination in the time frame that you desire requires planning and execution.

After all, you are working long and hard the the rewards should be available to you when you are ready.