Growth is both wonderful and desirable. At Eagle Corporate Advisors, we continually plan and prepare, as we strive to stay one step ahead of our clients’ ambitions, and our own. We see self-examination as key to making the most of any growth effort; we ask plenty of questions of ourselves and of those we advise.
Why do you want to grow?
What are you growing?
How are you going to grow?
Where will you grow?
What might cause you not to grow?
Which obstacles are you likely to encounter on your path to growth?
We’ll make your growth our priority once you’re ready to start the conversation. Let’s chat today!
Eagle Corporate Advisors
702-451-3250
GPS: Fundamentals: Planning
What Does Growth Look Like To You?
Which aspects of your business should you be growing in the immediate future? Revenue? Customers? Employee counts? Expenses? Services? Products? Vendors? Each business owner looks at growth differently. In order to compete, one owner might believe they need to add new product lines or services, while another might feel the best approach is to grow their customer base.
Which aspects of growth are most important to you, the business owner?
A clear definition of the right type of growth for your situation is important. This requires guidance that is both knowledgeable and experienced. Accurate, timely information and input allows you to build and monitor growth that is possible, predictable, sustainable, and transferable.
The Dream
Too often, business owners dream of growing their businesses without realizing that it is not feasible within their current structure, without understanding how extreme growth will affect their future, or how to achieve good growth.
There are many factors affecting your feasibility for growth:
- Planning and execution
- Employee capability
- Levels of communication
- Company culture
- Governance
- Resources of time or money
- Systems and processes
- Accessible reliable information
- Quality of input and guidance
The optimal growth path generally requires a business transformation from the status quo to best-in-class. What we find in most cases is that the foundation for real growth has not been nurtured and developed properly. The transformation that follows takes time and effort, all while methodically tracking increases in the transferable value of the business.
Successful business growth is in effect when your business is seen or viewed as an industry leader, with competitors seeking guidance or mentorship from your team.
The Blessing of Real Growth
Success often attracts more success. When you prepare for growth, it’s critically important to ensure that your business can handle what is coming. New contacts will come from all sides: bankers, customers, employees and vendors. Once you have structured the plans, employee capability, culture, communication, governance, resources, and systems, the blessings of real growth will seem to appear overnight (at least to the outside world), although the journey requires true diligence.
How Well Prepared is Your Business for the 5 D’s?
More than 50% of business exits are NOT voluntary, a profound reinforcement of the importance of having a plan in place for each possible occurrence.
The “5 D’s” are possible scenarios faced by all businesses. A well-prepared business plan gives a business the ability to maintain the course, or to effectively change direction, in the event of the “unforeseen.” A close examination of scenarios will fortify your business in the event of:
Disagreement
What happens when you and your business partner face an irreconcilable difference? What happens when a key client or vendor has an issue that goes to litigation?
Divorce
What happens if you or your business partner were unexpectedly served divorce papers? How would the business be affected? How would it affect your employees? What happens to other stakeholders and your financial future?
Disability
What happens if a partner or key employee became permanently disabled and was no longer able to serve in their established capacity? What would happen to your business? How would you move forward?
Distress
What happens when emotional stress, financial issues, or even substance abuse leads you, your partner, or a key employee to having a breakdown? How would your business be held together if a situation had no end in sight? What happens if your partner or key employee won’t seek help?
Death
What if a partner or key employee were to unexpectedly pass away? Who would fill that role?
Bonus D: Don’t Want to Do it Anymore
There’s actually a 6th D that needs to be acknowledged. You or your partner may decide that you simply don’t want to continue on the hamster wheel. Perhaps compared to the other 5 D’s this one is preferable, yet that doesn’t make it any easier from a business perspective.
How well prepared are you for any one or more of the Ds?
As the old saying goes, “It’s lonely at the top.” This is especially true for business owners, who often find it difficult to share their fears and challenges with friends, family members or even other entrepreneurs.
Eagle Corporate Advisors likens the situation to sitting across the desk from an empty chair, symbolizing the challenge of finding just the right person to not only understand the issues but assist in developing viable solutions.
Armed with more than 30 years’ experience helping organizations large and small, along with multiple professional certifications, Eagle Corporate Advisors is the best choice to take that seat and provide the meaningful guidance you need.
If it’s been years since you’ve sought the guidance of a trusted mentor to ensure you’re headed toward what’s important in the long run, it’s time to get back on course.
Contact Eagle Corporate Advisors today at (702) 451-3250 or reach out to ECA at ChuckM@EagleCorporateAdvisors.com