This phase reminds me of an AARP commercial I saw recently. The message is something like, “We may be older, but we’ve still got some spunk!” The same is true for companies in this stage of the Business Life Cycle - they have been around for a while, with products/services that have served a purpose, that may need a refresh/reposition/repurpose to reach a new audience.
You’re in a groove with your business. It’s providing stable, predictable profit and cash flow…but for how much longer? What’s around the corner that might disrupt that cushy situation?
In this stage of your business: You have a dominating market presence You’re still growing, but not at an explosive rate It’s time to step back and re-assess growth options
This phase’s challenges include: Increasing market competition Moving into new markets Adding new products/services Expanding existing business Exit strategy
Here’s what you need to do / how to navigate through these challenges: What are the options to reinvigorate/jump start growth? Rediscover the spunk and unleash it! Are there any acquisitions that might make sense to consider? What are your thoughts on an exit plan or strategy? This is the time to plan what it might look like.
Listen to TurboCharge Your Business on the International Business Growth Network or wherever you get podcasts and gain access to even more great resources at https://turboexecs.com/turbocharge.
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TurboCharge Your Business
TurboCharge Your Business is a show for business owners who are tired of just working IN the nuts and bolts of their businesses and ready to work ON the business itself from a big-picture, growth-oriented, strategic perspective.
This season is called 13 Weeks to Financial Literacy and over the course of the season, your host Patty Lawrence is teaching you everything you need to know to take your business from confused and chaotic to strategically growing with you in the driver’s seat. From people planning to cash flow planning to performance measures and more, it all starts with understanding the story behind your numbers.
Meet Your Host
Patty works with $2M+ professional services and non-profit organizations that struggle to get the timely financial reports they need to function, often because one person holds this information hostage or lacks the skills required to do the work.
Through outsourced accounting and CFO services, Patty and the TurboExecs team reveal the story behind the numbers so leaders confidently can make data-driven decisions that allow them to leap forward, trusting they have the team and finances in place for manageable, profitable growth. As a result, their clients typically increase the bottom line by at least 15% and feel in control of their finances and results.
Patty got her first taste of entrepreneurial life in the office of her father’s well drilling business in her teens. With her first accounting class in high school, she’d found the professional outlet for her problem-solving skills.