Come Learn from Experts How to Grow from Start-up thru Succession
These FREE monthly workshops are focused on teaching specific steps to expand a business through each of 4 major stages of business development. Delivered by industry experts that a business owner would normally have to pay to meet, these workshops are all about teaching business owners what they don’t know but need to know in order to build value in their companies.
These are business owners who are either contemplating the start-up of a new business, or are involved in the actual start-up of a business that has not yet reached stability. Solo entrepreneurs, who have very limited resources and little-to-no help, often found these businesses. As technical experts in their chosen field (i.e. Electrician operating a single person electrician service business), they have little background and knowledge regarding business management. Business owners in this stage often don’t know what they don’t know and often are struggling to generate enough work to pay the bills (including paying themselves) on a weekly or monthly basis.
Business’s reach this stage when they routinely have enough work and revenues to regularly be able to meet payroll and pay expenses weekly. They may not reach optimum profitability, but the owner is able to sleep at night and have some comfort in the business providing them with some level of income. This is the stage where the owner begins to figure out what works to bring in revenue and what resources are necessary to satisfy their customers. Often they begin adding staff and capabilities and experiment with things like advertising and systems. Business owners here are looking for ways to improve the operation of their business and improve the bottom line. This is the stage where owners begin to hold people accountable, establish metrics, set up duties and responsibilities, invest in systems, processes and equipment and generally work to reach the profit potential that they think is inherent in their business.
Owners’ at this stage have formalized systems and processes and have learned how to make adjustment in their business operation with positive results. They begin to explore how to reach “optimal” performance for their chosen market and think strategically about where they want to go. Operations are generally well defined and a prime focus is directed towards accelerating growth. Business owners here are paying themselves, enjoying the fruits of their labor and beginning to think about work/life balance. They are beginning to indulge their desires to explore life outside of work with the means that their business has provided for them.
Every business will pass from it’s current ownership – either voluntarily or involuntarily. At this stage, the business owner is beginning to think about how they exit the business. Up to this point, the owners have focused on growing the business and the majority of their time and efforts have been focused accordingly. Now they begin to think about legacy and how to transition the business – an area that they often don’t know much about.