As the year end approaches, now is the perfect time to think about your strategic plans and growth strategies for 2016. Your growth strategies and strategic plan should be focused on the upcoming year as well as three to five years down the road. You have to understand exactly where your business is and have a vision of where you want your company to be in the future. If you don’t have a plan that looks toward the future, you risk not ever growing your business.
One of the most important places to start is to build a budget. As you are building your budget for 2016, and for your long term (3-5 year) strategy – think about the following questions:
- Where do you want to be?
- What size do you want to be?
- Do you want to sell your company?
All of these questions should be asked on a yearly basis as you look three to five years into the future. The answers to these questions will determine the day to day operational decisions you make. If you are going to sell your company in two years, then maximizing current profitability is key – in order to show potential of the business. If you are going to sell in 5 years and you need to grow significantly, then you may consider doing an acquisition.
Another item to think about is if you have the resources who can help you effectively sell your business or help you complete an acquisition? Do you know how to set your company up to maximize the value you receive through a sale? Teaming with a certified public accountant can help you with this. CPAs are notorious for having a wealth of resources and contacts that can help you build a network of advisors. Whether it be an attorney, a wealth management advisor, a capital advisor, a bank, or SBA lender – CPAs can put you in touch with the right people.
Creating a strategic plan is essential to your business. It is something that can help you identify the best opportunities for growth, understand potential financial results, and provide you with a detailed and focused plan that you can communicate to your team.
If you would like to learn more about how LBA Haynes Strand can help you achieve your long term goals, click the button below for a no-cost consultation!