We work with business owners of all shapes and sizes, from all industries, in all stages of business, from startup to growth to transfer. What we’ve learned first and foremost is that regardless of the company, there are a few things that each business should have in place to help ensure they have the best shot at longevity and growth, profit and security.
Consider the following as you look at your business holistically and plan for its future:
Have a thoughtful, well-written business plan and stick to it
Rather than getting caught up in daily operations of your business, set clear, realistic goals and objectives. Consider strategies that address the long-term plans of your business and how you plan to retire.
Hire better and offer good benefits
Find and hire strong talent. Offer voluntary benefits as a way to help retain and attract quality employees. Often, voluntary benefits can be offered to employees at no cost to the business.
Develop an exit strategy and succession plan
Are you approaching retirement and intending to sell your business for retirement income? An experienced financial professional can help you put a succession plan in place.
Find a financial professional with experience in serving small businesses
Work with an experienced, local financial professional who is trained to meet business owner needs.
Your business depends on you. In challenging times, or anytime really, an experienced local financial professional can help you and your business interests.
-Todd Sivak is a certified family business specialist and director of wealth management at Summit Street Wealth Management in Oconomowoc.