Growing Company

The Growing Company

The Topic of Conversation: Important Steps to Protect Your Business 
and Assets as They Grow

Your business is on the road to success.  But that doesn't mean the questions end here. In fact, you may have more now than ever.  In this section, you'll learn more about additional sources for financing; benefit and retirement plans for you and your employees; and various types of insurance your expanding business may need. You'll also be introduced to new advisors to consider as your business and needs grow.

The growing small business is one that has achieved a degree of stability, dependable revenues and is earning consistent (or fairly consistent) profits.  In other words, there's actually money left over once the costs of marketing and selling your product or service have been covered.  At this stage, you're probably one of the 44 percent of small businesses that have made it to four years in operation.*

At this stage, you, the owner, can find ways to further boost sales and profits, improve employee (and your) compensation and benefits, and expand staff and facilities as appropriate or desired. Common traits among those businesses that continue to thrive are an enduring focus on innovation, effective and rigorous management, diversification, customer service and employee satisfaction/productivity.

How long this growth stage lasts is up to you and the marketplace.

Some entrepreneurs are happy tending to the same small business they've developed for the rest of their working lives and give up the business only upon retirement. Others become restless after just a few years and get an itch to tackle a new and different challenge. Still others run their businesses in the hope of cashing in by being acquired by a large corporation as soon as the business is on its feet.

Only you know which approach is right for you. In any case, there's a new set of big-picture goals and challenges to consider at this stage, which is all the more reason for a solid, experienced team of advisors to help you through this dynamic phase.

* U.S. Small Business Administration and Monthly Labor Review, May 2005

These materials provide general information, and should not be construed as specific financial, insurance, tax, legal or accounting advice.  You should consult a qualified advisor for individual guidance 
in these matters.  More details