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Do you have an established business?

Young female professional

What to look for with an established business

One of the critical stages in a business life-cycle is when sales and growth starts to plateau. This is a sign of maturity where a business owner may tend to slip into a comfort zone when the business is running smoothly. Profits may continue to increase even though sales have started to plateau. This phase of maturity can be dangerous where owners perceive their business as being the ideal size without the need for further growth. Some owners are afraid to make significant changes and tend to move into cruising mode. This is one of the biggest mistakes a business owner can make.

City buildings

What businesses need to do  

The key to business success even at maturity is having a culture of wanting to continuously improve and evolve. This is the time to innovate and bring in new products and services, establish new customer bases, and discover new ways of delivery. You need to deal with existing clients that may otherwise move on and gear up to take on new competitors in your niche.

Failing to constantly find ways to boost your business will only result in decline. There may be perceptions of false growth, but reality soon strikes when sales start to flatten and older customers decide to switch over to your competitor. Allowing this to happen can only make the efforts of finding new customers much more difficult.

By making a commitment to keep your business fresh and constantly improving is key to preventing your business from declining. It is important to review your business strategies and implement sustainable marketing strategies so that you can maintain your current position.

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Some ideas business owners should consider

• Implement a profit improvment strategy

• Commit to better business reporting that provides a clear picture of the past and plan for the future 

Use benchmarking where possible to compare how healthy you are

• Year round business planning

• Protect what you have with a risk management plan and with internal controls

• Investigate outsourcing various functions within the business

 

Work with Apex Advisorsbutterfly changing

When it comes to esbtablished businesses you need the right type of advice. Apex Advisors have a wealth of experience in advising a wide range of businesses on how to  navigate the challenges facing established businesses.