STAGE 4: The Business Maturity Phase of Entrepreneurship
You’ve worked hard, you’ve finally hit the mature phase of entrepreneurship. You’ve got a steady base of customers, you’ve optimized your supply-chain, you’ve identified all of the efficiencies you can for your business. You’re ready to put it on auto-pilot. But you know better than anyone, you can’t sit back and relax, you have to keep an eye on the market to stay competitive.
Stay Aware
Congratulations on reaching this stage. Very few businesses make it this far. Don’t become stagnant. Now is the time to keep your eye on potential market disruptors, the competition, costs of goods, and other market trends that could change the trajectory of your business. Attending industry events, reading industry content such as blogs, newsletters and even competitor’s social media are all good places to pay attention to changing market factors.
Meet With Your Banker
Another great place to stay ahead of the curve is your commercial banker. Bankers often are tapped into your market and have an inside track on what is happening that may not be mainstream yet. We recommend that you continue to meet regularly with your banker to keep them up to speed on your business and for them to share what they are seeing in your market and also in other markets that you could apply to your business. Plus, staying top of mind helps them to think of you when asked for recommendations on local businesses to work with.
Review Your Financials
This is also a good time to review your financials with your banker. They are a good second set of eyes that may see additional opportunities to help maximize your profits. It may be time to refinance a loan, leverage a line of credit, or take advantage of treasury management products to improve your cash flow.
Bankers have different strategies to help entrepreneurs at the different stages of business they are in. Remember one of the best times to talk with a banker is when you think you don’t need them. They’ll help you be prepared for the future and for the unexpected.
Bankers are one of your biggest fans and advocates for your business within the community. Community bankers put relationships first and promote your business throughout the community when they hear of a need for your offering from a community member. Be sure your banker knows your business inside and out so they can easily recommend your business to others.
Next Steps Check-in
Ask yourself these questions to better understand how you can beat the competition: • What are my competitors doing? • Is there anything emerging in my market I should be aware of? • When was the last time I met with my banker? • What insights does my banker see in my financials?
If we can help you get to the next phase of your entrepreneurship journey, please reach out to a banker. We would love to be a part of your Village,connect with them today!