My Business is Well Established

Starting up a business can be crazy; the growth stage is a roller coaster ride. Eventually, however, a successful business reaches the "comfort stage". Typically, at this stage, you are taking home a good salary and the business assets are worth more than their book value. You can't complain.... but you can't relax because you don't know what is around the corner. Now may be a good time to establish long term goals and to plan for the future.

Questions to Ask Yourself

• How efficiently is the business being run? Is there an opportunity to reduce expenses?
• Have I become complacent? Do I still pay close attention to my competition?
• Have I become too dependent on one customer, supplier or employee?
• Are my employees still motivated and my customers fully satisfied?
• Am I getting the best return on my investments?
• Have I made appropriate long range plans for retirement and business succession?

Things to Watch For

• The competition
• Changes in the marketplace and the economy
• Satisfaction level of your customers
• Technological changes
• Management issues and operating inefficiencies
• Satisfaction level of your employees

Keys to Survival

• Review company standards
• Smart diversification
• Sensitivity to management issues
• Keeping your staff motivated
• Making your money grow
• Review long term goals