Business Owner's Playbook - The Hartford

The Growing CompanyThe Topic of Conversation: Important Steps to Protect Your Businessand Assets as They GrowYour 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 additionalsources for financing; benefit and retirement plans for you and your employees; and varioustypes of insurance your expanding business may need. You’ll also be introduced to newadvisors to consider as your business and needs grow.The growing small business isone that has achieved a degreeof stability, dependable revenuesand is earning consistent (or fairlyconsistent) profits. In other words,there’s actually money left overonce the costs of marketing andselling your product or servicehave been covered. At this stage,you’re probably one of the44 percent of small businessesthat have made it to four yearsin operation.*At this stage, you, the owner, canfind ways to further boost salesand profits, improve employee(and your) compensation andbenefits, and expand staff andfacilities as appropriate or desired.Common traits among thosebusinesses that continue to thriveare an enduring focus on innovation,effective and rigorous management,diversification, customer service andemployee satisfaction/productivity.How long this growth stage lastsis up to you and the marketplace.“Whenever yousee a successfulbusiness, someoneonce made acourageousdecision.”Some entrepreneurs are happytending to the same small businessthey’ve developed for the rest oftheir working lives and give up thebusiness only upon retirement.Others become restless after just afew years and get an itch to tacklea new and different challenge.Still others run their businesses inthe hope of cashing in by beingacquired by a large corporation assoon as the business is on its feet.Only you know which approach isright for you. In any case, there’s anew set of big-picture goals andchallenges to consider at this stage,which is all the more reason for asolid, experienced team of advisors tohelp you through this dynamic phase.Peter Drucker(1909 - 2005),Business andManagementExpert* U.S. Small Business Administration and Monthly Labor Review, May 200515