Over time, business growth can ebb and flow like the tide. It’s natural for a business to experience periods of growth, plateau, decline, and recovery. But, for many business owners, today’s economy has magnified the focus on waves of decline and recovery. As a result, new questions and concerns are arising as business owners reassess their corporate goals. It’s imperative for business owners not to abandon their corporate goals but rather reevaluate them to create a plan that supports present operations and keeps an eye on the future. With access to the right business advisory services, business owners can do just that.
Business advisory services can empower ownership to proactively respond to internal and external factors affecting business growth and keep your bearings as the tide remains unsteady. As you reassess your corporate goals, consider how business advisory services may provide the tools you need to reach them successfully.
Developing a defendable strategic plan that evolves with the changing needs of your company.
Your company’s financial standing and needs evolve over time, so your strategic plan to reach your corporate goals must be just as malleable. Business owners constantly have to adapt their strategic plans to best support survival during challenging times and prosperity overall. Based on market data on consumers, product and service demand, supply chain issues, and competitors, you may uncover operational, product, or service changes that show promise. Business owners can not afford to let plans remain static. As we all continue to adapt to the post-COVID-19 normal, LGA is helping business clients develop and maintain plans that continuously contemplate proactive measures.
Ensuring your financial resources support your strategic plan.
To ultimately reach your goals, you need to ensure your company has the financial resources to back your strategic plan. Assess your current financial standing, including expenses, liquidity, cash flows, and access to capital. Your plan, including related financing, must be based on accurate projections and forecasts, which, post-pandemic, will require more flexibility, creativity, and due diligence. To truly play offense, your bookkeeping records, financial statements, projections, and forecasts can’t be static documents that you place on the shelf once assessed; they have to be maintained as “living and breathing” documents.
Keeping your current and future interests at the forefront of planning efforts.
Part of your plan to reach your corporate goals should include developing and maintaining a detailed and defendable multi-year forecast model that is made through the lens of outside stakeholders and supports your current and future interests, as well as those of the company. Business owners also need their plan to be shareable at a moment’s notice, so stakeholders understand your corporate goals, plans, and progress. Your company’s financial and reporting house should always be in order, so that your company is always prepared to make a great first impression for potential lenders, investors, and suitors. LGA professionals provide investment banking services that help business owners navigate lending negotiations and source the necessary capital to fund growth, succession, or M&A, whether they are approaching existing stakeholders or potentially forging relationships with new partners.
Enhancing enterprise value.
Identifying and aggressively tracking key performance indicators (KPIs) specific to your company early on will help you uncover areas of potential growth and risks, so you can proactively mitigate some of the roadblocks you could face in working toward your corporate goals. Keep track of KPIs throughout your company’s life cycle to continue to minimize risks as your business’s goals, operations, and financial standing evolve. Designing a path to an eventual exit can help you align your plans to optimize enterprise value, and, believe it or not, it’s never too early to start planning an exit.
At LGA, we take pride in positioning our corporate clients to play offense.
Our approach to client service is tireless, independent, objective, and battle-tested. Whether your company is a start-up, planning for growth, experiencing distress, or planning an exit, contact me today to find out how LGA’s business advisory services can help you meet your corporate goals.
by Kenneth D. Segal, Partner & Managing Director of Business Advisory Services
Ken has over 25 years of experience working with companies in all stages of the business life cycle to maximize value, minimize risks, and achieve their financial goals. He assists with business and strategic planning, investment banking, due diligence, and exit planning. As the Managing Director of LGA’s Business Advisory Services, Ken helps businesses leverage the tools and insights needed to timely pivot to ensure continued success.