SCORE provides free mentoring to hundreds of well-established business owners in Southern Arizona every year.
If your business is well-established and profitable, you have invested many hours and made countless sacrifices over the years. These three tips may help you maximize the full potential of the time and energy you have invested.
No matter how large and successful your business is, there is always room for growth and improvement. No matter how smart you are, there are always things you can learn.
- Hire a competent business consultant to look at your business through a fresh set of eyes. The right consultant can help you find many areas for improvement. These areas may include employee morale, productivity and profitability. With a consultantβs help, you should see an increase in revenue and a reduction in expenses. Together, you will discover technologies to run your operations much more efficiently. A good consultant will ensure that your actions are aligned with your long-term goals. They can help remove a cloud of confusion you may not even know is there. The consultant will help you see your purpose much more clearly.
- Consider joining an industry-related Mastermind Group. Being part of a group of business owners of similar sized businesses in a related industry is extremely valuable. The members of these groups are there to help each other. They share best business practices, provide advice and hold each other accountable. The power of collective thinking will provide insights, solutions and support you cannot get in any other environment.
- Finally, give some thought to your exit strategy. What are you going to do with your business when it is time to retire? Your business consultant will help you determine the best course of action. They will also ensure you take the necessary steps to maximize the value of your business, which may allow you to retire sooner and enjoy the fruits of your labor.
