Stage 4: Wealth Creation In order to advance your business to stage 4, you must create wealth in the company. This means that you must generate sufficient revenues to cover all business expenses, pay yourself a fair market wage, and have profits left to re-invest in the business. At this stage, some entrepreneurs will focus energies on maximizing the profit potential of the business and will seek to grow sales through market penetration or market development. Others will decide that now is the time to build upon previous success and pursue aggressive growth strategies that include investments in new infra- structure and product development. In all cases, there needs to be a focus on implementing processes to ensure that the business can carry on, even after the entrepreneur exits the business. Stage 5: Succession Many of the entrepreneurs we meet assume that they will be able to sell their business when the time comes. While this does happen, unless the new owner is in the family, the odds are not in their favour. With the ageing population, there is an almost limit- less supply of businesses available for purchase, with a finite number of potential purchasers. Recent statis- tics suggest that fewer than 15% of all family-owned businesses will tran- sition to a new owner. For the other 85%, assets are sold off, often at a significant discount, and the doors are closed. For some entrepreneurs this was always the plan. For others, it comes as an unfortunate surprise. Planning for succession can some- times influence an entrepreneur’s thought process when the business reaches Stage 3 (a viable business). Now that you understand the stage your business is at, it’s time to develop a strategic growth plan (with tangible action steps) to help guide you towards your goals.
HI. MY NAME IS DENISE ALISON AND I AM OBSESSED WITH HELPING ENTREPRENEURS GROW THEIR BUSINESS AND REACH THEIR POTENTIAL. Let’s face the obvious first: I’m not your typical business coach! Obvious reasons aside, I am a very creative, quirky person, who is not afraid to tell it like it is, and learn from my mistakes along the way! I am putting a new twist on an old idea. While business coaching and consulting used to mean driving all over the place to present work- shops and meet with customers (and charging them an arm and a leg to do so), I’m not interested in that model. (FYI, I live in rural Nova Scotia, so getting anywhere involves a long enough drive). Like most entrepreneurs, I am a risk taker. Stratigro offers all its programs virtually, so there is no need for me or you to travel. We also offer online workshops, free challenges, and tons of free content on our blog! I became a business coach and created Stratigro, because I saw so many entrepreneurs struggle when it comes to running their business, and saw that there was a need for business coaching that was practical, helpful, and FUN. I formerly ran my own market research company. I quickly realized that I loved the feeling of helping entrepreneurs grow their business; helping small business owners was my calling. I didn’t just decide this out of nowhere; I’ve been under the influence of entre- preneurs my entire life! However, I knew that I didn’t want to go on this new adventure alone, so I called up the person I know who knew the most about business growth: my dad, Tim Alison, a lifelong entrepre- neur and long-time business coach I’ve helped hundreds of entrepre- neurs grow their business and, in some instances, put the fun back in their business! So, if you’re tired of spinning your wheels with strategies that just don’t work, from people who don’t get you or your business, I am here to help.
WWW.STRATIGRO.CA
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MAY 2017 • SPOTLIGHT ON BUSINESS MAGAZINE
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MAY 2017 • SPOTLIGHT ON BUSINESS MAGAZINE
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