No matter if funds come from your family, an investor or partners, your Middle Market organization needs money to keep your business running. You need capital for growth and to weather difficult times. At the start of many companies, so much focus is spent on making products, finding and closing sales opportunities and just staying ahead of the game that long-term strategy can seem like something there isn’t time for.
You’ve likely had a mixture of earned success, fortuitous events and made a lot of “right” decisions that led you to where you are. You’ve probably had to look for capital numerous different times and have potentially gotten funds from many different sources.
But what is your capital strategy? Do you have it defined or is it just a theory in your head? How many in your C-Suite or leadership teams know your capital strategy? How often do you review, revise or revamp your strategy? If you are struggling to answer those questions, you might want to take a new look at your capital strategy.
Get The Lay Of The Land
Any form of strategy and planning has to start with the now – whatever your current reality is. Before you can know what you want to achieve or what you’ll need, you have to know your current situation, in full detail.
Take a complete stock of your organization: where you succeed, where you’re not successful, your employees, leadership and management teams and potential, all of your financials, including a granular look at areas you might not be tracking, sales rates, etc. In other words, make sure you completely understand every facet of your organization before you move forward.
What’s Your Master Plan?
Once you know exactly where your Middle Market organization sits today, the next step is to have a plan for what you want to achieve in the future.
Do you plan to sell your company and if so, when? Do you have successors in mind and are they already starting the process? If you are family-run, is the next generation ready and willing to take over? You’ll want to have an overall plan for not only the coming year but also for years to come. By having a handle on your current big picture and also knowing where you want to be down the road, you’ll have a better idea of what capital strategies you should be adopting.
Educate Yourself And Your Leadership
It would be amazing if you and your leadership team knew every viable avenue for obtaining capital. As the economy and business change throughout the years, so do the opportunities for finding and obtaining capital.
Make it a focus to be aware of the major capital opportunities as well as new trends and make sure everyone involved in the strategic planning process is educated. Knowing what exists and what you’ll need to qualify for each is invaluable.
Keep It Up To Date
Depending on what your Middle Market organization has planned for the future, you may be years away from needing some of the capital strategies you’re thinking about. Once you’ve done the previous three steps, don’t let it be static. Make sure you consistently stay on top of your current situation, your future plans and what capital opportunities exist.
Strategic planning and figuring out what capital opportunities your Middle Market firm might need in the future are a key part in keeping your organization financially sound and rolling in the right direction.
So what’s in the Mighty Middle Market for me? — get it right now at www.Go4ROI.com.