Companies that have been my past clients and demonstrated the ability to sustain growth all had one thing in common – their businesses continued to evolve.
They developed proprietary products or added new and better ones.
Here are three examples:
An electrical components distributor developed customized devices that were much more profitable and less prone to competitive pressures, turning those components into their primary business.
A specialized building products company with success in the office space arena landed a huge healthcare client, which added diversification and helped grow sales to over $100 million.
A company that sold power supply equipment to recording studios and concert venues got UL certified after five years, which gave then a competitive advantage and allowed the company to charge a premium price.
Success doesn’t just happen; you must plan for it and take calculated risks.
These companies had the information required to identify and fund their growth opportunities because they hired and retained talented financial professionals.
Please let me know if you want to talk about how you can make 2024 your best year yet.