Identifying Issues That Could Be Stopping Your Business From Growing

Continuing growth can be a challenge for many small and mid-size businesses. If your business is still relatively new, you may not yet be prepared to take advantage of growth opportunities. If you have an established business, you may have been on a steady path for a while but have not been able to move in the direction you want. If you are looking to grow but have not been able to make progress, it is time to evaluate where you are currently and determine the steps you can take to achieve your business goals.

 Strategies For Growth

Growth can bring with it a lot of issues and planning is necessary. A lawyer that provides outsourced general counsel services can review your current business processes to gain an understanding of the current state of your company, the issues you have been dealing with, the challenges that you have regularly encountered, and the factors that may have been holding you back. They will then be able to offer suggestions and develop strategies to help you realize the growth you are looking to achieve. Potential strategies may include:

• Making changes to processes and offerings – These may include changing the products or services that you provide to your clients or adjusting your internal processes to increase efficiency, provide additional value, or allow for expansion into new markets.
• Putting new or existing staff members in the right positions – You may find that your current personnel may be able to help your company grow through skills they have acquired or experience working with your customers. You may promote certain people into management positions and ensure that they will be able to encourage growth in certain areas. You may also hire new personnel such as salespeople who can help you pursue new markets or experts who can help you develop new products or services.
• Acquisition of another company or a new component to your business – Acquiring a competing business may be a good way to expand your market reach. Other potential areas for expansion may include acquiring a supplier or distributor, which will allow for greater control of your supply chain and the distribution of your products.
• Expansion of locations or services – Opening up new locations may allow your business to expand into new markets and reach additional customers. You may also be able to pursue alternative channels, such as selling products online. The development of new products or service offerings can increase your customer base and help you build new revenue streams that will allow for additional growth in the future.

In addition to developing growth strategies, a legal professional can help review your finances and procedures, advising you on where you may be able to save money and time and make better use of your resources. They also can help you take proactive steps to address and resolve legal issues that may be taking up time and money.

Contact Our Naperville Outsourced General Counsel Lawyer

An outsourced general counsel can provide a significant advantage for small and mid-size businesses. They will work as an extension of a company’s staff without the cost of being a full-time employee. By providing consistency in service due to knowledge of a business, they will always be on alert to prevent potential issues instead of addressing them after they arise. At the Gierach Law Firm, we will work to become a trusted business advisor who can help you plan for growth, ensure that you will be able to expand successfully, and even make sure your business will be prepared for sale in the future. Contact our DuPage County business law attorney by calling our office at 630-756-1160.

Sources:

Inc.

Entrepreneur