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Facing the Next Step in the Business

You have worked hard. You have gone without pay to make sure your people get paid. You have paid down the line of credit at the bank. You are sleeping better. The company is doing better. Maybe not all is a bed of roses, but you have achieved a level of success. Now what? You come to the realization that the business has to grow to the next phase and you have to “walk off the cliff” again and take more risks. Only, this time, there is more to lose than when you started. What to do?

First of all, no one wants to put themselves back in a stage of high anxiety and sleepless nights. So, drill down into your strategies and tactics for growth and plan out as much detail as you can-financial projections, marketing and business plans, additions to the management team, restructuring your bank relationships. In other words, what are all the things you can put into place that significantly raise the odds the company will succeed: a management team that takes some of the 100% responsibility load off your shoulders, buy-in to your vision by all employees, and a financial plan fully supported by your bank, and, if appropriate , your investors. Lack of specificity is the enemy of progress and peace of mind. So, be as specific as you can and take on that next step.