As a business owner, you have worked hard to build your business, and like most successful business owners, you focus on the day-to-day operational demands of your company. You may not have spent much time thinking about how to prepare your business for the next level of growth and profitability or preparing your exit strategy to optimize value.

Alternatively, you may have thought about it; however, you’re stuck and don’t know what steps you must take to grow your business. As a result, you end up procrastinating when it comes to focusing on long-term strategy and planning.

The Crossroad Along Your Journey to Success

Don’t wait. Every business owner will encounter a crossroad decision at some point along their journey to success.

A Case Study: Hall Insurance

Hall Insurance, an Arizona based independent insurance brokerage company, owned by Robert Hall, was at such a crossroad. The company had recently lost a large client and was not growing. Meanwhile, profitability was decreasing. Robert had reached a fork in the road that could lead to growing the existing business or selling it to another company.

Robert began his journey by evaluating the future direction for the company. Options for growth included expanding his service offering, adding new locations, and other opportunities to increase profits.

To help him determine the pros and cons of each potential direction, he solicited feedback from his customers, employees, and management team. His customers told him what they needed most from his business. As a result, Robert added additional insurance carriers with expanded insurance options to meet the changing needs of his customers and the market.

Employee satisfaction is crucial because employees interact with and provide services to the customer. To understand where he stood on this front, Hall asked his employees their expectations of him. As it turns out, they sought a “state of the union” of the company’s health and an idea of where it was headed. He responded by providing clarity about how the company was performing, offering transparency about his business plans, and outlining his expectations for the team. He implemented an employee-training program to increase organizational productivity. As a result of his efforts, employees became more engaged and worked together to help the business succeed.

Lastly, Robert collaborated with his management team to establish a shared vision and plan to change and grow the business. They then worked together to execute it.

In addition to aligning customers, employees, and the management team, Robert invested in two new locations in Colorado and Texas. Hall Insurance went on to become one of the fastest-growing independent insurance brokers in the Southwest.

Don’t Get Stuck In The Middle Of The Road

As the business landscape continues to change and new challenges arise, business owners like Robert Hall will continue to encounter crossroads along their journeys to success. Don’t get stuck in the middle of the road wondering which way to go because, under your leadership, your business can continue to adapt, evolve, and thrive.

Your road does not need to be a fork or even a dead end. It could be a paved superhighway with golden opportunities strewn along the route. It all begins with setting a strategy and your objectives for the future.

Do one thing: take some time away from day-to-day operational demands to focus on long-term strategy and planning. Survey your customers, employees, and management team to begin aligning your strategy for long-term success.

Thanks for reading.

* Fictitious names and scenarios were used for this example.