Bienenfeld, CLU, ChFC, Partner at Bienenfeld, Lasek & Starr, LLC; courtesy of Massachusetts Mutual Life Insurance Company (MassMutual)

We work with business owners of all shapes and sizes, from all industries, in all stages of business, from start-up to growth to transfer. What we’ve learned first and foremost is that regardless of the company, there are a few things that each business should have in place to help ensure they have the best shot at longevity and growth, profit and security.

Consider the following as you look at your business holistically and plan for its future:

Rather than getting caught up in daily operations of your business, set clear, realistic goals and objectives. Consider strategies that address the long-term plans of your business and how you plan to retire.

Pull together a ‘board of directors’ made up of business owners in similarly-sized companies – who are facing similar issues — along with your CPA, attorney and your financial professional. Owners can use this council as a sounding board and to realize opportunities within their businesses that they may not have been able to see themselves. Participate on other companies’ advisory councils.

Understand your customers. Segment them and know where profitable business comes from. Make the extra effort to know how you can keep and grow your base of recurring customers.

What do you do that no one else is doing? How is your service better than other services? Why should customers see you instead of your competition? Take a look at the competition; some may have changed their approach or exited the business. Develop a unique message that articulates your unique value proposition.

Find and hire strong talent. Offer voluntary benefits as a way to help retain and attract quality employees. Voluntary benefits are those that you, as owner, offer to employees at a typically lower cost than they could obtain themselves. Often, voluntary benefits can be offered to employees at no cost to the business.

Are you approaching retirement and intending to sell your business for retirement income? An experienced financial professional can help you put a succession plan in place.

Work with an experienced, local financial professional, who is trained to meet business owner needs. Someone who you can trust with your business and personal aspirations and someone who will help you with your plans for reaching your short-and long-term goals.

Your customers and employees depend on your business. Your business depends on you. In challenging times, or anytime really, an experienced local financial professional can help you and your business interests. For more information call us at (201) 449-0026 or visit us at www.blsfinancial.com.

Provided by Howard

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