UC Goering Center news
May 22, 2020
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By Todd Wilkowski
It’s hard to believe that two months of 2020 are in the books! How are you doing on your personal and professional goals and resolutions for 2020? Is your business on track to achieve or exceed its 2020 objectives, especially regarding profitability? What impediments to success or growth opportunities have you identified and what are you going to do to overcome them?
While we often focus our efforts on identifying the internal constraints and impediments in our business, when we are in continual growth mode, the constraints and impediments may potentially be largely external.
To scale your business for continued profitable growth, you likely have continued to hire and upgrade your work force, technology and equipment since you started or purchased your business. How about your outside trusted advisors that you either started with or inherited during a business succession or purchase? Have you made any changes to this advisory team? While loyalty is understandably important, especially bonds and relationships forged through successful or challenging years, and change is hard, if you’ve experienced significant growth, there is the strong possibility that you’ve outgrown these advisors. Particularly, your company’s current challenges and opportunities may exceed their capabilities to serve and advise your business now, and in the future, and this may either be impeding your growth or resulting in lost opportunities.
Here are some items to evaluate:
Based on your responses to some or all these questions, it may be time to make a change as this could be hampering your company’s success and continued growth. Yes, change is hard, especially considering the time it takes to build certain relationships. But for the sake of your company, 2020 might be the time to get introspective on this issue and begin making a move. Your company’s employees and owners are counting on you to make these types of courageous decisions for their benefit and the company’s long-term success.
Todd Wilkowski is partner at Frost Brown Todd, LLC. Reach Todd at 513-870-8241 or by email at firstname.lastname@example.org.
About the Goering Center for Family & Private Business
Established in 1989, the Goering Center serves more than 400 member companies, making it North America’s largest university-based educational non-profit center for family and private businesses. The Center’s mission is to nurture and educate family and private businesses to drive a vibrant economy. Affiliation with the Carl H. Lindner College of Business at the University of Cincinnati provides access to a vast resource of business programing and expertise. Goering Center members receive real-world insights that enlighten, strengthen and prolong family and private business success. For more information on the Center, participation and membership visit goering.uc.edu.