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If you’re an experienced business owner, you may think a business plan is something you need only when starting out. The truth is that an updated plan can help business grow and your employees thrive. Here’s how to handle an updated business plan.
Revisit your marketing strategy — of course you have one — and compare your market saturation, sales and costs to your competitors’. If you don’t have a current financial picture, work with a professional to develop one. You may find, for instance, that operating costs are unnecessarily depressing your net income or that you aren’t spending enough to meet demand. You’ll also want to make sure your employee compensation packages are competitive.
You might also consult an attorney, who can work with you on a succession plan, if that’s what you want, and a buy-sell agreement, to help ensure you extract financial value from your firm upon leaving. A financial professional can also help you with funding ideas, such as using life insurance.
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Active Planning & Investment Solutions and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
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