Episode 072 | Sustaining Success in an Established Business

The term “mature company” might bring up images of a stale, archaic or out-of-date business. But in reality, a business in the maturity stage of the business owner lifecycle is a successful organization with a well-known product or service, loyal customers and steady growth. So, for businesses that have grown into this season of stability, what does success really look like?

In this episode of The Wrap, our hosts discuss the characteristics and opportunities of established businesses with special guest Stephen Schaaf, CPA, a Member of Warren Averett and leader of the firm's Manufacturing & Distribution Practice Group. 

In this episode, you’ll hear: 

• The defining characteristics of an established or mature company
• About the importance of holding on to stability while continuing to innovate
• Strategies for maintaining efficiency and profitability
• Discussion around the specific key performance indicators (KPIs) for mature businesses, especially around productivity, quality and output
• How a business process review can help ready a mature business for the next stage of the lifecycle
• About the need to shift focus from growth to the people and processes that keep a business running 

Resources for additional information:

• Blog: Business Process Optimization: 5 Ways To Improve Your Systems and Processes
• Growth Phase: Episode 071: Navigating the Dynamics of a Growing Business
• Startup Phase: Episode 070: What Does It Take for a Startup To Succeed?
• Intro Episode: Episode 069: The Entrepreneurial Journey and the Cycle of Business Growth