In business, staying ahead of the curve is essential for sustained success. Michael Koeppel, the founder and managing director of Lakelet Advisory Group, specializes in guiding companies toward their next phase of growth. With a focus on continuous improvement, and optimizing technology to ensure it improves tangible value, business valuations, and strategic development, Michael Koeppel shares invaluable, proven advice on how to elevate your company to new heights.
The Foundation of Success Is Assessing Your Team
“The right team is crucial for propelling your company forward,” Koeppel emphasizes. Evaluating your team’s strengths and ensuring a robust talent pool is in place sets the stage for growth. As Koeppel advises, “Take a look at your team. Do you have the right people in place? Do you have a strong bench?” Investing in human capital is key to navigating challenges and seizing opportunities. Koeppel also suggests being willing to optimize your team as your business evolves. This might involve reassessing roles, skills, and processes to ensure your team remains agile and effective in the face of changing circumstances.
If the employees are your #1 asset – how much training has been provided? What manageable KPIs are in place that can assist you in achieving your objectives?
Broaden Your Horizons by Exploring International Opportunities
Too often, US Companies focus only on a market between California and New York.
Expanding beyond domestic borders can unlock untapped potential for your business. Koeppel highlights the significance of international markets, stating, “If you have the best product or service domestically, consider the global landscape.” Adapting to international nuances may pose challenges, but the rewards can be substantial. Lakelet Advisory Group offers guidance to navigate these complexities and capitalize on international growth opportunities.
Granted the rules are different in different countries – but taking the time to learn these rules can geometrically increase your market. Or, consider an international strategic partner.
Stay Efficient by Streamlining Your Processes
“Mapping out your processes is paramount for success,” Koeppel says. By identifying inefficiencies and areas for improvement, companies can enhance productivity and mitigate risks. Koeppel stresses the importance of planning for failure, understanding that sometimes it’s inevitable. “A failure to plan is a plan for failure,” he emphasizes. By proactively identifying potential pitfalls and developing contingency plans, companies can navigate challenges more effectively. Incremental improvements, even as small as 5%, can have a significant impact on the company’s valuation and shareholder wealth.
At a minimum, perform a candid SWOT analysis. As for the weaknesses, have a continuous improvement plan. For example, if you are a manufacturer, explore the ABC of inventory and determine your inventory turns. Over Lakelet Advisory Group’s decades of experience, this alone has generated significant cash flow improvement.
Maximize Your Assets by Understanding Your Company’s Value
In today’s market, a company’s value is based upon the cash earnings of its asset base (including employees). Koeppel emphasizes the importance of understanding this value and maximizing it for shareholders. “In the world of valuation, even a slight change can result in substantial wealth creation,” he explains. Inventory turnover, or inventory turns, plays a crucial role in this process. Efficiently managing inventory can lead to increased cash flow and profitability, ultimately boosting a company’s valuation. Lakelet Advisory Group provides comprehensive valuation services to help companies unlock their full potential and increase shareholder value.
Obtaining this value allows you to know your current base. A true business valuation includes more than numbers – it needs to reflect the product/service offerings, the markets, the risks and the opportunities. An independent, accredited business valuator like Michael can achieve this.
Embrace Expert Guidance as a Strategic Advantage
Seeking external expertise can provide a strategic advantage in navigating complex business challenges. Koeppel points out the value of an independent perspective. “Having someone who can take a step back and see the bigger picture is invaluable.” Lakelet Advisory Group offers experienced professionals who can offer objective insights and strategic direction to drive growth and success.
When searching for a partner, focus on their tangible results. You want more than an academic paper or list of action items – you want results.
In Summary
The journey to taking your company to the next level begins with strategic planning, and execution is more accessible than you think. A failure to plan is a plan for failure.
By assessing your team, exploring international opportunities, streamlining processes, understanding your company’s value, and embracing expert guidance, you can position your company for sustainable growth and success.
Contact Lakelet Advisory Group today to embark on this transformative journey.
