Mature Phase
As a mature phase entrepreneur, you’ve successfully established your business, achieved stable revenue, and likely captured a significant market share, but you might be ready for a refresh. Read topics and questions to consider below, get in touch with your closest regional SBDC center, check out resources for idea phase entrepreneurs and find upcoming educational events on our calendar.
1 | Innovation & Product Development
As a mature-phase business owner, you’ll want to prevent stagnation by continuously improving or diversifying your product line. You might also want to explore new technologies, find better ways to leverage customer feedback, and consider adjacent markets. NYSBDC advisors can assist you with strategies for innovation, R&D, and methods to effectively reinvest profits in new ideas without alienating current customers.
Questions to Consider:
- Are you finding ways to innovate and improve your products to avoid market stagnation?
- How are you reinvesting profits into new ideas without losing the interest of your current customers?
2 | Operational Efficiency & Cost Management
In the mature business phase, managing increased costs without compromising product/service quality or customer satisfaction may be a challenge. Leveraging your data effectively will allow you to better understand the current state of your business and learn how to proactively adapt to market changes. You can consult with an NYSBDC advisor on lean operations, identifying cost-saving technologies, analyzing your business data, and automation to optimize your business’ resources while maintaining high productivity.
Questions to Consider:
- Are you actively managing operational costs to maintain quality and customer satisfaction?
- Have you explored automation or other technologies to optimize your processes and boost productivity?
3 | Scaling & Expansion Strategies
Whether through entering new markets, adding product lines or services, or considering acquisitions, mature phase business owners often want to identify profitable ways to expand their operations. However, it’s essential to ensure you don’t overextend your resources or compromise your business’ stability as you do this. NYSBDC advisors can help you with guidance on market research, risk assessment, and your options around mergers, acquisitions, franchising, or licensing to fuel growth sustainably.
Questions to Consider:
- Have you identified profitable ways to scale, such as new markets, acquisitions, or additional product lines or services?
- What kind of market research or risk assessment are you doing before expanding further?
4 | Brand Revitalization & Market Positioning
Marketplaces, trends, customer values, and customer experience expectations evolve over time, and it can be difficult to keep a mature brand relevant, appealing, and competitive. NYSBDC advisors provide support for brand refreshes, insights into customer expectations, and leveraging digital marketing strategies to retain and expand your customer base.
Questions to Consider:
- Is your brand staying relevant and competitive within a saturated market?
- How are you leveraging digital marketing or other strategies to engage and expand your customer base?
5 | Talent Retention & Development
You might be concerned about preventing a skills drain in your mature business. To do this, you need to attract and keep top talent, which involves solutions for employee development, organizational culture improvements, and incentives to boost loyalty and engagement. NYSBDC advisors can help you navigate these human resource issues.
Questions to Consider:
- Are you successfully attracting and retaining top talent within your organization?
- What employee development programs or incentives do you have to keep your team engaged and loyal?
6 | Risk Management & Business Continuity Planning
You can’t control if and when there might be market downturns, regulatory changes, or supply chain disruptions that will affect your business. However, you can prepare for them. NYSBDC advisors provide direction on risk assessment, creating business continuity plans, and establishing diversified supplier networks so you can traverse bumps in your business road as smoothly as possible.
Questions to Consider:
- Do you have a business continuity plan to address risks like market downturns or supply chain disruptions?
- Are you regularly assessing potential risks and diversifying your suppliers?
7 | Financial Management & Optimization
Mature businesses have the opportunity to maintain strong cash flow, optimize investment returns, and manage debt and equity. NYSBDC advisors can provide insight into cash flow management, tax efficiency strategies, and exploring new funding options for potential investments. They are happy to work alongside your financial and tax professionals to help you improve your business’s financial position.
Questions to Consider:
- How are you ensuring strong cash flow while optimizing investment returns?
- Are you considering new funding options or tax strategies to strengthen your financial position?
Resources for Businesses in the Mature Phase
Upcoming Events and Webinars
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IN-PERSON: Building a New Business Website at the New York Public Library
Brooklyn & Manhattan - Pace University SBDC
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