The point is, creating, maintaining and growing a business is a major undertaking. Surrounding yourself with experts can help make a great business idea brilliant; spot and address potential risks; and help set you up for growth and success.

Plus, there are only 24 hours in a day. Delegating and outsourcing is an essential skill for owners and operators, freeing them up to focus on making sales.

This is true at all stages of the business lifecycle. Whether you’re an SME getting ready to launch or an established enterprise, it takes a ‘village’ of experts to ensure success.

Read on as we look at how this is true during the four classic stages of the business lifecycle.

Or go even more in-depth by listening to our webinar on this topic; a panel discussion with experts Sonja Pfitz (Pfitz Financial), Adrian Palone (William Buck Accountants) and Matthew Boglis (Mason Black Lawyers).

Business is flourishing. Sales are golden. Revenue keeps increasing.

Time to turn on cruise control, right? No.

Very few SMEs make it to this stage – so while congratulations are certainly in order, this is a time to thrive. And also, the same risks that haunt start-ups are still lurking. Critical risks like cashflow.

Robust sales can be masking cashflow issues. If a business doesn’t have a system in place to track input costs, for example, its profit margin could be fading away despite rosy revenue numbers. Indeed, profitable businesses can have a negative cashflow – a hidden, ticking time bomb.

A lack of time is often raised as reasons why SMEs fail to set-up a cashflow management system. Leaning on an industry expert can ease the squeeze. A finance broker is one place to start. Beyond the cashflow conversation, they could also help put together a compelling loan application – with new finance often necessary to accelerate growth while things are going well. A good broker is a key part of the business ‘village’.

As is a lawyer. Especially for guidance on another common victim of the time-poor business owner: compliance. Like cashflow, a lack of consideration here can cripple growth at a stage where SMEs should be heading skyward.

“Nobody will want to invest in a non-compliant business,” says Matthew Boglis.

Considerations should includes protecting your business and what you’re selling – your essential intellectual property. Trademarks, patents, licence agreements, registration of business names, and employment agreements, are just some off the areas a lawyer can help.

This is about reputations, too.

“If you lose your reputation, it takes a long time to come back,” adds Matthew.

Businesses that hit the golden stage of ‘maturity’ are now seeing steady sales, declining costs, and growing profit.

They've mastered the puzzle, and for hard-working owners and committed investors, it’s time to reap the rewards.

“At the maturity stage many SMEs want to start to look at debt reduction says Sonja Pfitz, a financial broker and adviser.

A good support team, including a financial broker, can help to restructure financial arrangements and work with directors on strategies to issue dividends from the business to directors/shareholders in order to support future wealth opportunities.

Equally, business owners may be looking to retire, or parlay into a new opportunity. This could mean selling the business at the top-of-its game, perhaps a management buy-out arrangement, an employee stock ownership plan, or selling to a competitor.

Whatever the strategy, SMEs should be taking advice at the right time.

“A broker is crucial to that all happening,” Sonja adds. “We’re typically in the business more often, and can help plan this through carefully. We can help bring the groups together.”

Though not inevitable, the course for many SMEs will involve an eventual decline.

Whether gradual or sudden, temporary or permanent, our experts agree that the most important thing for an SME is to get in touch early.

“The number one thing that will make things go awry, is to put your head in the sand and avoid everything,” says Matthew.

“Being proactive can save your business,” agrees Sonja. “It’s not the end of the world, but you have to be proactive and speak with your consultants early.”

And there are many different scenarios that an SME can consider, including winding down a business, voluntary administration, selling the business, exploring an employee buy-out. In turn, each of these scenarios has its own considerations, from how to managing debts, obligations and agreements, through to varying tax implications.