Planning can be tough for any entrepreneur. It’s tough to think about where you want to see your business in a year or two let alone five years from now. It’s even tougher when the planning is due to the future of your business looking rocky. Being able to analyze what your options are and decide which option is best for your business is important. When times are good and you can’t stop pushing ahead, but the same can be said when times are not looking so good and you have be proactive.
It was recently reported that Wyoming, Michigan-based Metro Health is looking for a partner. As everyone is aware, there have been numerous changes and reforms in the healthcare industry. It is these changes and reforms that have spurred Metro to seek a partner that can give the capital and size it feels will be necessary to compete in this new healthcare era.
Metro has stated that the business is not for sale but rather they are seeking to partner with another entity or form a joint venture of some type. Numerous other healthcare institutions have completed similar business transactions recently. Some of these transactions have taken place in Michigan. Metro hopes to have this transaction completed within the next 12 months.
Metro is taking proactive actions to plan for the business’ future. It has analyzed the situation and determined that in order to remain a competitive business it needs to combine forces with another healthcare facility. Your West Michigan manufacturing business might not need to partner with a competitor but maybe your operations need to be reduced, or you need to find new suppliers that provide raw materials for less, or maybe a partnership or joint venture with a supplier is beneficial to compete with larger competitors.
Too many businesses become stagnant. They grow complacent with the status quo thinking that things are always going to remain the same. Their business plan never evolves or looks to grow. The problem arises when those rocky times come and you and your small business has not planned for the future. You have not taken steps to remain competitive or you have not grown to a point to endure the hard times. These transactions will make your business money in the long run; especially when the alternative is to go out of business.
Source: “Metro Health launches search for strategic partner” by Mark Sanchez of MiBiz