The expansion of a business is an exciting prospect, one filled with the promise of an extended reach and higher profits. Your growth may be fueled by the need to meet surging demand in an area of your product line, or you might see a new opportunity in your industry or a related market. You may even be acting in anticipation of a new trend that you’re seeing ahead of your competitors.
However, visions of growth, expansion, and financial success must be tempered with the practical aspects of growing a business. Maximising resources, updating your business structure, and fulfilling legal options are just a few nuts and bolts examples. The following points cover some of the most important areas you’ll need to address in order to grow your business successfully:
Update Your Business Plan
When was the last time you reviewed your business plan? It should be updated and refined to reflect your evolving goals for growth and change. Doing so is also an excellent opportunity to merge your new ideas and finalise an updated vision for your company.
Maximise Resources and Opportunities
Nobody knows your business better than you do, but even the most experienced business owner can’t be an expert in everything. Are you aware of all the resources that are available to you? From business consultancy to financing to new vendors and software tools, there is a wide range of support to help facilitate your expansion.
Research what’s out there and find out how to make your business expansion as seamless and stress-free as possible. Financing as well as advice about how to restructure your business is available in every sector; you don’t have to do it alone.
Emergency Management and Recovery
It’s easy to push emergency planning to the back of your mind, but what you’re really doing is setting your business up to fail if something bad were to ever happen. A solid emergency management plan protects your business in the event of unexpected disruptions. It should be well structured and tailored to your changing business needs. If you already have a plan, take steps to update it to cover your broader reach. If you don’t have an emergency management and recovery plan, it’s time to create one.
Updating Your Business Structure
Will your upcoming expansion require a change to your business structure and classification? Will you remain private or go public? In addition to making these changes internally, you’ll also be required to notify the relevant agencies.
How will changes to your existing business structure affect your corporate governance requirements? Governance should be structured to address current business objectives. As they change, your corporate governance structure will also require adjustment. Changes to the board of directors may be part of this; however, corporate governance can also relate to the community, your customers, and to other organisations related to your business.
Have you considered the tax implications of your business growth? Will you require additional licenses and permits? These areas must be fully and thoroughly addressed so that your expansion takes place legally and in full compliance with current regulations.
A bigger business needs more employees, but have you given much thought to the type of employees you need? You’ll have to consider the type of skill sets that your growing business will require now and in the near future. This in turn will affect your current employment structuring, conditions and corporate climate. Consider salary levels as well as other associated costs of expanding your staff.
Do you know where to obtain additional finance for growth? Loans, savings, invoice financing, business angels, venture capitalists, share ownership or equity, floating on the stock exchange, and government funding are all viable options. The Invoice Market offers invoice financing and other funding options.
Expanding your business is an exhilarating time. However, it also calls for preparation and making key changes to your company’s structure. Are you prepared to make these changes accurately and successfully?
Contact tim today to book a consultation. We look forward to assisting you in making a successful leap forward and bringing your business to the next level!