Is your bank balance ready for your business expansion plans?
Sitting on your laurels and finding yourself wallowing in complacency has never been your style.
Your company is flourishing with sales figures on the up, revenue pouring in and your profit margins looking healthier than ever. At the moment you are in the fortunate position of watching the incredibly fruitful corporate situation play out.
However, back to reality and you know that you need to build upon your success and not wait until a rival manages to surpass your financial achievements. It’s time to make those expansion plans a reality.
However, no matter how healthy your bank balance is looking, growth costs money, and you need to make sure all of your monetary ducks are in a well-coiffed row before you embark on the next stage of your business vision.
Get the pros in
Even though you may have some expert financial whizzkids in-house, it always pays to get an eternal eye to check over your figures. Hotfoot it over to a financial advisors directory and find a reputable financial advisor in your local vicinity. You can easily locate a few close to you, have a casual chat and find one that you mesh with and can work with you within your budget.
As well as a financial adviser, you may want to have a chat with your bank manager and make sure that you still have the right account to suit the needs of your business. You may find as your cash flow increases, better deals open up to you. It’s wise to ensure that you explore every avenue to obtain the most financially rewarding scenario for your company.
If you find that your plans to shift to an international market, move offices or open up a new physical store require more money than you were expecting, you have two options. You could scale back your plans or seek external finance. Loans and crowdfunding are both viable sources as well as the potential addition of a business angel to your personnel.
However, you choose to fund the growth of your business, make sure you have a well-structured plan that details your financial forecasting for at least the next twelve months. Imagine you are starting from scratch all over again and launching a new company. You can never be too prepared.
If you are venturing down a path that sees the creation of new roles and jobs within your company you may need to start hiring. Ensure that you vet any potential employee stringently. Someone may come through your door with the most incredible qualifications and exceptional relevant experience, but if you find it hard to strike up a conversation with them and they don’t seem to fit the ethos of your company, the chances are that the appointment won’t work out. Use your gut and hire the people who will mesh well with your business.
Expanding your business is exciting and terrifying at the same time. Get it right, and you could find your company becoming the market leader you always envisaged it to be.