Growing a Business?
What are my business growth options?
- Organic growth – If you have a strong, well-planned, well-marketed business then often pure organic growth is all the business needs. But as the business grows, it’s vital to ensure that you have the right controls, advice, and systems in place.
- Business acquisition – Buying a business can be a great way to expand locally or further afield. Also, it enables you to access new customers or add on extra services and products.
- Diversification – Diversification into new products, services or markets may be the new lease of life that your business needs. Often there are grants and incentives available. Please ask.
What do I need to consider when growing a business?
Finance – Sourcing, applying for and getting the right type of funding for growth, acquisition and new equipment.
Structure – Have you got the systems and structures that can support your growth? Having the right staff is crucial.
Premises – Are your premises big enough, will your lease run out?
Outsourcing – Outsourcing some functions on a short term or longer term basis may assist in the period of expansion.
Tax planning – Optimising your tax position can help keep much-needed cash funds to assist the growth process.
These are some of the factors to consider when expanding a business. If you’ve any questions about your business, then please call or email us, or even pop in for a chat.
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