Your basic options for business growth
Whether you’re developing new products or services, increasing your workforce, changing your marketing strategy or expanding your premises, growing your business takes extra resources and financial commitment.
There are some things you need to consider when thinking about growing your business including:
- Is growth the best idea for your business right now?
Before deciding what areas to invest in for growth, you should evaluate what sort of return that investment is likely to deliver. Your business and resources need to be able to handle the extra work and pressure that come with growth.
- How would you fund growth?
Do you have sufficient cash flow to fund growth initiatives or do you need additional money? Research the different options available to you in regards to business funding to understand which one suits your situation best. Find out more about your options for funding business growth.
- Do you need to review your business loans?
You can potentially save a lot of time and money restructuring and paying off your loans. Repaying debts that carry the highest interest rates or have least favourable tax implications should be a priority.
- Do you have a plan in place for the unexpected?
Having a good contingency plan can help address control and signatory issues if any partners in your business are temporarily or permanently unable to make business decisions for any reason. Get the right of insurance to match your changing business needs.
- Get advice before making changes
Before you decide to make major changes to the way you run your business it’s a good idea to consider getting financial advice. Talk to an Adviser who can provide you with a set of recommendations to help you grow your business.