Most businesses view growth as a sign of success. Yet uncontrolled expansion could jeopardize your company’s future. Consider these key points as you map out a plan for growth.
- Keep more of what you make. A thorough business and tax review may reveal tax-cutting opportunities and other steps you can take to operate your business more profitably.
- Review insurance needs. Keep your insurance agent apprised of what you are doing in your business. Changes in your business equipment, the amount of inventory, the number of employees, and your real estate holdings are all causes for a review of your insurance.
- Manage your cash wisely. Lack of liquidity is a key factor in most business failures. Some effective cash management techniques include reducing receivables, speeding collections with early payment discounts, making payment on bills no sooner than the due date, lowering excess inventory, and investing excess cash.
- Learn the rules for employees. Hiring your first employee is usually a learning experience. Unfortunately, the rules and paperwork don’t get any easier as your business grows. In fact, different rules silently kick in as your employee head count reaches certain thresholds. Before you hire an employee, make sure you understand the total cost and obligation you are undertaking.
- Outshine the competition. Business competition gets more intense every year. One way to stay competitive is to limit your product or service line and become more of a specialist. Stick to what you do best. This will give your customers the confidence that you can fill their needs more readily than another company.
For assistance with the challenges of growing your business, contact our office. We’re here to help you succeed.
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