What is the difference between your small business and those businesses we all hear about doubling or tripling in size over a period of time? Are they lucky? Do they have better connections than you? Maybe they have better customer service than you? While any of those answers might be the difference, it is more likely that those businesses made the conscious effort to grow and expand. They made the deliberate decision that they wanted to get bigger and not hope for growth to come naturally. So how can you be the next great success story?
Rieva Lesonsky of SCORE business advisers made 4 recommendations for a business that is looking to grow or expand: 1) Consider your current business; 2) Assess your expansion capital; 3) Don’t keep it a secret; and 4) Plan for success. These 4 things might seem overwhelming but growth should be a deliberate action and there is help out there for you. This is The Business Law Group’s spin on Lesonsky’s suggestions.
Consider Your Current Business. A small business attorney can make sure that your core business is strong and secure. Reviewing/drafting contracts, shoring up potential employment issues, and risk management are just a few of the things your lawyer can do to make sure your current business runs as close to expected as possible during a time when resources can be thin. This allows you to concentrate on new ventures.
Assess Your Expansion Capital. CPA’s and accountants have years of education and experience in financial matters beyond filling out tax documents. They can fill you on what tangible assets you have and what financing you might be able to get. This can set your budget and schedule for growth.
Don’t Keep It A Secret. Sometimes we can be afraid of announcing plans because if they don’t work out there is a stigma we would like to avoid. In the early stages there might be some proprietary aspects that you want to protect too. A Grand Rapids small business law firm can help protect your proprietary information and a marketing expert can advise on the correct way to launch your new venture to make the biggest splash on the market.
Plan For Success. Getting the right processes in place can be crucial. When your new venture takes off there will be more potential for legal issues and places to stumble. With a little bit of planning you can avoid most of those issues. At the same time, you can put processes in place that protect your business so that the growth becomes a part of the core. This planning can set you up for your next plans for growth.
Being deliberate with your growth and expansion can take a lot of the risk out of the equation. Planning and being proactive is invaluable. Paying for professionals like accountants, marketers and business lawyers to fix issues is exponentially more than if you had hired them before starting the process. Don’t undervalue an “ounce of prevention.”
For more information of planning for growth and other business help contact The Business Law Group today.
Source: “Should You Start a Spinoff Business?” by Rieva Lesonsky of SCORE.org