5 Things You Need to do Before Expanding your Business
The main purpose of every business is to profit and to increase profits over time. We businessmen need to see the opportunities present in the market in a timely manner. Here are things you need to consider if you want to grow your business and increase your income stream:
- Evaluate your current company set up.
Is it profitable? Is there anything else you can do to improve your current operations? Make sure you identify your company’s strengths, weaknesses, opportunities, and threats. This is what we call a SWOT analysis. Knowing your company will allow you to think more strategically about how to be better.
- Consider the product or service you offer.
Is it something unique and sought after? Or is it a necessity across different kinds of people? If you want to expand your business you need to know the market demand for your product or service so you don’t waste your time putting up another business and wasting capital on something you won’t profit from.
- Reflect if you want to take the risk.
Every business venture is taking risks. There are legal and financial risks, to name a few. There’s a chance your company might be sued and there’s a chance that the company may go bankrupt. To mitigate these risks, make sure that you do Number 1 in this article: Evaluate your current company.
- Do your research on the new area where you plan to put up shop.
Just like the first time you put up your business, you first researched whether or not it will be feasible in the area. Knowing the market, foot traffic, and price range in the new potential area will help you make better decisions on how to advertise your products and services, as well as pricing them right.
- Get an accountant to do the math for you.
Keeping your books will be time-consuming so it is better for you to outsource a financial analyst to tell you how your company is doing and how you can improve. This will allow you to have more time to strategize on growing your business.
Jeffrey Fleurinor, CPA provides Accounting and Tax Services in Georgia. His services include: Bank reconciliation, Income Statement Generation, and Balance Sheet Generation.For a free consultation, call us at 404-884-9220 or email Jeffrey@jf-cpa.com. Visit our website for more information at www.jf-cpa.com.