If your business has been doing particularly well in the recent past, you may be thinking about a substantial expansion. Before you proceed, however, you will need to assess all of the potential outcomes and look at many options from a financial perspective. What factors do you need to keep an eye on, and how difficult is it to generate this detail?

1. Step It Up

Many growing companies have internal processes that help them balance the books and deal with taxes and other obligations. Some of these processes may be straightforward and not need expert input, but when it comes to forecasting and strategic planning, you may need to bring in specialist advisers.

It may be easy to assume that growing a successful business means doing "more of the same." However, this is far from certain, and you need to dig deep to determine exactly why your company is profitable now.

2. Determine Key Indicators

To begin with, figure out the key performance indicators in the business and make sure that you have ways to monitor their performance through different growth scenarios. You will need to assess the impact (and associated likelihood) of certain risks and how they may affect those key indicators. You will then need to have a plan in place with defined actions so that you can make changes as needed along the way.

3. Lead an Engaged Staff

Also, make sure that the necessary personnel are fully engaged and understand the plan ahead. You will need to generate detailed budgets and forecasts and share this information with them so everyone is confident about the path forward.

4. Separate the Wood from the Trees

When engaged in a successful business on a daily basis, it can often be difficult to separate the wood from the trees. This is why it's essential to bring in an experienced external adviser who may see threats or opportunities that you may not. They will also be able to develop a strategy that can bring your major goals to fruition, which will help prioritise areas of focus to achieve those goals.

In addition, an adviser will help you to review progress at predetermined strategic dates. As needed, they will be able to assess any changes and help to implement them accordingly.

5. See Outward Investment

An experienced accounting and financial strategy adviser can help you to look at the bigger picture. As the business grows, you may need to invest money externally to provide more equity for further growth in the years to come.

It's always ideal to bring in external advisers who can give you the benefit of their experience and a fresh set of eyes. Contact business advisory services to learn more. 

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