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Most businesses need to grow in today's competitive market place if not only to survive. It is very difficult to plan to stand still without going into decline! As an owner-manager you need to determine the growth prospects of your business and develop a clear strategy to help you achieve these goals.
Expansion, whether organic, through acquisition or merger or due to an injection of finance, needs to be fostered. Businesses which undergo unchecked, explosive growth often find themselves facing a cash flow crisis which can prove catastrophic.
In growing your business, decide where your market is and how it can be accessed. The trend towards global markets, improved technology and communications and the reduction of trade barriers has made international expansion a priority for an increasing number of successful businesses. Meanwhile the e-commerce revolution means that businesses now have a whole new set of opportunities and challenges to address.
As you business grows and prospers it is essential that the financial structure evolves in harmony to ensure it remains appropriate to the needs of both the business and the owner-manager.
Question whether you wish to retain control of the business as it gets bigger. If originally set up as a partnership, you are likely to reach a stage when it becomes tax-efficient to incorporate the business as a limited company. This in turn will raise other issues such as share ownership.
Whatever stage of development you are at, new drive, new ambition and constant rejuvenation are essential qualities if your business is to stay ahead of the competition.
We at Grant Thornton understand the commercial philosophy which separates a successful business from an unsuccessful one. We work with you to achieve your ambitions and maximise the benefits for you and your business.
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