Running any small business requires an ability to look at the bigger picture, problem solving and juggling skills. Aside from ensuring that your business turns a profit on a regular basis, you also need to be concerned with financial health over the long term.
That includes having a strategy in place for growth so you can enjoy a comfortable future with less reliance on you for the day to day tasks.
Getting a small business off the ground typically requires a certain amount of cash, risk and long hours. Once you are up and running, the next focus turns to growing your customer base, premises and profitability.
Taking out a business loan with Loanfinder may be the answer, if you don’t have sizable savings you can tap into. This also allows you to borrow against the value of your business cashflow and not against your family home or other means that do not suit you.
You may wish to borrow at times for expansions, new stock or wages. 40% of businesses look for some type of funding each year.
As a small business owner, GST and paying taxes may be one of the most unpleasant tasks on your to-do list, but it’s a necessity. If you’re not taking advantage of every available tax break, you may be shortchanging your growth and profit without even realising it.
Hiring an accountant to manage your accounts may increase your business expenses slightly, but it can also help to minimize your tax liability. In terms of building wealth, the long-term benefit can easily outweigh the cost.
Being a business owner requires a certain amount of juggling, and you simply may not have time to pay as much attention to your overall wealth or size of business as you’d like.
The size of your business affects your overall financial standing, including how banks see you, especially if you're a sole proprietor.
Most banks do not have managers available if you have less than $1,000,000 a year in sales. This means you need to look at alternate funding sources for your growth.
A successful small business can put you on the right path toward building wealth for you and your employees. The ability to look at the bigger picture and take opportunities to grow your business is essential to make sure it grows.
Keeping your eyes open for these opportunities and other challenges that may pop up along the way is the best solution for long term growth.