Transitioning from Small to Medium BusinessTue, 12th Mar 2019
Business growth is an exciting reinforcement and validation of all the hard work you’ve put in to your small business. You have big goals, and naturally you want to grow and build your business, however there are some important factors to consider when doing so.
Risk minimisation during business growth or change is an important factor, and one of our areas of expertise at Carroll Goldsmith. Here are our top four things to consider prior to and during business growth:
It is worthwhile researching what your business is capable of doing with its money and other resources. For this process you might consider talking to a lawyer or business advisor to help point you in the right direction.
We suggest analysing your business in order to make projections of how your business may do in the future.
Without goals, it is impossible to measure your businesses progress. Are you clear on the short and long term goals for your business? Are they measurable and realistic?
French aviator and author, Antoine de Saint-Exupéry, said ‘A goal without a plan is just a wish’.
Do you have a formal plan for business growth? Have you considered how rapid or sudden growth will impact your business, and are you prepared for it?
In this regard, we can assist with aspects such as considering what the best ownership structure for your business (sole trader, company, trust, partnership) may be; whether you need a specific set of terms & conditions with your customers; whether a partnership agreement is required; and estate planning.
4. Formalise Your Agreements
It is so important to create written business agreements. Whether it be between business partners, lenders or employees, it is imperative to have these agreements in writing and not rely on informal, verbal agreements.
We offer a full range of Business and Commercial legal services to businesses operating throughout the Mornington Peninsula, and would be happy to assist in protecting you, and your personal and commercial assets. We take great pride in supporting local businesses and being part of their growth and success.
Level 1, 176 Main St, Mornington 3931
PO Box 628, Mornington 3931
Phone: (03) 5975 7588
Mon - Fri: 9:00am - 5pm