There comes a time in most every business owner’s life when he/she needs to decide, “Is my business ready to take the next step toward growth?” I know that during my 13 years of owning a virtual accounting office we have experienced growing pains and we learned some valuable lessons from them. Learning makes them not as painful as they might have been because you can apply those Picture6lessons again and again as you continue to grow.

If your business is on the edge of growth, here are a few questions you should ask when deciding how to move forward:

  1. How competitive are you with those in your niche market? If you grow, will you become more visible to them and will that mean you will need to do even more to stand out from the crowd?
  2. If you become larger, will you run the risk of losing your smaller clients? Is it your smaller clients that helped you get where you are today? If so, and if a new business model means you will only take on clients of size XYZ where in the past you worked with everyone from ABC on up to W will you risk losing your base?
  3. Do you have the resources to grow? Resources could mean office space and will likely mean an increase in payroll. If you take on those expenses will your company remain profitable until the increased revenue comes in?
  4. Do you have the systems in place to support growth? Every business needs solid written systems to ensure consistency of service.
  5. Do you have the management team in place to support growth? If growth means that you’ll be working 50 or 60 hours a week, is that the lifestyle you want?

If you think you’re on the verge of business growth, talk to your trusted advisors, like your accountant, attorney, banker, financial advisor, insurance agent, and mentor, to make certain you have the resources and processes in place to attain and maintain that higher level.

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