There are a number of steps involved in growing your business. These steps include revising your business plan, following all legal requirements and hiring employees legally. Although you might be excited for these new changes, it is important not to rush this process and to be thorough.
Many business owners may feel so excited about this process that they inadvertently bypass steps in order to move things forward quickly. There are a number of reasons why this should be avoided.
First, it will not do you or your business any good to rush. In the end, taking the time to complete steps properly will actually help your business grow and succeed. Take the time to analyze all aspects of your business including:
- Creating or revising your business plan
- Considering all risks and developing a contingency plan
- Fulfilling all legal requirements
This last point cannot be stressed enough, as you do not want to discover that you have broken the law. Examples of this include not securing proper zoning or breaching a trademark or copyright. Taking time and completing the proper research will go a long way in avoiding this.
It will also help you to consider the unexpected things that might come your way (ex. experiencing a market downturn or new competition) and how you will create a plan to deal with this so you are prepared should it happen.
Therefore, give yourself time! Utilize the services of a professional such as an accountant, lawyer or bookkeeper, schedule a business consultation or revise/create your business plan.
For more information, please contact the Cornwall Business Enterprise Centre: www.businessenterprisecentre.ca