Expansion is akin to starting your business on square one albeit with a few differences. For example, you must determine your resources, in terms of human, monetary and property assets, and your readiness to penetrate new markets with their new challenges. In both instances of being a startup and being on the verge of expansion, we strongly recommend hiring the best Rochester consulting and accounting firm.
You will be provided with expert assistance coupled with a wide network of connections across several industries, which will promote your expansion plans. The consultants including accountants will be of most assistance in four areas, namely, finding additional funding, planning for restructuring, evaluating export opportunities, and planning for an exit strategy.
Finding Additional Funding
Expansion plans require money, plenty of it. Even the largest corporation will get a multi-million bank loan, sell its shares of stock and adopt other means to raise money because of their expansion costs. You are then justified in your plans to find additional funding for your expansion plans despite your small business’ liquidity at present. But you must not jump into the first funding opportunity that comes your way! You should consult with the pros at the best Rochester consulting and accounting firm before making your move in the loan department. Keep in mind that your choice between debt and equity in additional financing will affect your cash flows in the future.
Planning for the Restructuring
Expansion also requires restructuring the organization from top to bottom. For example, you must coordinate with the best Rochester CPA on the following matters:
• Assessing your accounting and auditing systems, among other finance-related matters, to incorporate the planned new operations
• Developing new product lines to meet your financial goals in relation to the new expansion; and
• Designing ways to monitor the progress of the expansion in financial terms
Yes, even the organizational structure of the company must be evaluated so that it answers the new demands brought by the expansion.
Evaluating Export Opportunities
Yet another service that the best Rochester consulting and accounting firm can provide in your expansion plans is the evaluation of export opportunities. With finance professionals on your side, you are better able to assess the pros and cons of export opportunities, to consider the practical aspects of the export business, and to look at the bigger picture, so to speak. In your eagerness to cash in on the export opportunities, you may be missing out on certain crucial things that can lead to your business’ demise. An objective view from a Rochester CPA can prevent that from happening.
Planning for Exit Strategies
Then there is the exit strategy that also requires the expert assistance of the best Rochester consulting and accounting firm. An exit strategy is not an early admission that your business expansion plans will fail. Instead, it is planning for the future when you will want to sell your business at a profit, thus, the exit strategy.
Ultimately, even the best Rochester consulting and accounting firm can only provide for expert advice. You must also share your part of the responsibility and do your work because, in the end, it is your business, not the firm’s business, at stake.
There may be a time when the Internal Revenue Service comes knocking at your door. Actually, they will not send an IRS agent to your home or office except in very rare and serious situations. They definitely are not going to raid anyone’s…
RDG+Partners wants to be the primary advisor for motivated business owners. The firm is committed to providing boutique level accounting, tax and business consulting services to the Rochester, NY community.