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Growing and expanding your business can be driven by a number of things, but whatever the reasons, it is important to step back and take a measured approach to any expansion decision.
Growth can generate a whole new set of challenges (as well as opportunities).
Central to expansion is keeping an eye on cashflow and how it will work. Larger businesses need more capital so it is vital a complete analysis of cashflow is conducted.
To help with the decision, you may also want to undertake an environmental analysis of your business. To prepare for any change in business, understanding your internal strengths and weaknesses, and your external opportunities and threats (SWOT) is important. It is imperative to evaluate clearly and not just react.
If you do not have a strategic plan, this is now the time to incorporate one into this next phase.
If you conclude that expanding is the way to go, you should then consider the following:
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Disclaimer
The information provided in this article does not constitute advice. The information is of a general nature only and does not take into account your individual financial situation. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you contact Brentnalls SA before making any decision to discuss your particular requirements or circumstances.
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Brentnalls SA
Our Location
255 Port Road
HINDMARSH SA 5007
PO Box 338
Welland SA 5007
"We feel confident in our financial decisions and can focus on growing our business with peace of mind."
John & Barbara Kalleske
Kalleske Vineyards Pty Ltd