Growing Your Business

When we operate a business, there comes a point where we need to decide if we stay as we are and turn away new clients because we don’t have the capacity OR take steps to grow our business.

An advantage of staying small is that you may be able to keep under the GST threshold and therefore minimise your paperwork. Plus, you don’t have to stress about employing or contracting staff, which often comes with growth. However, when you remain small, you usually have to look for work because you need new or constant clients to fill the gaps when needed.

When you grow your business, there are also several advantages and challenges. With growth comes more profit. This could mean that your position in the company will evolve from doing the work to overseeing and managing those who do it. When your turnover hits the $60,000 threshold, you will need to register for GST and will therefore need to increase your prices. Growth also means you will likely need to employ staff or contractors. This in itself can add to your workload, as you will need to become familiar with employment law. You may also need to change your business structure, as the entity you operate under means bigger risk—especially if you employ people or take on contractors. There is an extra cost in changing your business structure.

It's a lot to consider. So, that’s why it might be time to book a consultation with Ōmokoroa Accounting as part of our Quarterly Reviews service.

If you’re a growing business, we can sit down with you to go over the pros and cons and decide what’s best for your business. Quarterly Reviews are a review of your financial performance, and budget, and an evaluation of your procedures and processes. Together, we can look for opportunities to streamline your operations and support your business growth. This would include setting clear targets and goals and tracking your business’s performance.

If you’re a business that’s experiencing rapid growth, then ask us about our Quarterly Review service. We’re here to help you navigate the next phase with confidence.