You’re now probably wondering how you can grow your business beyond its current status and what steps you need to take to get there. Read on for our advice.
As a business grows, it will experience new and unique needs, challenges and opportunities.
You can draw on your investments to fund future needs, such as expansion, marketing initiatives and so forth. That way, you won’t need to use your personal investments to fund your business growth.
A good approach is to invest a portion of your profits into short- to medium-term investment products. By investing part of your profits rather than your working capital, you’ll ensure your investment strategy doesn’t interfere with your cash flow.
Your business investments will involve the same types of products in your personal investment portfolio (term deposits, mutual funds, or a combination of both). But they would be dedicated to your business and its growth and future needs. Talk to your investment advisor about the best plan for you.
What about business insurance?
As your business scales up, you’ll also need to ensure you have adequate business insurance coverage. In the early stages of the business some owners may overlook insurance but it becomes critical with growth and expansion.
Business insurance needs may vary widely. But in general, small business owners can consider the following types of protection:
- Coverage for the business owner, key partners and employees in case of illness, death or disability
- Coverage for the property and financial assets of the business
- Liability if your product causes injury, or if clients or employees are hurt on your premises
Think about how to help your employees.
A growing business likely means you now have staff on your payroll. A great way to recruit and retain the best employees is to offer them an attractive benefits package. This may include extended health care and dental coverage. Talk to your insurance provider about your needs and explore some options. And don’t forget, we’re always here to help.