Pros and Cons: Growing Your Business

growing green plants

A string of good fortune in sales and income can tempt any small business owner to consider growing their business. An unexpected spurt of sales or growth can provide the financial resources to take that leap into expansion, whether it be expanding services or taking on new products. Yet before any decision, it’s good to consider possible problems caused by rapid growth:

— Hiring new employees requires more office space. Can you sustain your commitment to a higher lease amount or the expense to build out?

— Will new employees create staff turnover due to competition, hurt feeling of being passed over, or unusually heavy workloads?

— Will expansion hurt employee morale? A shortfall of cash to meet expansion costs could mean that workers must generate more income, creating a burden on all employees and risking the loss of experienced workers.

For business owners experiencing rapid growth, it essential to understand whether the growth is temporary or permanent, for example, the result of demand for your product or service or a local scarcity due to a competitor’s closing. Regardless of the reason, expand sustainably…that means, find a professional business adviser to help you:

  • identify your goals
  • understand the key phases of product life cycle
  • extend the skills and capabilities of staff and management
  • negotiate complex deals and contracts
  • minimize any business risk

At DL MoneyMatters, we wish all our customers good fortune, growth and prosperity!

What Happened to Work Ethic?

Blame it on the pandemic for changing the behavior and attitudes of millions of Americans — especially the American worker. When workers were forced to work from home, we were given (though not by design) the opportunity to reevaluate our priorities. 

office staff meeting around conference table

To summarize several studies, what America workers now say is more important:

  • Be and stay healthy.
  • Eat right; exercise often.
  • Pay equal attention to physical vs mental health.
  • Appreciate life over a job.
  • Put personal freedom above financial goals.
  • Rely less on large gatherings for entertainment.
  • Put relationships above a standard of living.
  • Put our own views ahead of public health officials and politicians.

Basically, American workers, post-pandemic, look at life as is more important that a job, and if that job can be performed over a computer from home, that’s even better.

It’s a far cry from the pre-pandemic times with life centered around the workplace and companies dreamed of expansion to multiple locations. How an office looked, worked, and functioned were considerations when deciding where to work. Now, it’s not about space, it’s about people…and the shift requires big changes in how companies shape, manage, tend, and lead their people.

The American work ethic in terms of productivity, creativity, and resourcefulness has not changed … after all, we are still proud, free, and strive for success. So employers are understanding the importance of offering, where possible, flexibility to work remotely. The challenge to reengage people back into the office, at least for the foreseeable future, is dim.

On reflection, is it so bad to want to be near our children and loved ones, putting fewer miles on our car, eating lunch from the refrigerator rather than a restaurant, and still be a contributing factor to the American workforce? History will know soon enough.

An Accountant Can Do What?

We all know that as a small business accountant we help you to keep your eyes on your business, employees, and customers while we provide regular financial reports and statements that help managers make informed decisions with the most up-to-date data. We help by overseeing payroll and estimating tax payments throughout the year, and make sure our clients are in compliance with all regulatory and reporting required by the government. 

accountant speeding through day at her desk

You hire us because you value strategic advice and want someone else to watch the finances so you can concentrate on your customers, employees, and strategies. 

But what else can we do? You might be surprised…

A. Want to expand or start a new business? We can help you prepare what you’ll need to convince investors and lenders to help with startup costs.

B. Too many moving parts in your business? We can help you figure out what’s important and where the revenue stream is sourced. We can help sort your key performance indicators (KPI’s) and suggest or provide all the tools needed to measure progress.

C. Need someone to listen and support you? Being a business owner is tough, and it can be lonely when things are hard. We can help by giving you a non-judgmental ear or help you cope with stress by breaking down big problems into smaller, more manageable parts.

We are more than good software. The most important thing we can do as your accountant is to make your business better! As your accountants, if we don’t have the answers, we know who does.