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Business Growth: How to Plan for (and Make the Most of) This Critical Stage

While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be true.

The start-up phase, for example, is when you write a formal business plan. You secure financing, you select your business structure, and you do all the other work required to get your enterprise off the ground. On the other end of the spectrum, we have the maturity phase, which is when you do what it takes to remain both competitive and sustainable for as long as possible.

In between that, however, we have what is known as the growth phase - one that often catches a lot of new entrepreneurs in particular off-guard. Still, this is an exceptional opportunity to grow from the business you're running into the one you hoped you'd be in charge of when you started, provided that you're able to keep a few key things in mind.

Maximizing Business Growth: Breaking Things Down

As stated, the growth phase of any business is all about two things: expansion and innovation. The first is natural because as your company begins to grow larger, you need to adapt what you're doing to accommodate for that and embrace it. You can't necessarily get to that point without innovation, however. This is when you determine which of your current efforts are working, which ones aren't, and make adjustments accordingly.

From the financial side of the spectrum, one of the major things that you'll want to account for during the growth phase has to do with taxes. During growth, things like federal, state, and local taxes are subject to laws that can often change frequently without warning. Keep track of (or at least, hiring a professional to do so) these changes can help you better understand what choices you need to make in terms of structuring, what types of incentives you can offer to your employees to help empower innovation and more.

Along the same lines, there will also be certain considerations that you make regarding your accounting in general. During this stage of your business' life, you'll want to work hard to A) generate a consistent income, so that you can B) attract as many new customers as possible.

For the best results, use this as an opportunity to re-evaluate your current systems, with IT being chief among them. What do you need to be able to do to generate consistent income that you can't do right now? What did you once need but don't any longer? These are critical questions to answer to help make sure that your business' value continues to grow with its size.

Slow and Steady Wins the Race

During the growth phase of your business, you'll also at least need to acknowledge that you are more subject to certain economic considerations than ever - some of which will be beyond your control. Because of that, you'll need to keep a close eye on factors like cash flow and make sure that you understand how much you have available to be used as leverage. You'll need to start making decisions with all key stakeholders in mind. That includes but is not limited to not only customers but also any other owners and also regulatory bodies in mind.

Finally, understand that it is very likely that your personal finances will grow as your business does the same. That's why, during this phase of your company, it's equally important to focus your attention inward whenever possible.

If you haven't already started to do so, now would be an excellent time to talk to a professional about factors like estate planning. You'll also want to have frank discussions about the amount of taxes that you'll be exposed to. Even though retiring may be years or even decades away in your mind, it's never too early to start thinking about who your assets will eventually pass to moving forward.

In the end, know that every stage of your business' life will be one that you must remain actively involved in for the best results. It's just that the things you're concerned about in the start-up phase will naturally change as you move into growth, maturity, and beyond. Regardless, you'll always want to make decisions with an eye toward both short-term gains and long-term opportunities. The better you get at doing that, the more success you'll be able to create for yourself in the future.

If you'd like to find out more information about how to effectively plan for and make the most of the business growth stage of your company, or if you'd just like to discuss your own needs with an expert in a bit more detail, please feel free to contact us today.

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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)

Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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