A FIRM GRIP
Great new business opportunities don’t come around that often for most people in business, unless of course it’s you that’s creating them. That’s the difference between ordinary businessmen and true entrepreneurs: They create the opportunity and ‘seize the day.’
￼New business opportunities are slippery things; you need to get a firm grip on them and act quickly. You may not be the only one who’s seen the chance and if your not quick to take control you’ll loose out. Examples might be new product opportunities, particularly those exposed because of regulatory changes or advances in new technologies; there might even be an ‘app for that.’
The chance to pursue a great new opportunity can be a tempting prospect. But, just as it may represent a significant boost and growth opportunity for your business, it may have unforeseen downsides. What will you do if you see new business opportunities and want to expand your business in that direction quickly, what questions come to mind?
- Do you have sufficient cash to fund such an expansion?
- Are there any tax friendly investment schemes available to you?
- Will other business functions suffer if you use the cash for this project?
- What’s the real impact of the expansion likely to be a year down the road? • What’s the risk if you don’t pursue it?
- Maybe not pursuing it would represent an unacceptable gain for a rival?
- What’s your Plan B if it doesn’t work out?
Questions like these and many others that need to be raised can be real enthusiasm killers, but need not be if they are carefully discussed with professionals who have been around the block a few times and have the experience to share from other ventures who have faced similar situations.
As your partner in growth, Berley wants to make sure you are able to grab hold of new and exciting opportunities that make sense for your business and help you exploit them as efficiently as possible, so you can firmly size the day.