While increased return on investment and profits are necessary for growth, it’s your accountant’s job to show as few profits on paper as possible to allow you to save on taxes. It’s a good idea to discuss with your accountant how you can legitimately transfer forward some of your operating expenses in order to increase your current profits.
But growth is not just about money – you also have to make major investments in terms of time and effort. You will be required to put in extra personal time, which might take a toll on your social life. An increased workload also means you might need to hire additional manpower. Before you initiate the growth phase for you business, carefully consider all the risks and benefits, and determine whether you have the necessary time, money and resources.
Remember: there is no right or wrong way, but it’s best to seek advice from experts who have industry experience and can guide you through the challenging growth phase. Accountants, lawyers, small business associations and even government publications provide useful information about making the right decisions.