If you thought that starting your own business required a lot of time, money, and resources, you’re in for the surprise of a lifetime when you’re ready to expand. Though expansion is a sign of a business going in the right direction, it is also a symbol of more responsibilities that must be carried out. Unless you’ve figured out some way to add more hours to the day, be in more than one location at once, or run all aspects of your growing business by yourself, you’re going to need some resources to rely on.
Whether you’re getting a new location, launching a new product or service, or deciding to extend your geographical reach, one thing that remains constant about a business expansion is that you won’t remain stationary very long. Trying to balance the success of the business while working on the success of the expansion is a lot to take on by yourself. From accounting and marketing to customer service and backend office work, there is a lot to be done to successfully expand. These resources below are sure to make growing your business a lot easier:
eCommerce businesses will need to have a payment solution to accommodate their growing customer and/or vendor base. Having the ability to accept electronic payments online from countries around the world becomes necessary to grow your business. A global payment gateway used for processing local and international payments can make a global bank transfer easier and affordable.
As a company expands, many business owners look to hire staff to help with some of the responsibilities. Whether that be a virtual assistant, accountant, or customer service representative, there are platforms that make hiring a remote team easy to manage. There are general freelance platforms where talented business professionals can be found for hire on a full, part-time, or as needed basis. Other options for staffing might come in the form of an industry-specific, location-based service provider. Companies like the North American Production Sharing, Inc. offers maquiladoras in Mexico (manufacturing services in Mexico) along with other staffing solutions like administrative, accounting, and logistics for seamless business manufacturing and distribution both domestic and foreign.
As your business expands, so will the need to stay on top of company finances. Higher expenses increased profits, and multi-state/country tax laws make it necessary to get more detailed in your accounting. While you may have been doing much of the accounting yourself in an excel spreadsheet, once you expand you’ll need to invest in accounting software. There are several free and affordable platforms online that help with accounting tasks like invoicing, bookkeeping, and payroll. You might also consider hiring a freelance accountant who specializes in expansions and tax law in multiple states/countries to ensure that you’re in compliance.
There are a lot of online tools that can be used to make your small business a success. Expanding a business requires a great deal of time, money, and effort. To ensure that you can keep up with the influx of new business and the stress it sometimes brings, it is ideal to invest in some or all of the above-mentioned online resources for assistance.