No matter the length of time you’ve owned a business, you may be at a point now where it makes sense for some change.
With that thought in mind, what possible change could you see coming for your business?
Could How You Run Your Business Be Changing?
In looking at possible change that may be coming your way, here are some possibilities:
1. Making a change in the structure – Are you at a point where you could see changing how your company is structured? For example, you may decide to go from LLC to C corp. Doing so can provide you with potential tax benefits and going after venture capital. It can also open the door to providing equity to employees. Be sure you do your research before making such significant change. There are experts in the business world able to help you with such a decision.
2. Using more tech in the workplace – Depending on the company you have and industry in, tech may or may not play a big role. That said you may be at a point where you want to use more technology. For example, you may have a lot of paper office files. While they can be easy to access and you do not need a web connection for them, there are potential liabilities. What happens if there is a flood or fire in your office? Some or many of those papers files could end up being compromised. Having such papers stored electronically can make them safer and quick to pull up. That is on your computer, tablet and more. Decide if using more tech in the workplace would be beneficial to your company and how best to go about it.
3. Relocating where you work from – How long have you been in your current office setting unless it is your home? In the event your office can no longer meet your needs, are you looking at the possibility of moving? Changing offices is a big deal for a variety of reasons. For one, do you have customers that come to see you on a regular basis? If yes, how will the change to another location impact them? The same can be said if you have employees with you and what a move might do for them. Finally, would moving to a different office space mean larger costs? Unless you own the building you’d be housed in, you’re looking at rent and other expenses. Think things through before deciding to go all in on a move.
4. Selling your business and to move on – Last, is there any possibility where you’d end up selling the business? That is moving along to something else? Yes, this would be a drastic move to say the least. That said it can open the door to myriad of possibilities. That is from starting another business to going to work in the corporate world to retirement. In considering such a big move, think this through long and hard.
As you contemplate possible change for your business, what might you be leaning to?