If you are thinking of possible changes for your company, any thoughts to what they are likely to be?
From changing your location to how you promote your business and more change can come in many forms.
So, is it time your company saw some change?
Make Change Where You See Fit
In coming up with what you deem to be needed changes in your company, here are a few to consider:
1. Office location – If you only have one office location now, are you beginning to outgrow it? In the event you said yes, any chance you will look to stay and expand if possible? If you can’t expand at your present locale; how about moving to another locale? That of course will likely depend on how such a move would impact your business. For example, do you have customers coming to your present location? If you said yes, would a move elsewhere make it harder for them to do business with you? That is when it comes to traffic and more. In the event it would, you’d have to give pause to such a move. While you may in fact have to make the move, try and go somewhere will little to no impact on customers and employees.
2. Changing structure of company – You may consider change to how your company structure. As an example, would you think about looking to convert LLC to C corp? If you are not sure, now would be a good time to make sure you know the implications of such a decision. For one, this kind of change would help you to move towards a lower income tax bracket. Such a move also can lead to more attraction of your company by venture capitalists. Finally, making the change can allow you to pass along equity to your workers. No matter whether you end up making such a change or not, do your research. Look to work with professionals able and willing to help you out.
3. Opening up online store – Depending on the type of company you have, is an online store in play? Having such a store can bring in added revenue and of course exposure. That said now may be the time to think about adding one to your offerings. If you do go ahead with such a store, be sure to do it correctly from the start. Make sure you have all the resources needed to set it up and operate. One think that can bother consumers is if they go to use a brand’s online store and it fails to deliver. That is for example, one gets all the way to the checkout part of the buying process and it does not work the way it should. Now, how many of these customers do you think will take the time to go back and begin all over again? Do regular reviews of your online store to be sure it fires on all cylinders.
If you are looking at change with your company, where do you expect it to come from?