I need to expand and diversify, but isn’t it a bad time?

Dear Aunty B,

I run a small services company. I recently travelled overseas and got the shock of my life as I saw companies in other industries offering our services.

I expect that trend to take hold in Australia in the next few years. So we need to expand now.

But when I raised it with my accountant and management team they all reacted negatively, saying now is not the time to expand.

Any ideas?

GS,
Adelaide

Dear GS,

I don’t need to give you any ideas. You have them all. You have seen the writing on the wall and you have the future vision. Yes, you need to expand now, regardless of the economic conditions. Many entrepreneurs look back and say a major regret was waiting too long to take the next step.

Also remember that some of the strongest businesses grow out of hard times.

What you need to do now is make sure your balance sheet is strong. Then spend time communicating this very carefully to your management team so they understand the opportunities.

As for your accountant – you may well need another one that is growth focused.

So go for it!

Your Aunty B.