5 Business Advisors To Consult When Mapping Out A Company Expansion

Embarking on a company expansion can feel like plotting a major world tour. You’ve got your sights set on new horizons, your ambitions are packed, and your team is ready to rumble. 

But just like any other journey in life, a little expert guidance and advice is your best way to navigate the inevitable twists and turns you’ll encounter along the way. This means listening to the best minds to navigate the intricate scaling up process. From financial strategizing to securing the right insurance, having a trusted circle can make all the difference. 

So, who are the right people to have on speed dial as you take your business to the next level? Here are 5 key business advisors you should contact when mapping out your company expansion.

1. Financial Planner: Your Strategic Navigator

A financial planner is your go-to expert for drawing up the roadmap for your business expansion. They’ll be the strategic navigator who helps you chart the safest and most profitable path forward. Expanding your business is not simply about being brilliant at what you do or building up a nice client base, it’s also ensuring that you have the working capital and mechanisms within your organisation to ensure long-term survival.

Come prepared with plenty of questions to ask financial planners before committing to the one you’ll work with. Ask them what sort of clients they’ve worked with before, what qualifications they possess, and what services they can offer you now and in the future. Work with someone who is transparent, and will tell you honestly if company expansion is not the best idea for your business at this moment in time.

What Does A Financial Planner Do?

A financial advisor will assess your current financial health, analysing your cash flow, profitability, and reserves to ensure a solid foundation. They’ll identify areas for cost saving or revenue generating if you are on unstable ground. They’ll also help you form a financial plan that supports your business goals, from securing funding and debt management to investment opportunities.

More than just strategy, a financial advisor can assist in predicting the sorts of challenges (from increased operating expenses to new capital requirements) that typically come hand-in-hand with expansion. They’ll create a detailed financial plan with contingency strategies, preparing you for any surprises along the way. With a financial advisor by your side, you can ensure that you’re making informed decisions that support your long-term success.

2. Business Lawyer: Your Legal Safeguard

The legal landscape can be pretty overwhelming for business owners. This is exactly why a business lawyer becomes your best friend on your journey towards expansion. A business lawyer’s role is to ensure your expansion efforts comply with all relevant laws and regulations, minimising the risk of legal issues down the road.

What Does A Business Lawyer Do?

One of the first things a business lawyer will do is review your existing contracts and agreements to make sure they’re up-to-date and suitable for your operations. If you’re entering new markets, your business lawyer will help you navigate the legal requirements specific to those couriers and regions, from securing permits to protecting intellectual property.

They will help you structure new businesses or partnerships, and establish subsidiaries, joint ventures or mergers. And if you’re raising capital or bringing in new investors, your attorney will draft and review documents to protect your interests. A business lawyer is like your legal parachute. When you expand, they’re there to ensure you land safe and sound, on a solid legal foundation.

3. Accountant: Your Financial Architect

The next indispensable team member is a business accountant. While your financial advisor focuses on strategy, your accountant deals with the nitty-gritty of day-to-day finances like payroll or tax documentation, making sure everything is in top shape as your company scales. 

What Does An Accountant Do?

One of the biggest tasks your accountant will face during an expansion is updating your payroll system. As your team grows, so do your payroll responsibilities. A good accountant can set up your payroll system in a way that is scalable and legally compliant, helping you avoid costly issues like underpayment or tax miscalculations.

Accountants are crucial when dealing with tax. Expansion of your business generally sets off a few changes in your fiscal obligations, whether that be graduating to certain revenue thresholds, operating in different regions or hiring new staff. An accountant will help you navigate such changes by updating your tax documentation to ensure full regulatory compliance.

An accountant will also help you revise your business structure if necessary. The way you structured your small business may no longer work as the company continues to grow, and your accountant will guide you through these changes seamlessly.

4. Banker: Your Financial Ally

Next, a trusted banker is vital to your company’s expansion. Your banker is actually one of the biggest financial allies you have — they’ll help you secure capital for growth and manage working capital effectively as you scale. Whether you’re looking to secure a business loan, a new line of credit, or simply need your cash flow optimised —  your banker is the one to call.

What Does A Banker Do?

Expanding a business frequently necessitates the injection of some serious capital, and your banker will assist you in exploring financing options for your expansion, and providing guidance on the best choices for your situation. 

In addition, a banker can also help you better manage your cash flow during an expansion. Scaling up can strain your cash reserves, so your banker can map out ways to keep the money flowing as you grow.

5. Business Insurance Broker: Your Risk Manager

A business insurance broker is an essential advisor when planning a company expansion. As your business grows, so do your risks. Fortunately, a business insurance broker can evaluate your existing insurance and coverage policies, highlighting any potential shortfalls and suggesting the right policies to cover your expanding business.

What Does A Business Insurance Broker Do?

They will help you determine if something calls for more coverage (such as upping your liability or property insurance because of working in new locations). Not to forget, if you expand your business by entering new markets or industries, your broker will offer valuable advice on any specific insurance requirements. 

A business insurance broker is effectively your risk manager, ensuring your expansion is protected from anything that could derail your growth. They allow you to expand your business with confidence and peace of mind. 

5 contacts you should have for business expansion

Expanding a business is an exciting step, but you don’t have to (and shouldn’t) go it alone. So in summary, who are the 5 key advisors you should consult when mapping out your business expansion?

• Financial planner
• Business lawyer
• Accountant
• Banker
• Business insurance broker

With their expertise and your industry knowhow, you’ll have all the intellect you need to to navigate the complexities of company growth.