mergers

11 Ways to Grow Your Business

  1. Get online– More people are likely to go to the internet to search for businesses than ever before. It’s important to establish an online presence in order to maximize your exposure. Be sure to consider your long term plans for SEO before you establish a web site. Many companies offer free or low cost web sites, but much of the SEO tools are either not available or they do not directly benefit your company. Also many of them do not allow you to keep the domain if you decide to change service providers.
  2. Target new markets- Your current market may indeed be serving you well, but might there be others you can explore? Get creative and do some research.
  3. Diversify- This is a great way to increase your business as it creates additional streams of income that can increase sales and profit margins. Here are some examples:
    • Accept paid speaking engagements or start your own expert blog
    • Teach classes
    • Import others’ products and/or export yours
    • Sell products or services that compliment yours
  4. Form an alliance– Look for similar types of businesses or ones that offer complimentary services or products.
  5. Utilize an Executive Suite– If your business is growing, but you’re not quite in a position to hire full time staff, this can be an excellent stepping stone. Most come with built in staff that can assist with receptionist services and use of equipment that you may not be ready to purchase. As your business grows you can then take on additional sales and support staff to further grow. Many Fortune 500 companies use them to establish additional locations.
  6. License your product– If you have a service or branded product, this can be an effective and low cost growth strategy. Licensing helps you to open up additional forms of income without having the expense of starting another business.
  7. Franchise your business– This allows you to grow without directly having to manage new locations while also giving you an opportunity to improve in other ways.
  8. Open a second location– If your current business location is under control, you may consider establishing a second location.
  9. Obtain a government contract– This can be one of the best ways to grow your business.
  10. Merge or acquire another business– Look for companies that are similar or complimentary to yours. Your established clientele can grow exponentially by combining forces.
  11. Go global– Locate foreign distributors with a U.S. representative that can help you get your product distributed internationally.

Documenting Your Business Activities

As stated in previous posts Corporate Record Keeping is essential when it comes to protecting your assets and tax benefits. Anything that is of major business consequence should be documented in your records. You need to show evidence that it was approved by the company.

Below are is a partial list of examples of business activities to document:

  • Amendments to the Articles
  • Annual Meetings of Shareholders/ Members
  • Annual Meetings of Directors/ Managers
  • Special Meetings of Shareholders, Directors/ Members
  • Authorization for Voting Proxy
  • Opening of bank account
  • Adding or changing bank signatories
  • Authorization to change or appoint company accountant
  • Authorization to appoint legal counsel
  • Authorization for payment of business travel
  • Changes to Bylaws or Operating Agreement
  • Changes in Stock/ Membership Certificates to correct errors or omissions
  • Changes in Officers/ Management (new appointments, resignations, dismissals)
  • Reimbursement for child care expenses
  • Independent contractor service (1099s for outside services)
  • Authorization for credit card
  • Authorization to establish line of credit for the company
  • Authorization for Foreign Qualification
  • Reimbursement for Life Insurance
  • Medical and Dental Reimbursement Plans
  • Mergers and acquisitions
  • Promissory Notes
  • Retirement Accounts
  • Purchase of Key-Man Policy
  • Real Estate leases or purchases
  • Setting salaries for Officers/ Managers
  • Authorization to pay for vehicle expenses (purchases, leases, maintenance, insurance, gasoline)
  • Dissolution of company

We do offer Corporate Record Keeping Assistance. For more information and sample forms, visit https://americancorpenterprises.com/what-we-offer/services/corporate-record-keeping/