Landing a big contract is great news for you and your business. But before you pop the champagne cork you’ve got some thinking (and talking) to do.
Increased business = Increased risk.
Growing your business means your business increases in value, which also means an increase in risk. Getting the right business advice is crucial when any significant changes happen to your business situation.
Your accountant will be able to help you review your current business structure to make sure it’s suitable for increased income levels. Particular attention should be paid to ensure your personal assets are protected from creditors should things not work out as planned.
It is important to review your business structure when significant changes in the business occur. The right entity should take into consideration your new circumstances as well as; asset protection, tax minimisation and costs.
Some contracts (especially government) require audited financials, cash flows and/or management accounts to be included with the tender. Ensure your financial records are kept up to date and make sure your accountant can easily access the information they require to create the types of reports you need to include in a timely manner.
We like nothing more than to see our clients succeed. So that phone call to your accountant, when you win a job should be a happy one.
If you need business advice after winning significant contracts, talk to us and arrange a consultation.
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