2018 Business Expansion
There are different types of expansion in your business. If you are over 5 years in same business, your growth will only come from expansion, merger or acquisition with other businesses being it same industry or another industry. At DNI Business we believe in different sources of income ie multiple pratices or pratices plus other sources. All these will increase turnover and your bottomline thereby giving you more money to Save Spend Invest and finance your lifestyle.
If you are still going to earn what you earned pm last year, please tell me how you will pay for your kids new school fees. Whether your child has passed or is repeating a grade you will pay a higher school fees. Your rent for business will also go up by 8 to 10 percent. How do you pay the increased rent? If you earn this year what you earned last year you may be forced to cut some operation costs...which is not that easy. Staff may also want a salary increase, how will you finance that
Tax may be increased as gov need money to fund free education..Vat may increase, and you may also to pay more VAT with same income
Expansion
Can expanding the market more different businesses or practices check www.drnkhumeleni.co.za or expand products or services more procedures. These happens only if you market internally to your staff alk you want to happen. This is time to be transparent as a business owner and staff about financial goals of rhe practice. Staff always think they are making lots of money for the Dr and month end Dr stress alone when there is no money. You need to know daily weekly and monthly about finances including your staff. If you dont you are unlikely to sustain any growth
Merger....ie shared economy
Have business partners eg DNI and Intercare
Acquisition
Buy friendly takeover buy in someone practice or buy out someone like Dr Ngema bought out DNI Maponya or
Hostile takeover ie when bank auction your practice
My 3rd child going varsity in few weeks and fees are double her school fees. If I dont earn more or reduce expenses I wont be able to pay her school fees
Wish you all thats good in 2018
DNI Business challenging the status quo
