HOW TO BUILD A SUCCESSFUL SMALL BUSINESS FROM THE GET GO
So, you’ve decided to start a small business, but where to from here? The journey from a great business idea to commercial reality can be fraught with challenges. To give your business its best chance at success, seek support from a qualified business accountant, ideally someone that specialises in small business management accounting. Your accountant will help you prepare a business plan; a document that will help determine the viability (success or failure) of your venture and also support its future financing and operational success. The key advantages of starting your own business are: there is no cost of goodwill attached to an existing business, personal satisfaction seeing your dream become a reality, and the opportunity to increase your personal wealth.
Small Business Basics - What you need to know
WHAT IS A BUSINESS PLAN IS AND WHY NEED TO HAVE ONE
A business plan is the blueprint of your business and should contain the goals of your business, methods to achieve those goals, and a timeline for achieving them. Consider it a compass; a tool that will help navigate you through all the ups and downs and onto a successful future.
Business plans also allow investors, management, suppliers, and importantly, lenders to assess the viability and performance of your business. It will help give them confidence in your vision and may impact on their decision to support (or finance) you.
While your business plan may assist you to secure finance it should never be filed away and forgotten – it is a working document, your personal guide to support your journey from start-up to success.
Failure to reference and work with a business plan regularly is one of the single biggest reasons small businesses fail within three years of start-up.
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DIFFERENT BUSINESS STRUCTURES & THE BEST LEGAL STRUCTURE FOR YOUR BUSINESS
The legal structure of your business can impact on its operation and ultimately, financial performance and owner/operator liability. Before rushing to set up your business as a sole trader, partnership, company, trust, or a combination of different structures, it would be wise to first consider: what personal or family members will, or are likely to, become involved in the business; current and possible future family circumstances that may affect the dynamics of relationships and the business; degree of risk involved with the type of business you are investing in; need for an investor or business principal to have limited liability; future growth; and, need for flexibility to cater for changing circumstances and including requirements of potential franchisors.
(Click through to BLOG ARTICLE for Business Structures
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IMPROVE PERFORMANCE AND CASH FLOW WITH LOW INTEREST BUSINESS FINANCE
Business Finance relates to the credit and money used by the business to conduct or improve efficiency of its operations and increase productivity, and ultimately profitability. Business finance is relied on by big business and small business across all types of industries.
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EFFECTIVE BUSINESS MANAGEMENT PROCESSES INCREASE PROFITABILITY
Good business management requires a commitment to increasing efficiency, productivity and profitability. The PICA Management Process is a management process created by Anthony Cerantonio and can be applied to any commercial or personal challenge. It is a process designed to re-energize, motivate and inspire both private individuals and small businesses owners to achieve their ultimate goals and objectives in pursuit of their personal visions.
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