Did you know 97% of all businesses in Australia are classified as Small Business?
The Australian Bureau of Statistics shows tens of thousands of small businesses are entering and leaving the economy every year. The good news is the rates of those business surviving their first year has increased in the last 10 years.
In such a volatile segment of the economy it is essential to take strong steps to create a good foundation early on for a sustainable and profitable future. Here’s how.
Keep your eyes on the numbers
If you’re just starting out, you may be surprised by just how quickly those day to day expenses add up. It’s important to make sure, right from day one, that you consistently track your spending, file your receipts, and monitor your income and expenses with an easy, reliable accounting system.
In addition to being able to collaborate more efficiently with your bookkeeper and accountant so you can get advice whenever you need it and using KPI’s to improve your business, you’ll avoid the stress and hassle come tax time—and be empowered every day to make better, smarter business decisions.
Don’t neglect marketing
All business owners are incredibly busy, and it can be a real challenge to find the time to promote your business. The other challenge for new businesses is money—but every small business needs to invest in marketing activities that will bring in more sales and keep the cash flow flowing.
It’s wise to be wary of costly large-scale marketing strategies when you’re just starting out. The best use of your time in the early days is to really get to know your customers and how they tick, so you can design (or hire an expert to mastermind) highly appealing, cost-effective campaigns.
And don’t turn a blind eye to what you’re competitors are up to. Monitor how they attract new customers and think about how you can improve on what they’re doing—or take a completely different approach to promoting your business that will help your young brand stand apart.
Touch base with a business advisor
Every successful business owner learns from experience—not to mention failure, which can be the greatest of all teachers.
While it’s true that “you don’t know what you don’t know”, you can shrink your learning curve by reaching out to experienced mentors for guidance.
Consider working with a small business consultant who can provide personalised advice to help you make it through the first year—and an ongoing objective perspective on your business, industry, and market going forward.
How NCA Can Assist
Here at NCA we offer our services in a package arrangement where you have the opportunity to put more than one service into a weekly, monthly or quarterly bill. As part of this package we can include ongoing meetings to act as a financial mentor for your business. Whether you are growing, maintaining or looking to get into something new we have the expert staff to assist in this process. Please contact us for further information.