How To Give Your Business The Best Opportunity To Succeed

Do you want to know more?

Help From Your Small Business Accountants

Written by: Amanda Wilkens l Accounting Team

I am often heard to say;

“You should look at your business as a tree.  You need to keep the tree really healthy so that you can pick and enjoy the fruit from it”.

So, in order to keep your business healthy so that you will reap the rewards of your success, you need to regularly review it to make sure that it is performing at its optimum.

This is good advice when you are just starting out and a good reminder if you are already on your business journey.  Here are seven steps that you can take to make sure your business has every opportunity to succeed and remember that each of these steps is relevant if you are considering a new business or if you are already operating it.

Seven Steps For Starting A New Business + Operating Your Current Business

Step One: Evaluate Your Situation

Before you start making changes, it’s a good idea to make sure you have a full understanding of the very fundamentals of your business.  You need to be very clear –

  • What am I selling?
  • Who am I selling it to?
  • How do I reach them?

Once this is bedded down, it is a good idea to make sure that the legal structure under which your business operates is suitable.  This should be set up properly at the start and be reviewed during your business journey to make sure that it is still working to your advantage.  It could be time to change from a sole proprietor to a company, partnership or trust.  It could be time to change because your business is growing and you are considering taking another person into your business.

Step Two: Analysis

Step Three: Set Clear Goals

Start with broad goals and then narrow them down to a manageable and achievable ‘to do’ list.  Prioritise them and work out which goals needs to be concentrated on first.

  • Specific – state clearly what you want to achieve
  • Measurable – make sure you can evaluate the success
  • Achievable – check your objective is something you have the time and resources to meet
  • Relevant – make sure your objectives improve profit drivers and improve some part of your business
  • Timely – set a specific date for completion

Be committed to making sure that you give them the time they deserve.  Your business goals may change over time as your business matures and there is nothing wrong with that, but if you don’t have goals to work towards you can waste time and money operating without a plan.  Think of this as your roadmap to success.

Step Four: Be Clear On What You Are Good At

Successful businesses are efficient!

Make sure you only do what you are good at and seek professional advice from your accountant at Canny Accounting and your legal advisor at Canny Legal to make sure you are on the right track and that you understand your obligations and what opportunities are available.  Find marketing experts, IT specialists and additional staff to help you when your business can afford it.  Support yourself with people who are better and smarter than you and are experts in their field.  Having reliable and trustworthy advisers will let you unleash your entrepreneurial skills so that you can continue to have those inspirational ideas that will keep your business current.

Step Five: Cashflow is Queen

Make sure you work with a budget so that there are no surprises!

You can’t grow without cash and your business could close altogether without it.  Prepare a cash flow forecast before you begin your business and then you can refine it as you understand your business more and more.  Be mindful to keep to your budget and be disciplined about your spending.  This is an area that you will need your accountant to help you with.  It goes hand-in-hand with managing your risk and ensuring that you have appropriate insurance cover in the event of an accident or mishap.  Your financial planner and an insurance broker can assist you with this as you need to consider the business and the business owners as well.

Step Six: Keep Good Records

Having a beautiful ‘set of books’ won’t make you rich, but it will save you time and effort when you have to provide your information to your accountant, lender, new business partner or a prospective purchase to name a few.

Good record-keeping makes it easier to make business judgements as you have clear and reliable data to make financial decisions with.  Record Management is about knowing what you have, where you have it, and also how long you have to keep it.

Even if your financial literacy is low, you should still be able to read a “profit & Loss” and a “Balance Sheet” and better yet, our team at Canny Accounting can show you how from the start!

Have you considered putting on a bookkeeper?  Check out this article that we have put together on How A Bookkeeper Can Improve Your Business – it has everything you need to know if you are on the fence about using a bookkeeper!

Step Seven: Always Keep Learning + Learn From Your Mistakes

Along your business journey, it is likely that you will make decisions and have actions that you regret.  You need to be mature and honest and take on board any feedback that is given, be prepared to continually learn new things, be open to giving new ideas a try if they fit with your goals and budget for them accordingly.  Experts in every field continue to adapt to new technology which can bring about efficiencies.  Also learn to accept customer feedback and be open to suggestions for improvement.  Ask customers and colleagues to make suggestions on how the delivery of your business can be improved.  You never know, there could be some amazing, yet simple ideas that could help improve your business.

Canny Group, Your Businesses Success + Much More Than Just Taxation Services

We are here to help and we have been helping our clients for the past 62 years and we have no intention of slowing down.  Get in touch with our team to find out how we can help you with your business and ensure that you are giving it the best opportunity to succeed from the start, the middle or the end depending on where you are on your business journey.  Our accounting, legal and financial advisory teams can work together to guide you through any or all of the areas that we have touched on above.

 Picture of our director, Amanda Wilkens in the centre wearing a black dress and a shiny necklace with lots of different sentimental pieces attached to it

Recent Posts

Jana Clack – Independent Finance Broker

From working for one of Australia’s largest independent finance broking firms and taking a short hiatus before returning to the industry in 2021 to set up as a broker herself...

Read More

Steps to Starting A New Business

Steps to Starting A New Business Written by: Anshul Gupta l Accounting Team   While there are many Australians who dream about being their own boss, the reality of setting...

Read More

Assessment of the Former Home When Entering Into Aged Care

What Happens To The Family Home When Moving Into Aged Care? Written by: Samantha Butcher l Advisory Team   A question we are asked every day by our clients, who...

Read More

The ‘Power’ in Power of Attorney

The ‘Power’ in Power of Attorney Written by: Karlene Wightman l Legal Team   It’s a common myth that when you divorce or separate from your partner that your Powers...

Read More

Facts Matter

Facts Matter (When It Comes To the National Disability Insurance Agency) Written by: Anthea Taylor l NDIS Plan Management Team   As the saying goes, never let the truth get...

Read More

Sit + Stay Pet Services

Sit & Stay Pet Services Entrusting your furry four-legged friend with someone when you’re heading away overnight, engaging in training walks or one-on-one sessions or simply taking them for a...

Read More