My No. 1 Tip for Small Business Success!

My No. 1 Tip for Small Business Success!

Published Mar 02, 2017

I am regularly asked what my No.1 tip for small business success is?

My answer is quite simple - talk to your accountant and make a plan! Accountants deal with all kinds of business structures everyday and are highly qualified to help you navigate the complexities of business life. 

All too often, we hear stories of failed small businesses that have been brilliant at serving their customers but, after some time, fail due to poor administration or simply a lack of business knowledge. The theory that business owners should be able to manage all aspects of their business on a daily basis is simply not fair or true; having the right people in the right positions and utilising resources, such as accountants, to seek advice will reduce the risk of your small business becoming another statistic.

Your accountant should talk to you about a business plan. 

A basic business plan is the best place to start when it comes to moving your business forward. Not a business plan in the traditional sense, that is aimed at an audience, but a business plan that gets you thinking about what your business is and why you started in the first place.

It doesn't need to be fifty pages long, try two to begin with.

  • On one page list your Vision, Values and what you would like to achieve. 
  • On a second page list the main things that keep you awake at night.

I guarantee, cashflow will be near the top and another might be lack of assistance from people you trust, such as your accountant. 

A discussion around the two pages you have prepared, and assistance to prepare a cash flow budget, can solve so many issues you otherwise deal with on a daily basis. Knowing that you have the cash available to pay an upcoming BAS or loan repayment can relieve a lot of stress and let you do what you do best, deliver that quality service or product that gave you the confidence to start your own small business in the first place.