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New to running a business?

New to running a business?

Introduction

Getting a business up and running for the first time is one of the most exciting financial ventures one can make, and may give you the financial control and freedom you’ve always wanted. However, it isn’t something that should be taken on lightly. There are a myriad of considerations that must be made when making the decision to start your own business, ranging from tax obligations to a sound marketing plan. Making sure all the pieces are in place before you start your business is crucial for establishing a solid foundation.

Getting Started

In order to create a business that is financially prosperous, stable and durable, it’s wise to start off on the right foot and have comprehensive plans in place. These include an overview of what you want your company to be, do and achieve; a documented financial plan; a basic marketing strategy; and detailed goals for the business. Having these in place early on helps with giving some direction to the business immediately, and is a step in the right direction. Another wise decision at the origin of your business is to engage the services of a business accountant, such as those at McKinley Plowman. Having someone on your team from the early stages means you will always have support and advice when you need it, and can have direct expert input to decisions you make within the business.

Your business accountant can also help you through the steps of applying for an ABN, and registering for GST. These are steps that you can complete yourself, however it is wise to engage with a professional to ensure all the criteria are met, and that your plan is in place before any applications are made. Advice in these early stages is invaluable in getting every aspect of the business setup process correct, and is excellent for educating yourself on the legal side of business.

Educating yourself

Being educated and up to date with the best ways to manage and run a business is invaluable. Being on top of changes to laws that affect your business, trends that you can get ahead of, and knowing what best practices work for you in your business are examples of areas that can improve the way you manage your venture, and it all comes from education. An excellent source of business-related education is through engaging with other business owners, particularly those who have established, successful companies. The real-life experiences of other business-people gives some relevance and clarity to problems and successes that are naturally a part of the business world. From this, you can take all the advice you receive and turn it into your business’ advantage.

Being well-read on different matters to consider through a business’ life is also important and having resources available as a reference can be handy to guide some decision-making processes that you will invariably face. Similarly, keeping all your business-related documents stored securely is vital for ensuring you do not lose any crucial data or have any sensitive information compromised. Also, keeping track of financial data, customer information and other relevant data is possible with spreadsheet software, and organised businesses have these in place and backed up from day one.

Planning for the Future.

An incredibly enticing benefit of owning and running your own business is securing the financial future for you and your family. While short-term plans need to be put in place, a long-term vision and strategy is vital for the success and sustainability of your business. Having a clear idea of how you want to achieve success in your new venture includes how you eventually exit the business, which is where succession planning comes into place. The succession plan process includes a look at your personal and family goals and works with those to shape a larger strategy involving action plans and timelines; financial performance measures and management best practices. Although retirement is likely the furthest thing from your mind as you look into starting a business, knowing what you want to have achieved by retirement allows you to work towards a specific, ideal reality – what could be more motivating than that?

Nigel Plowman

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Prior to forming McKinley Plowman, Nigel specialised in management consulting and international accounting, enjoying success in Australia and in the United Kingdom. His extensive experience in management consulting, international accounting and innovative tax structures has been a major driver in the success of McKinley Plowman as well as the many businesses he has steered towards new levels. Nigel is dedicated to fast-tracking his client goals with cutting edge tax and business strategies. He is a member of the CPAs and the Taxation Institute of Australia and enjoys developing tax strategies that work well here and around the world.

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