“Australia is a nation of small businesses.” This is according to Kate Carnell, the country’s Small Business and Family Enterprise Ombudsman.
Every year, the number of small businesses in the country increases, as more and more entrepreneurs turn their ideas into reality. However, setting up an enterprise and making it work are two different things.
Having a successful business venture is easier said than done. In fact, a 2019 research shows that a small business’s survival rate within four years is 77.6 per cent. On the other hand, sole traders and micro businesses have a survival rate of 59.6 per cent to 69.3 per cent.
To run a successful business in 2020 and beyond, you need to make sure that you have the necessary systems in place and have sufficient support. Not sure how to go about it? Here are some tips to get you started.
Manage Your Finances Wisely
Mismanagement of financial resources is a common problem among entrepreneurs. And it’s understandable. As a small business owner, you may have to do multiple tasks, including cashflow forecasting, accounting, and taxation. It can be overwhelming!
The key to running a successful business is knowing when you need the help of experts. Keep your finances in check by working with accountants who can review them regularly. A reliable accountant could help you find competitive rates in some of the best financial institutions in the country. Additionally, they would be able to ensure that your repayments won’t affect your cash flow.
Time management is also essential for business owners. Remember, time is money, and if you’re spending time on tasks that could have been automated, then you’re wasting money.
Business automation is an evolving trend. The sooner you incorporate it into your business, the more productive you will become. Some tasks you could automate are accounting, payroll, customer service, and data management.
Develop an Innovative Customer Service Process
With everyone spending a lot of time online, many prefer to reach out to businesses via online channels such as messaging apps, social networks, and company websites.
Make it easy for current and potential customers to get in touch with you, and you’re more likely to keep them.
Embrace Remote Work
According to research, a lack of skills is the second common problem among small businesses.
Be a competitive employer by offering better perks to your employees such as allowing them to work remotely. With this flexibility, you could build a talented workforce that doesn’t just have the skills you need but is also up-to-date with business trends.
Maximize the Gig Economy
As your business expands, you will find yourself needing specific types of professionals occasionally but not enough to hire someone full-time. Make the most of the gig economy and work with freelancers! This way, you make the most of your budget and still get the service you need.
Are you planning to build your start-up in 2020? Congratulations, you’re in for an exciting ride, and we’re here to help you get started.
Sutherland Reid & Farrar offers business solutions and online accounting services for your growing enterprise. You don’t have to manage your business alone. Work with us for results-driven solutions, and let’s make your business a success! Fill out our contact form to learn more about our services.