Top tips from those in the know

Top tips from those in the know

Posted in Business

The economy goes up and down and politicians and policies come and go. These all have an impact on business but are not always the main factors to business success. To thrive in business often comes down to hard work and learning fast. One of the best rules of business is to learn from others success and mistakes. Here are some words of wisdom from people HisBiz has worked with in the business community around making your business work for you. Wether you’re starting out, in the middle of it all, or a seasoned professional check out these suggestions.

Kevin Barnes | Wise Group CFO

• Understand who is going to buy your product/service.
• Keep overheads to absolute minimum.
• Watch your cashflow very closely – make sure there is some flexibility.
• Get good advice, such as a great accountant.
• Make sure people pay you - avoid bad debts!

Lesley Ann Thomas | People in Mind/Cambridge Chamber of Commerce

• Present yourself and your business well - the way you dress, you speak, the state of your car, your business card and your documentation.
• Clear separation between home and work - even if work the office is the kitchen table dress to go to work, ask your friends to call ahead not just pop in and take planned breaks to attend to the home jobs.
• Search for the right networking connections - this could be HisBiz, a Chamber of Commerce, BNI, another networking organisation or by creating some strategic alliances. Getting connections that work for you will help your business grow!
• Set up two business accounts (operational and savings) and transfer an agreed percentage from every payment to the savings account - meeting your GST and Income Tax payments will be a breeze.
• Even if you don't make your website operational secure the domain and make use of consistent branding by having an email address with your domain name included.

Murray Beer Director | Ibex Marketing

Make a business plan. This should be a clear, written statement of your product(s), service(s) or business idea.

• It should be brief enough that you refer to it frequently and detailed enough to be effective.
• Buy or borrow recent books on business success relevant to your venture. Read some classics like Michael Gerber’s “E-Myth Revisited” or Seth Godin’s “Purple Cow” and “Tribes”.
• Spend time on your plan alone and then test it with research and advice.
• Adjust it as necessary. Do you want to be right or successful?

Research thoroughly the market segment and geographic location you want to operate in.

• Who else is delivering the same or similar product(s) or service(s)?
• What’s your point of difference?
• How well does your offering compare?
• How big is the demand?
• What are people prepared to pay?
• Do you have the expertise needed or can you hire the expertise needed?

Budget. What do you need to be able to start and operate?

• Location
• Fit out costs
• Equipment
• Licensing or Franchise fees
• Professional advice (Lawyer, Accountant, Business Advisor, Bank Fees, Wages, GST, PAYE, Provisional Tax, Terminal Tax…)
• Stock
• Staff
• Do you have enough cash reserve to live on until you are profitable?

Business advice from someone who has started and run a successful business of similar size and type. Draw on their experience to:

• critique your idea
• critique your business plan
• coach you in execution
• hold you accountable to your plan and budget.

Support.

• Have a close group of people who support you and understand your plan.
• Be realistic about the emotional cost of starting, growing and managing a business.
• Identify your weaknesses and hire staff and advisors with strengths in those areas.
• Be open to all forms of comment and make adjustments as needed.
• Be prepared to learn through mistakes – yours and others
• Roll your sleeves up and stick to it until it’s done.

Thanks to all who contributed their thoughts and pearls of wisdom. Use the comments section below to add more of your own.