PRESS RELEASE: 4 survival tips for small business
I have come across several small business owners that have been revisiting their business plans and strategies for the rest of this current financial year. I consult with a diverse group of small business owners with a wealth of practical knowledge totalling 120 years of combined small business experience.
I posed the question to them: “what are your tips, for a small businesses survival?” I distilled their responses into the following four points:
Make a plan:
I have found over the years that many small businesses ignore this, not because they are being inept, it’s normally because they’re just too busy, and it just falls into the ‘too hard’ basket.
Good businesses have plans, mediocre businesses don’t.
The discipline of writing your plan down is time well spent. It will give you focus and direction, everyone agreed. Even a simple SWOT analysis is a good discipline. It’s not just about outlining strengths and weaknesses of the business, it also lists the opportunities, the threats that you might confront, and how you plan to cope, manage or take advantage of them.
Watch your pennies:
The old saying that ‘Cash is King’, is right. Business owners that have created a plan normally are better at setting a budget and sticking to it. Set a realistic budget that is based off realistic assumptions.
The biggest ‘bugbear’ for small business is cashflow. All the best made plans are worth the paper they are printed on, if you aren’t keeping your receivables ‘in check’. It’s about what’s in your bank account; hence ‘Cash is King’.
Good advisors:
Look for good advisors and listen to them. It will cost however don’t shirk on getting professional advice. Make sure you deal with specialists in their relevant field.
When considering advisors, there are some basic fundamentals; research the company, interview at least three candidate groups; check references from their current client list; you have to feel that you can trust them. They will become partners in your success, and you will need to speak openly and honestly with them. Trust is key.
Tech & Software Solutions:
Most small business have a love/hate relationship with today’s technologies. Businesses are becoming more reliant on various software solutions; apps, websites, payment gateways and it feels like the more software the better. I can feel the unanimous groan from everyone reading this as it seems it’s getting harder and harder to decipher technology and software solutions.
In short, don’t over capitalise on technology and software this is a trap and a lot of businesses fall into. You can ‘over gear’ and end up paying too much; “I only need a Commodore, not a Ferrari”. It will take effort to work out the right tech and software mix for your business.
In line with this thinking, recently the Australian Tax Office introduced their mandatory Single Touch Payroll (STP) reporting for all employers. This came into effect back in July this year, all employers must report employees’ pay and superannuation details to the ATO through its new single-touch system. This needs to be implemented by all businesses.
STP may create a tech headache for some small businesses. Having said that there are several solutions in the market, and the question then is, “how do I make the decision on which payroll software applications to work with.”
Think about the following pointers; try not to over capitalise; address what are you trying to fix; there are fit-for-purpose solutions out there; find the one that fits your budget.
I found Easy Payslip answered my needs; it was easy to set up, easy to operate, STP compliant, ATO approved and has a local Aussie support team. I can run my payroll from my phone or from my desktop. I like its flexibility and the bottom line, it’s not expensive, I can set up for as little as $8.80 per month after an initial 30-day Free trial.
If you want to find out more visit Easy Payslip at www.easypayslip.com or visit your Android or iOS app stores.
