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Congratulations on becoming a new business owner

Congratulations on becoming a business owner and getting your first business up and running. 

While the initial task of getting your business started is under way, your time is now focused on bringing customers on board and increasing revenue.

The reality of going into business is about surviving the first, second and third year, but more importantly gaining a level of profit that makes the business sustainable and worth owning.  The graph shows the current Australian Business Survival Rate from the Australian Bureau of Statistics (http://www.abs.gov.au/ausstats/abs@.nsf/mf/8165.0

The Yellow Survival Rate are businesses that consider and action the 5 key points below.  This is based on a 90% improvement in business survival.

Businesses that use external advisors and business Intelligence are more likely to be faster innovators, gain a competitive advantage and become more profitable and sustainable over the long term.

Actions That Will Make Your New Business Succeed.

There are several reasons why small businesses don’t survive and it's not normally contributed by global or local economic trends. Here are five top reasons why and what what action you can take:-

  1. Lack of Experience & Business Intelligence. This one reason is most prevalent in the first year of operation. Coupled with poor planning and mediocre business analysis, business owners with lack of experience are unlikely to succeed. The situation is even worse if your business is under capitalised and the owner has put everything on the line. The result is everything will go under, business, home and even relationships.  Action: Adopt a continuous learning strategy.  Attend business programs, build a network of friends / advisors that you can learn from and ask questions.

  2. Poor Visibility and Access. This is the death of any small business that depends on walk by traffic. Small businesses that are not located in high traffic or populated areas like malls or city centres have a higher chance of declaring bankruptcy than those that have higher visibility.  Being visible is so important and not just with a shop front as shoppers are heading to the internet to buy goods and services.  Action: Research locations and methods of improving your visibility to customers and creating the change.

  3. Poor Financial Control. Around one third of businesses fail due to poor financial control. Not knowing the operational cost, using a strategy of being the cheapest, mishandling of finance and poor credit arrangements will all trigger monetary difficulties.  The tell-tail-signs occur when sales are lower than anticipated or unplanned / unexpected bills are due.  Action: Understand how money moves in your business, read financial reports, cost products / services and plan / monitor cash flow.

  4. Ineffective Strategic Management. As business revenue grows, businesses are then at greater risk of poor strategic management. Not having systems in place to grow the business with control is the sign of the "Here one day, gone the next!" Having a business plan in place is important but also as a business grows with extra employees, contractors and clients, having business systems and procedures in place to managing risk, people and processes. Action: Learn how to establish, create business systems, educate and automate.

  5. Look Out and Back. Businesses fail because they don't look outside and review the business based on external changes.  Businesses need to identify and understand external conditions and to devise appropriate strategies to combat those unfavourable threats or secure opportunities when they appear. Business owners need to take time out to review there current position.  Action: A regular meeting with a business advisor, coach or mentor can help with financial review and to create focus to achieve short and long term goals.

Remember, it is just a matter of understanding your industry and adapting to change no matter what the circumstances may be.



Take Advantage Of Your Local Business Centre

Table Talks

These short 90 minute group discussions will help you gain insights to the workings of your business. Topic range from Business Intelligence, Automation, Planning, Business Systems and Financial Control. View Current topics and book in.

Business Systems and Automation

Gone are the days of static Word and Excel documents when it comes to sharing of information to your team and others.  Discover dynamic business systems that we have ready for you to use in your business today. Arrange a time to talk to an advisor today.

Business Structures That Protect Your Assets and Reduce Risk

Having the right business structure can help you protect your assets and reduce the risk of being in business.  The centre can help you select a structure that offers asset protection and tax minimisation. View how we can take the stress out of your business setup but also contact us to discuss your needs.





Advice, Coaching and Mentoring

An hour a month with a skill business owner will help you to review your business, secure opportunities and reduce threats. Having someone that understands you and your business can assist you to gain confidence and achieve long and short term goals. Arrange a time online.

Intellectual Property

Protect your business brand from others wanting to remove you from your brand or passing off as your business. Our Trademark services and Domain Name Registration can help you to protect your investment

Networking and In The Know

Knowing who can help you in business is only a network event away.  Regular networking events are held and you are very welcome to attend, connect and learn from others.  The Business Creators is open to all business owners and The Ruby Tree Club for our women business leaders.

Visibility - Business Listing

Being found online today is so important now and that is why we offer members the ability to promote there business through the "Keeping Business Local" directory.  Besides being actively promoted each month in emails and online, your business listing will also improve your Page Ranking and Google and other search engines.

Your Events and News

Let us help you spread the word about your business events or news. With a monthly exposure rate in the order of 20,000 people, we can help you create awareness around your business.

Online Media Is Gold

Quality media production is where we can certainly assist you and your business to be found online. Our fully equipped media studio is ready for you to release your first online ad or promotional video / podcast.

Facilities

Look professional by meeting potential clients or suppliers in the privacy of a Meeting Room or hold larger meetings in the Digital Boardroom.