JOHN'S TOP 10 HINTS FOR START UPS
As your Australian small business bookkeeper, we're always looking at ways to assist all types of businesses, whether they are start ups or those that have been around for many years. Here's a couple of tips from one of our Elder Beans, John Corias for those start ups needing a couple of helpful hints to actually get them off to a great start!
- As a small business, always have an adequate cash reserves, as the first 12 months will be the leanest.
- Set up a separate bank account and put money into it on a regular basis for your next quarterly BAS.
- Get your business structure established before business begins.
- Have a business plan in place and review it constantly. Don't be afraid to update or change it.
- Social media is a valuable source of marketing and brand awareness for your small business.
- Cash flow is King for small business. Plan to chase your debtors on a regular basis and negotiate with suppliers
- Have a filing system set up and ready to go before the paperwork starts piling up.
- Have a plan to meet with a business mentor and business accountant every month so you have someone to bounce ideas around with.
- If you plan to employ staff, check that all your paperwork is in order.
- Never become complacent, always review agreements with suppliers, customers and even your bank. A better deal could save you thousands.