Business Start-ups Experts

Before you decide on your business structure (sole trader, partnership, trust, company etc.) you need to consider asset protection, the potential admission of new partners and your eligibility for discount capital gains tax concessions. The wrong choice of accounting software (and supporting tech stack) can be disastrous and there are so many software options with price tags to match. While we prefer programs like Xero and MYOB, we need to assess your business needs and the required level of accounting skill before we make recommendations.

It is not a ‘one size fits all’ approach. We cater for all shapes, types, and sizes of start-ups, including advising you before, during, and after you start your business. We help “glovebox” tradies transition into highly efficient cloud-based operations, and we help high volume savvy businesses plan how to go to the next level.

Part of our client brief is to minimise the cost of compliance and the right software is an important part of the equation.

Of course, during the start-up phase, there are simple things like GST, ABN and TFN registrations to complete and if you are employing staff you also must consider HR issues plus register for Work Cover and the Superannuation Guarantee. According to the World Bank’s 2011 Doing Business Report, Australia is the second easiest place in the world to start a business with entrepreneurs needing only two days to get a business registered and operational. However, before you start the registration process you need to assess the viability of the business which necessitates the preparation of budgets, forecasts, and cash flows. This might mean identifying your best- and worst-case scenarios and potentially shelving the idea or refining the product, prices, or services.

Make no mistake, starting or buying a business necessitates research, risk, passion, and courage but the most important ingredient is planning. That old saying, ‘if you fail to plan then you’re planning to fail’ still applies. It remains both valuable advice and a warning for people intending to start a business.

A master plan is much more than a business plan. As a Best Practice Certified Business Advisory Firm, we know how to help you create a strategy that includes you eventually owning a business that works for you rather than you working for it!

Creating a business plan that outlines the ‘big picture’ for your business usually incorporates a marketing plan and supporting financial projections. We often help clients to create a start-up expense checklist to identify all their business start-up costs and they usually get a shock when they miss items like branding expenses, signage and website costs just to name a few.

Over the years we have developed several practical systems, tools, and checklists to help clients fast track through the start-up phase. Covid-19, technology and the internet have now altered the business landscapes and for a long time if not forever.

Understanding how to achieve our foundation mantra “80% of what I do is done by someone else 100% of the time” is essential to ensure you build a scalable, sustainable business that stops you from burning out and keeps your work-life balance objectives realistic and achievable.

Cashflow and Marketing are joined at the hip. Businesses fail to fund their own growth through a lack of cash flow stability. They also fail to grow when they’re unable to sustain a marketing budget. In today’s online world, websites and social media are mission-critical, along with Google customer reviews. The harsh reality is that enthusiasm, money, hard work, talent, or a great idea are not enough to guarantee success in business. You also need to have a marketing plan, and a blueprint for growing your business.

Unfortunately, many people starting or buying a business fail because they don’t seek or receive the right professional advice from the outset. We are proud of our reputation as a business specialist, and we enjoy helping clients with their entire business needs. Our role is to support and guide you through the process and it starts with the right advice. Having assisted so many clients in your situation you can benefit from our experience.

We are passionate about your business success. Ask us about our ongoing mentoring and advisory services and how these can be tailored to meet your specific needs.

We invite you to book a COMPLIMENTARY, one-hour introductory consultation to discuss your business needs. You’ll get practical business, tax, marketing, and financial advice designed to help you build your business and grow your wealth. To book a time, contact us today.