Are you planning to leave your boring desk job and build your financial future with a business in mind? Starting a business can be daunting and overwhelming because despite the old adage “dream big,” reality bites. Hard.
Many small companies fold barely making it to their second year in the business. So how can you establish a solid foundation for your business idea? A Melbourne accountant or small accounting firm Melbourne who possesses a strong insight on the industry you want to penetrate will be able to help you by navigating through the rough waters.
Here are some tips:
1. Brand with a single purpose. Define your brand and market position. Instead of trying to please everyone, have a clear focus on how you want people to perceive your brand and what market segment you want to target.
2. Fire fast. If someone on your team is not working out, part ways now. It might leave the team crunched and you might have to work on Saturday and Sunday. Suck it up and do it. When hiring someone, tell them you have a 3-month trial period. On the second month, make sure to check-in and assess the relationship from both sides. This gives them a month to improve or keep on keeping on. If major issues remain unsolved by the end of that three months, bid goodbye.
4. Get upfront payments. Don’t start working until you get paid up front. Seriously, stop. Do something else until you get the money. It may feel cheeky, but there’s no faster way for an agency to fold than to carry the debt of your clients’ unpaid bills. For more financial advice, make sure to consult your Melbourne accountant or small accounting firm Melbourne.