From afar running your own business looks relatively straight forward. You have an idea, you run with that idea and then you work tirelessly to make it happen but one thing all business owners can relate to is the What Comes Next Conundrum.
For start-ups it’s the usual what do I need to do first and then next scenario. You’ve probably been told or have heard that a high percentage of startups fail and often this is due to lack of planning. So before that grey cloud starts to descend there are steps you can take to assist in your own success.
Let’s make it simple and point out the fundamentals of the What Comes Next Conundrum looks like.
OUR ADVICE AT THIS STAGE IS:
Make a Business plan - map your road to success.
Understand what policies and procedures are - including health and safety, safe operating procedures, codes of conduct.
Be clear about your terms and conditions - these will save you time and energy in the long term if your T & C’s are clearly communicated.
Take on a coach and work with your Client Manager at Grace Team who can explain and help with cash flow, improving revenue, working out margins, cloud accounting software ….
Be strategic - what do you need to do to achieve to stay in business year on year.
Understand your competition - how can you do things better than the rest.
Learn the 101 Business Cycle - know the difference between cashflow and profit.
“Learning the difference between cashflow and profit. Wow - that’s a steep learning curve and I’m sure a lot of business owners can relate to that on some level. The art of running a
consistently profitable business comes down to having a results driven business plan and hard work that’s for sure”. Billy Emeny, CBK Tauranga.
“Right from the beginning working with Michael has helped us lay solid foundations. Now as we reflect back it’s the confidence you gain working together that allows you to take the next steps for your business. Without that confidence we couldn’t have done what we’ve done”. Amy & Todd, Alliance RV
MAINTAINING YOUR POSITION AND PLANNING FOR GROWTH
The What Comes Next for those who have been in business
longer and wish to grow is equally as challenging. What might have started as a one or two man business might now include staff. You may need a bigger site or a site in a better location and our clients who have been through this have a thing or two to help you with some of these challenges:
“Possibly not very exciting but be conservative, make sure you can “tick all the boxes” which includes financials. It may have taken us longer to grow the company but having a rock solid foundation was important to the way we wanted to run the business”. Don Mahoney, Supacrete
“Another key piece of advice is ask for help when you need it. You can’t be experts at everything so there’s no point trying to muddle through”. Barbara, Kings Seeds
“Goal setting with Michael has been invaluable. There are certainly tangible results we can tick off like increased profit, an overall better understanding of the business as a whole with a clearer plan in place for now and into the future.
We’ve measured what that increase actually looks like and so far our turnover has increased by 24.6%, gross profit increased by 28.5% and net profit has increased by 25%. The numbers are starting to stack up that’s for sure”. Amy, Alliance RV
The business of running a business is a healthy mixture of understanding your role and responsibilities, enjoying doing things your way, offering a great product and service blended with having the emotional intelligence around asking for help from other experts. You can’t be Jack or Jackie of All Trades.
YOU DON'T NEED TO GO IT ALONE
As you know Grace Team Accounting offers business coaching services that not only has a positive effect on business performance and results but naturally overlaps and impacts personally as well.
It’s the difference between going it alone and whether you’re a business owner, in a business partnership or a sole trader; let’s face it at times it can be lonely. Not only lonely but when you’re called on to make all the major business decisions it can become overwhelming.
What does it take to be a good leader, manager, boss or self-manager? The ability to discuss challenges openly and honestly is one. The willingness to invest time and money into improving the status quo is another one.
Stepping out of your comfort zone creates a chain reaction. If the past few years have been challenging and things might not be playing out as expected or you’re happy with the way things in your business are now but want to plan for the future then talk to us. Arrange a meet, download and get a grip on things.