Various studies indicate that 80% of small businesses fail in the first five years. Research indicates that those businesses, which are well prepared are those that perform best. Starting a business is a process. We can assist you with that process in the following ways:
Business Plan Preparation:
A well organised business plan gives you the ability to test your ideas on paper and provide structure to your business, what it does, its offerings and how you will achieve it. It also shows prospective financiers that you are serious about your business operations, have a plan on how to achieve your organisational goals and where you want to be in the next 5 years.
Business Structure Choice:
Choosing the business structure is not just about getting the best tax result. It is about what is right for you whilst providing flexibility for your future expansion plans. Getting the right business structure is crucial. We have experience with a wide range of structures starting from basic sole traders to complex trust and company structures.
Assess your Finance Requirements:
Sometimes the biggest obstacle to business growth is ensuring that you have the right finance in place to grow. A proactive approach to your business needs ensures that you have sufficient capital to grow in the future.
Depending on your business you may need to be registered with several different bodies such as the Australian Taxation Office and ASIC.
We can formulate and implement financial controls that will comply with statutory requirements and assist in owner protection. It is easier to get your processes correct when the business is small, rather than waiting until later.
Assess ongoing viability:
As a general rule we like to discuss our client’s business results with them. We can also prepare management reporting packs that identify key drivers in the business and potential improvement areas. This helps you, the owner, keep control of your business.