Starting your own business is extremely rewarding, but it’s also challenging. The business world is fast-moving, confusing and undoubtedly difficult to navigate at times. Concise business advice can set you on the right path so you can meet (and surpass) your goals.
Key Tips For Entrepreneurs In New Zealand
Regardless of whether you’re just starting your company or you’ve been managing your business for years, you always have room for improvement. A key part of being a continuously successful business person is adapting to change and growing for the better.
What should you do?
Have A Clear Vision And Mission For Your Company. Ask yourself this simple question: “Why did I start my business?” Are you looking to grow your wealth so you can become financially stable? Do you dream of changing the lives of those around you? Do you have a problem that you don’t see a solution to, so you’re creating the solution yourself?
One of the best pieces of business advice you will receive is to understand why you are doing what you are doing. Otherwise, you could feel directionless. Having something that drives your passion will push you to become better every day.
Keep An Eye On Local Laws And Regulations. Legal issues are frustrating, and they can be expensive and time-consuming. Avoid breaking any laws by understanding what specific regulations apply to your industry or region. For instance, if you make and sell food, there could be regulations about what you’re supposed to disclose to your customers, how you make your food, etc.
Understand Your Business Tax Obligations And Register For GST. You must register for GST if you trade over $60,000. Planning for taxes will help you understand and fulfil your tax obligations without any unpleasant surprises. Look into GST, income tax, employee obligations, etc.
Create A Realistic Business Plan. You’ll need more than just passion and dreams to make your business idea work. Create a realistic business plan and financial plan so you can stay afloat.
For your business plan, consider things like seeking professional business advice, highlighting short and long-term goals and so on. Think about where you are and where you want to be. Then, think about how you could realistically get from point A to point B. Staying realistic when making goals is extremely important, because setting them too high could quickly lead to disappointment.
Remember to consider your finances as well. Think about your profits, expenses and tax obligations. Working with an accountant will allow you to have a better grasp on your cash flow, funding needs, forecasts and more.
Analyse Your Risk. Every business move involves some kind of risk. It’s impossible to eliminate all risks, but you can smartly manage yours.
Analyse your risk by asking what could go wrong with your business. What kind of challenges could you face in the future? Once you’ve identified risks, you can then come up with plans for what you will do if they occur. You should also create strategies to mitigate these risks as much as possible.
Understand Your Market And Your Audience. Put yourself in your customer’s place and look at your business. What would you like to see? What makes you choose one company over another? You must understand your market and your audience so you can effectively cater to them.
Pay attention to your competitors and your industry as a whole. What are others doing? How can you stay ahead? Look into industry best practices and avoid getting left behind.
Seek Unbiased Business Advice. As a business owner who spends plenty of time with your company, it can often be difficult to take a step back and look at your company as a whole. You’ve put heaps of passion and care into your company, so separating your emotions from your operations can be very challenging. Because of this, you could have blind spots.
Work with unbiased third parties, like business coaches or accountants, who have no emotional or monetary investment in your company. They can look at your company from a fresh perspective, spotting opportunities and issues that you may have overlooked.
A skilled business coach can be an invaluable asset in your business journey. They can:
- Offer you unbiased advice.
- Refine your goals and strategies.
- Hold you accountable.
- Analyse risk and create risk mitigation strategies.
- Help you understand regulations and tax obligations.
- Keep you motivated.
Overall, a business coach can help you with all of the above-mentioned tips and more.
Growing As An Entrepreneur With Expert Business Advice
How would you like to improve? Reach out to our Allan Chartered Accounting team, and we’ll be glad to help. Our business coaching services can enhance your business like never before. We also offer accounting services, bookkeeping and payroll services and more.
You could contact us on +64 9 418-2537, book an appointment online or send us a message through our site.
Allan Chartered Accounting: Professional business advice you can trust.