The idea of owning one’s own company can often be a romantic notion and yes, you should chase that dream! But taking time to effectively plan for the road ahead is essential if you want your Melbourne business to last.
Often, small tasks that have been forgotten can lead to problems and even ruining your brand. What is on your checklist? Have you considered commercial plumbing Melbourne companies need to stay compliant? How about your accounting and HR matters? Let’s help you prepare more effectively, so you can optimally enjoy the results of your hard work.
If you’re not trained in accounting, you may underestimate the importance of proper bookkeeping. Your numbers will be the first sign of problems, so they’re an effective business management tool. But it only works when your books are continually up to date and you have accurate financial reports to refer to.
Also, since a new business often doesn’t have an impressive bank balance yet, cashflow management is vital. Rather invest in the right software and even advice from an accountant so you don’t regret not seeing the warning signs early enough.
Whether you’re in construction or run a small IT company, your workers’ safety is a priority. It’s up to you to ensure the premises is up to standard when it comes to health and safety regulations. Remember, when workers feel safe they’re also more loyal and productive, so this will benefit your brand in the long run.
You can also not underestimate the importance of proper people management. Without buy-in and assistance from your employees, it will be difficult to reach your business goals. As many business owners realise, managing people isn’t very easy, so acquiring some skills in this area even before you start a business is wise.
When you’re drawing up your budget, did you consider all it will take to look after your premises? If you’re renting an office you need to check with your landlord if everything is in place. When you’re the property owner, there’s even more expectations in terms of maintenance.
One thing you need to realise is that you can’t always go the DIY route. A commercial building requires very specific maintenance procedures for aspects like plumbing, gas, electricity and pest control.
If anything goes wrong, you’ll often need certification that the problem was dealt with properly and that the premises once again adheres to Australian standards. For example, you may need to employ commercial plumbers Melbourne businesses can trust if there’s something wrong with your backflow. And for pests, a site inspection and fumigation will be required.
You should also not wait until a problem presents itself before you act on these matters. Regular checks across your entire property will alert you to possible problems—from leaking pipes to fungi in the air ducts—so you can prevent a problem from escalating. If you want to prevent unnecessary expenses, being proactive in all aspects of your business is essential and one of the important things for startup business.
A huge part of business today is about becoming a brand your audience wants to be associated with. But if you don’t clearly define that brand, it’s difficult for your customers to see if you’re the brand they want to support. For example, this can relate to the values that form the foundation of your business. Customers with the same personal values may be more loyal to you.
A huge role player in your success will be your marketing strategy because most industries are extremely competitive these days. In a world where consumers are inundated with online marketing messages, you need to stand out. This requires you to create a specific identity that is easy to distinguish from your competitors:
Having a clear identity will be one of your most effective tools in the business, so take your time formulating yours.
You can have the best idea for a product or service, but your decisions will still determine whether it impresses the market. If you know you’re not an expert when it comes to certain areas of business, it’s your responsibility to educate yourself.
Running a business also requires a lot of self-discipline. It may not be as fun as you thought it would be and challenging times will come. Setting daily goals for yourself and employing a business coach to keep you accountable are good ways to ensure your actions will always benefit your company.
That’s a lot to take care of! But the returns will be worth your blood, sweat and tears.
With checklists like these you can keep your business organised and sidestep a few unnecessary pitfalls.
What lessons have you learned so far in your journey as an entrepreneur? Why not share with the rest of the community to help everyone flourish this year.