It is estimated that 1 in 3 Australian small businesses close their doors within the first year, two out of four by the end of the second year, and three out of four by the fifth year. Running a successful small business takes hard work, perseverance, the ability to pivot when necessary, a good business plan and clear goals.
As many small business owners are struggling at the moment, we want to share with you our tips to help you achieve your goals and keep your business dreams alive.
As a business owner, the day-to-day operation and planning of your business is vital for its success. Sometimes, this can get pushed to the side which can result in your business not running efficiently. Often you are too busy working IN the business to focus on working ON the business. This is when business planning and strategy is vital to help you sustain and grow. Here are three key points to consider:
- DOCUMENT your goals
- Develop ACTIONS to reach them and
- MEASURE how you are tracking.
These points also help if you decide to grow your business through business finance. The clearer you are about your business and finance goals and how you are going to achieve them, the easier it is to articulate this to a lender and come away with a favourable outcome.
Good record keeping is essential
Banks need current financial information to determine how stable your business is. They need to see that if you get the loan, it will be used to improve the performance of your venture and create a positive impact. They will need to know your business plan and timeline for growth. A lender will need to ensure a business they are funding is able to repay the loan or can sustain itself in the near future. Setting your goals and working through your business plan in the beginning, ensures that when you are ready to upscale your business and apply for finance to purchase assets to help you do this, all the paperwork is in place.
The Seek Financial team specialise in helping people secure finance for both their personal and business needs, it’s what we do every day! We understand that every business is different and are up to date with all the latest grants and support packages available to small businesses. In fact our business lending panel is always expanding, so if you would like to discuss your specific business finance needs or if you’d just like to chat, please don’t hesitate to contact us. We’ll come to you at a time that suits and look at how we can help you to achieve your business goals. Don’t forget, finance is our business.
If you would like more information regarding the government grants, training, support and services available, you’ll find them here.
*Any financial information regarding your business should be clear and tangible and where possible, prepared by an accountant.
The above information is general in nature. It has been prepared without taking into account your objectives, financial situation or needs.