How to succeed in business

If you are starting a new business, we have advice we can share following our years of experience in the industry.

At TaxAssist Accountants we welcome people who are about to start in business, or those with new businesses, to come and talk to us.

We have the following tips for success:

1. Make sure you have a good accountant, solicitor and bank manager. A good accountant is worth an extra 15% to your business.
2. Do your budgets every year and update them with every change. Ensure your financials are done quarterly.
3. Make sure your product or service is best practice in the industry.
4. Have a cost-effective marketing strategy and measure it. Be clear and concise in getting your message out.
5. Keep wages and egos down, but look after employees where you can. It is important that you care about them and train them. Employ staff on intelligence – does not necessarily mean experience. Don’t also discount younger people, measure their performance.
6. Get your pricing right.
7. Use technology and make sure you have the latest software and staff use it. Don’t get the software if staff don’t have the skills to use it.
8. Grow the business by acquisition, or you could consider franchising.
9. Implement internal controls as best as you can. Break tasks up, including money, but don’t allow just one person to collect and pay money.
10. Have a good team and look after them.
11. Have some unique selling points and push them.
12. Surround yourself with people who are smart.
13. Make your business big enough to have scope.
14. Don’t waste time, use your time effectively.
15. Make sure you have some fun!

Terry Murphy CPA BBus DFP, Director of TaxAssist Accountants

Date published 1 Sep 2016

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.