4 Things you must do to Grow and Stay Alive in Business
Hey guys, Nathan here. In this week’s video I want to talk to you about the 4 things that can help you Grow and Stay Alive in your Business.
If you’re starting out as a new business owner, or have been in business for quite some time but are struggling to stay afloat, this week’s topic is for you!!
Now this isn’t a long comprehensive list of everything you need to do and achieve to be successful in business, but rather my key tips and tricks for surviving and growing in the small business world.
Tip 1: Accounting Software:
Accounting software might be an obvious tip, but it is also an extremely important one. Some of you may be wondering, what is accounting software?
One of the biggest mistakes I see being made, especially by start-up businesses, is skipping out on good quality accounting software. As accountants we understand that sometimes accounting software is an expense you would rather not worry about, but long term it is an important investment in the growth of your business.
For NGR Accounting, we believe Xero is one of the best software’s and is used throughout our entire practice. However, I also believe that it’s important to get software that works well for you and your business.
Some of the biggest benefits of an Accounting Software package is:
- The ability to track your debtors and creditors
- The ability to use it to pull up your reports from Cash Flow Analysis to your Profit and Loss and Balance Sheets
- Providing you standardised templates for your Quotes, Invoices and Reminders
- The ability to keep up to date on outstanding invoices that haven’t been paid, and send timely reminders (which can also be automated).
- Automated Payments for your employees, including maintaining your Single Touch Payroll – Phase 2 requirements (which include Superannuation, PAYG etc.)
Having a good software system such as Xero allows you to save time and money, tracking your money and financial requirements.
Tip 2: Software Apps:
My second tip, is getting good, accurate, efficient software in your business.
What should be important to you with your business is a good CRM. CRM stands for Customer Relationship Management software, basically this software helps you manage that initial contact you get from a lead. So, when a potential customer comes to or reaches out to your business, CRM software helps track all your progress (mainly communication) you have made with this potential client.
Some helpful software apps that connect to Xero are:
- Dext
- Practice Ignition
- Service M8
- HubSpot – CRM
Tip 3: Understanding your product or service:
One of the most important parts of your business is understanding how to sell your product or service. The first thing a business should do is understand their mission statement.
Here is NGR Accountings mission statement.
“To partner with our business community to stand out from the crowd, through focused relationships and results that enable our clients to become industry leaders”.
It’s important to understand what your mission statement is, what are you trying to achieve as a business. What is the product or service you are offering? To create an engaging mission for your business it is important especially from the perspective of a clients. Why is someone choosing your product or service over another business?
As a start up it’s also important to acknowledge whether your product or service is the same as everyone else’s offering or is it different. Is it a product or service that is not offered in your area?
If you are a business competing within an area that also offers other businesses within the same industry, then it is important to stand out, what is it that your business does better than others, what can you offer clients that others do not and what problems are you solving that no one else can?
Tip 4: Referral Partners:
Finally, referral partners. Referral partners are an important part of becoming a well-known successful business within your community. Look at the industries that your business is closely related to and whether these businesses will offer you jobs or leads that are outside their own capabilities. Having a strong group of referral partners also helps with the influx of work in your business and vis versa.
Join a networking group, for example BX Networking. If you are a new start-up business, putting yourself out there is an important step in gaining trusted referral partners.
Develop relationships with those who you trust to give good referral in relation to your business. Get to understand each other, so you can send the right referrals to each other. Referral partners are here to help you develop your business as you are here to help them develop theirs.
For NGR, we have our referral partners speak to us about their industry, quick information sessions to give us enough knowledge to identify issues clients may have and how such issues may be resolved (or to refer them on).
Here at NGR we value the growth and success of your business. If you are struggling to stay alive in business or you’re not sure on how to further grow within your industry, then please reach out. NGR Accounting are here to help you and your business become industry leaders.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
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Updated: 21st November 2023
JM
