Having a good small business strategy provides a roadmap to guide the business management to achieve your business goals.
Sadly, so rarely are goals and business strategy even considered, many owners get caught short at great financial cost and then spend a lifetime recovering from their mistakes or even starting again.
A good small business strategy is vital if you are to enjoy the business success that often alludes even the most hard-working of business owners.
As with any major adventure, there is always an element of risk so it is smart to be well prepared and to take sound business advice. Start with the end in mind and build a good small business strategy to deliver the outcome and work with a trusted business advisor.
Just for a moment, consider the multitude of challenges that face any owner in trying to run a business successfully. Aside from product knowledge and technical skills there is marketing, sales, bookkeeping, accounting, credit control, recruitment and employment, legal and leasing issues, finance, training and so on.
Many business owners will tell you that if they had their time over again they would take advice, employ a good business strategy, use a trusted business advisor and a small business accountant and make sure they know what the true financial position and performance of the business is at all times. All good business strategy when you think about it and easy with the benefit of hindsight.
Business Strategy example
See this example Ryanair Business Strategy – Fly for Free!
Developing a Small Business Strategy
These questions will prompt you to consider many aspects of business management and operation so you are better prepared to develop a good business strategy.
- How to buy a business and only pay what it’s really worth?
- How to sell a business and establish your sale price?
- How to start a business and avoid expensive start-up costs?
- How to Grow Sales and Increase Profits?
- What are the seven key steps to Improve Cash flow?
- How to avoid the 5 most costly mistakes that lead to Business Failure?
- What are the Important Small Business Tax Concessions not to be missed?
- How to avoid ATO penalties and fines?
- How to arrange a payment plan with the ATO?
- Why buying a franchise can be a very expensive mistake?
- What business structure should you use and why?
- Why should I avoid trading as a sole trader or in partnership?
- How do I protect personal assets from my business activities?
- How do I finance my business?
- How much working capital do I need?
- Do I need a Business Plan?
- Do I need a cash flow budget?
- How much should I pay for Bookkeeping?
- How much should I pay for an Accountant?
- How do I do a BAS return?
- What is a BAS Agent / What is Tax Agent and what is the difference?
As a small business owner, it is vital that you surround yourself with proactive business advisors and accountants who have experience and expertise in small business development and good business strategy.