Small business, big success - top tips for a successful business - Part 1
ABS Statistics show that there are now over 2 million businesses actively trading in Australia with more than 97% of them being classified as small businesses. For an ever growing number of Australians the dream of being your own boss is becoming a reality.
However, recent ABS figures show that more than 60 percent of small businesses cease operating within the first three years of starting. Whilst this is an intimidating figure and a serious reality check for many budding entrepreneurs there is plenty that can be done to increase the likelihood of success of your business.
With alarming business failure statistics like this, the Australian Securities and Investments Commission commissioned an investigation into the reasons for business failures and released a report into corporate insolvencies which occurred in 2011-2012. The report found that 44% percent of businesses suffered from poor strategic management.
There are a number of fairly simple measures that all business owners whether new or established can put in place that will increase the likelihood of success and minimise the stress and anxiety associated with operating a business.
Here are some of our top tips to increase the likelihood of success of your business (and minimise the stress along the way):
Have a clear and robust plan around all aspects of your business - read more about this here;
Understand the business structure you are using and why you are using it - read more about this here;
In next week's blog we will share some further tips with you.Back