Owning and operating a business in Sydney means stress. Staying on top of your finances, keeping staff happy and providing a product or service that satisfies consumers is a difficult juggling act that non-owners tend to sorely underestimate.
But that's why services like Accountants Australia's business planning and advice exist. Going it alone can be business suicide, but you don't need to. We address a couple of questions that might be keeping you up at night here.
Do people even want your product or service?
This question plagues business owners that are just starting out. You're wading into untested waters, and often have little to no idea if demand for what you're offering will pick up. Fortunately, there is a way to begin gauging this accurately.
The Accountants Australia business consulting service can help you develop a marketing strategy that incorporates consumer research, and shapes your business to work within this demand. You'll sometimes learn that you're advertising in areas that don't respond strongly to your product, or that you need to expand delivery to reach more eager customers. Whatever the result, you'll have a clear answer to who wants your product.
Will your business be afloat in three months?
Uncertainty around cash flow deprives everyone of sleep at some point, but comprehensive cash flow statements are the first step to calming these concerns. To begin with, work with a business advisory team that can help you identify and track cash flow from operations, investments and financing.
You should complete this at least every three months to get more clarity on whether your business will be healthy both short- and long-term. However, if you don't track cash flow properly, you're building growth on a foundation of sand. Use a professional business advisory team to make sure it's done right.
Will your invoices ever be paid?
Research from Xero shows that more than 3.8 million invoices for small businesses are currently overdue. Uncertainty about whether your business will be paid affects your ability to recruit or pay staff, maintain supplier relationships and even pay your power bill.
Solutions here can come in the form of new payment systems, stricter credit terms or a restructuring of your cash flow to plug the gaps left by late payments. But to do this safely, you're going to need the help of a certified accountant.
For Sydney business owners just starting out, finding answers to these questions is going to seem impossible at times – but that's because you haven't worked with Accountants Australia yet.
Whatever your business concerns are, our Sydney small business consulting team can analyse them and help you find a way forward. Without us, how are you going to get a decent nights sleep?