Running a business requires careful planning, hard work, consistency and continuous innovation.
A study found that one in three new small businesses in Australia fail in their first year of operation, two out of four by the end of the second year, and three out of four by the fifth year.
If you’re planning to start a business, you need to prepare for potential challenges and understand what makes a business successful. In this article, we will share five insightful tips on how to run a successful Australian business.
Plan for success
Planning is the key to success, especially in business. Before starting your business, make sure you’ve properly identified your business model, as well as your short-term long-term goals.
It’s best to have a good business plan that details what your business is, its products and services, its operational and financial model, its staff and management, etc. This document can help you plan your business strategy, evaluate business ideas and identify your target market and competition.
Craig Allen & Associates has a FREE business plan template you can use to set you up for success.
Offer quality products or services
A good idea is not enough to build a successful business. Providing products and services that bring value to your customers should be a high priority. You’d want to be a brand they want to invest in and trust in the long run.
That said, no good product is ever finished. You need to make sure that you are constantly improving your products and services by making updates or asking for customer feedback. This way, you can ensure your business sustains its customer base.
Focus on Customer Service
Aside from having high-quality products and services, customer service is also a key factor in a business’s success. Having excellent customer service will invite existing customers to come back and, ultimately, become loyal customers. In fact, 89% of consumers are more likely to make another purchase after a positive customer service experience.
Customer loyalty is a huge contributor to a business’s lifespan which is why you need to make sure they always have a good experience. One bad experience can easily make a customer switch to your competitors. It is in your best interest not to let this happen.
Have proper record keeping
According to a study by the University of Technology, Sydney, financial mismanagement and poor record-keeping are the most cited reasons for business failure. These reasons can easily be avoided through good bookkeeping.
Having a good booking system can help you keep accurate financial records, prepare for taxes, manage cash flow better and make more informed financial decisions that will benefit the business.
Successful companies often use accounting and bookkeeping services from experienced accounting firms like Craig Allen & Associates. This way, they spend less time dealing with their finances and more time improving their business.
Invest in good marketing
You can have the best product in the market and still not succeed if people don’t know about you. This is why having a good marketing strategy is essential. It helps you increase brand awareness and reach potential customers.
Start by making a detailed marketing plan that determines who your target market is and how to best reach them. Having a good online presence through websites and social media can also help you reach a wide range of audiences since 4.74 billion people across the world use social media
We’re in the Business of Making Yours a Success!
Craig Allen & Associates is a CPA Practice and are experts in helping small businesses with their business accounting and bookkeeping needs. Schedule a free, no-obligation consultation now by contacting our team at 039 558 7316 or emailing us at craig@craigallen.com.au.
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