If you’ve just started a new businesses, chances are you’re still working out the details when it comes to funding and sorting out tax contributions. In this busy beginning period, before things begin to somewhat stabilise, it’s important to ensure you’ve left nothing to chance.
Here are three tips designed to help small businesses get off on the right foot and start with a strong strategy.
Understand your tax requirements
Because tax is often complicated, it is easy to put off this important task when just starting out. This can be a mistake, however, as many businesses will forget to address their tax obligations until the end of the financial year when other matters are causing strain.
That’s why sorting out tax should become a goal early on. Keeping up to date on the policy changes that the Australian Tax Office (ATO) releases can be difficult, and that’s why speaking to a professional is key.
Good tax advice early on can often pay dividends further down the road, making any future ATO dealings relatively straight forward.
Sort out funding
Establishing where the funding is going to come from is an equally important consideration. Whether from a bank or group of investors, convincing them to lend you money can be difficult. That’s where a well-prepared and well-written business plan comes into play.
With a plan that’s detailed and easy for possible lenders to read, securing funding can become a simple proposition.
Take on staff
Staffing will be different for every business, as some may take on five employees while others will choose to stick with a single partner for the first year. Regardless, a good strategy is an important part of ensuring your first employees are sourced effectively.
It’s important to ensure your staff wages are in line and accounted for, along with any associated benefits. While this may seem simple, it’s also vital that breaks, leave and sick time are all accounted for.