Starting a Business? 5 Basic Needs You’ll Want to Address

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If you’re in the middle of getting your new business off the ground in Brisbane or elsewhere in Australia, there are a handful of necessities that will see you well prepared for the months and years ahead. Here are five basic needs you’ll want to address when starting out.

  1. Developing your business plan

Your business plan is the first step to laying out your professional objectives and gaining any grants or financing you may be eligible for. Have your accountant look over your business plan and give you feedback about any expected figures that may need adjusting, or further detail that may be needed.

  1. Identifying the financial and legal services you’ll need

The services you’re going to need will depend on the type of business you’re starting, but most organisations will require access to a trusted accountant, appropriate legal specialists and a financial planner in Brisbane, especially over their first six to twelve months. Having these experts will be important when you have questions and challenges that you don’t know how to approach.

  1. Planning your cash flow

Cash flow is one of the main reasons new and small businesses go under, and its importance is often grossly underestimated. You will need cash flow to pay employees and keep the lights on, so speak to your accountant about planning ahead and accessing appropriate business financing if this is something you will need.

  1. Networking within your industry and community

Starting a business in any industry is challenging, but having strong networks within that industry can provide educational, strategic and even emotional support as you’re ironing out the first few wrinkles. Be sure to get involved with your local chamber of commerce, attend industry networking opportunities and join any trade associations that may be applicable to your business.

  1. An effective accounting system

It’s important to keep a close eye on your real-time costs and returns as your business grows, and to do that you will need to have an effective accounting system. There are intuitive online software systems such as Xero and Quickbooks available, or if your inventory or systems are complex a custom solution may be ideal. Your accountant will be able to point you to the right option for your business.

If you’re in need of a Redlands business accountant or financial planner Brisbane, Chan & Naylor accountants offer specialist business services including tax planning, business development strategies and financial accounting.

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