Starting a business is certainly an exciting venture, and you have every right to feel proud of yourself. However, recent data suggests that between half and two-thirds of all businesses fail within the first 3-5 years. So, now might be the perfect time to find out what it takes to help your business take off and survive.

Business Planning

Having a plan is the first step towards ensuring your business’ success. In fact, failure to properly plan and failure to allocate time to develop effective business strategies is one of the main reasons for poor growth and sustainability when it comes to small businesses. By coming up with a well-thought-out business plan, you can increase your company’s chances of success from one out of three to four out of five!

An effective business plan will help you objectively assess your business, detect any weak spots or areas that might need extra work, and find out what critical factors will help your business succeed. It should also consider the current demand for the products and services you offer, and come up with realistic targets and goals along with achievable time frames.

Independent Professional Advice

As a small business owner, you might be used to being in charge but asking for professional advice can only increase your company’s chances of success.

In fact, a professional can aid you in developing an effective and custom-tailored business plan. What’s more, as an expert in the field, a professional can also help you navigate the complex world of business and provide support which could be invaluable if you have just started your own venture.

Most small business owners prefer to work with one person who handles all their affairs. Your most trusted adviser can manage your business to ensure it functions smoothly, leaving you time to focus on what matters most: making your business take off.

There are several questions you can ask yourself to make sure you’ve found your most trusted adviser:

  • Do they provide both business and financial services advice?
  • Are they licensed to provide advice?
  • Have they won any awards for helping businesses succeed?
  • What is their area of expertise: are they the best person to help your small business?

Preparing a business plan and appointing a most trusted adviser is the business tactics of winners! Taking time out to plan and receiving targeted advice may mean the difference between your business not only surviving but thriving.

Disclaimer - This article provides general information only, current at the time of production. Any advice in it has been prepared without considering your personal circumstances. You should seek professional advice before acting advice offered here. 

The article was written by Sandeep Singh, CEO of the business advisory firm, The Golden Chest. He is an accredited value improvement business advisor, chartered tax and management accountant with over 8 years’ experience advising business and professionals on tax planning matters.

If you would like a more detailed look at tax planning, you can download a newsletter on the subject from The Golden Chest via the following link: