Start Up Advice for Small Businesses
Starting or buying your own small business involves a lot of excitement, uncertainty and financial risk.
It can be like a game of chess. To succeed you need to make the right moves and have the right strategy.
Having sound professional advice from qualified accounting and legal professionals goes a long way in getting you on the right track and minimising pitfalls.
That’s where we come in handy. Having assisted so many clients in this situation you can feel confident that we can help you.
We’ve worked with all types of business owners from the very experienced to those just starting out.
We’ve assisted with sole trader bookkeeping, small business bookkeeping and more.
Best Tips for Small Business
We’ve put together the following best tips for your small business:
Start with the End in Mind…
There are so many issues to consider when starting or buying a small business.
These include the business structure, tax and GST registrations, record keeping, software options, legal issues, insurances and more.
If you are employing staff there are additional considerations such as WorkCover, superannuation, PAYG and possibly FBT (Fringe Benefits Tax).
Always ‘start with the end in mind’, do your research and look into all of these crucial aspects.
Where will your business be in five, or ten, years time?
The expression, “failing to prepare is preparing to fail” is both valuable advice and a warning for people intending to start a small business.
A business plan is a must! It's a key tool to help grow your business and for applying for finance.
Many businesses still don't have a business plan in place and this sets them back more than they realise. They are failing to prepare.
A business plan helps you track your business’s performance over time and so allows you to see what’s working and what’s not working.
Get the Right Tax Accountant
As a business owner you need more than an accountant who just keeps the score.
You need an accounting firm that works with you to plan the growth of your business, and helps you build a better, more profitable and valuable business by combining the knowledge of your business with the right consulting tools and expertise.
In addition you need an accountant that understands your particular niche: business startup, sole trader, small business, partnership tax etc. This ensures you get someone that has the right expertise for your area and so can give you more specialised advice.
Consider your Tax Obligations
Too many business owners fail to manage their tax position which often means they pay too much tax or unnecessarily incur fines and interest penalties.
Others operate under the wrong tax structure which could jeopardise their eligibility for valuable capital gains tax concessions on sale. GST, BAS and income tax payments often represent some of the largest financial obligations of a business.
It is critical that you understand, plan and manage your tax obligations. Consider the following tax effective strategies:
- Legally Reduce your Annual Income Tax Liability
- Minimise the Capital Gains Tax Liability on Sale of Assets
- Maximise the CGT and GST relief in handing over the family business
- Maximise the Tax Relief available on Retirement
Contact us today to book a time to discuss your small business needs.