Starting a business can be difficult but can be much easier if you are putting the right processes in place. How do you increase the lifespan of your business? It isn’t just about selling a product or providing a service, but how well you can maintain the business. It takes a lot to keep a business growing. Here are 3 elements that we believe contribute to business success:
A great accountant or bookkeeper
In previous years, there has been a misconception that an accountant or bookkeeper just deals with figures, numbers and financial accounts. This was true at that time. But today, they have evolved into business advisors or virtual chief financial officers. The emergence of technology now provides a total visibility of your financial books in real time. An advisor helps to reveal the setbacks in your business as well as unfold opportunities you could grab onto that would boost the success rate of your business. These advisors help you sprout, prosper and build long-term sustainability. Your accountant or bookkeeper will help save you the stress of fixing your financial accounts which would provide chances for you to focus on other important tasks.\
A strong banking partnership
Every business started with cash and is being sustained with cash. You will need a strong relationship with a financial provider to access capital for your business and fund its operations. All small businesses need to have control of their finances and understand inflow vs. outflow. Many business collapse because they fail to control their expenses. The present day technology connects daily bank feeds with your accounting software. Ifa relationship exists, some banks may approve business loans with a lot of cash in a day of applying without paperwork or collateral. Quick access to capital goes a long way to make a difference between growth and stagnation, success and failure.
The best technology
Cloud technology has changed the world of small business, offering capabilities that were once the province of large enterprises. That includes mobile point of sale systems, e-commerce storefronts, and real-time tracking of shipments. In fact, this technology is in many cases better than that of big businesses. It’s more flexible, easier to use and is improved more frequently through regular updates. And it allows small businesses to appear big. You can now run your business from anywhere and be digitally connected to your customers, your advisor, your bank, your suppliers, and government agencies. One of the most useful tools available are e-invoices. These e-mailed bills will alert you when a recipient has viewed the invoice, and they can send a friendly reminder to payees before and after the due date. This type of automation frees business owners from the tiresome work of chasing payments. Our own analysis of hundreds of thousands of Australian invoices shows that e-invoices tend to be paid 33% sooner than traditional invoices. And as the old saying goes, time is money.
There’s no substitute for business acumen and a great service or product. But those ingredients alone won’t guarantee a profit. The smartest small businesses will build a sturdy framework that rests on technology, banking relationships and a trusted accountant or bookkeeper. With these three pillars, you’re building for the long run and boosting your odds of success.