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How to succeed in business - the 5 things you need to know

James Morris
Published by:
James Morris
Published on:
August 27, 2020
Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215
Top Tips For Starting Your Own Business

The concept of business success is highly subjective. Your definition of success may not be the same as your competitor in the next suburb…and it may not even be the same as your husband or wife. But you can take it from us – the steps to business success, whatever it may look like for you, are the same for everyone.

You can read all the books on how to succeed in business, but we’ve decided to unlock the secrets for you right here.

1. Plan, Plan, Plan

We can just hear it now…spoken in the tone of a teenager…BOR-ING! Yes, we admit…planning isn’t hip and trendy. It’s not a buzzword like hustle and hack. But it can be the answer to your business success. So that means it gets a thumbs up in our book.
A business plan isn’t just something you do to satisfy a bank or a potential investor, it’s an opportunity to harness and organise your thoughts about the steps your business needs to take to be successful.
But don’t forget there’s more to your business than just the numbers. Get right to the heart of why you’re in business and the numbers will follow.
It doesn’t need to be fancy, but it does need to be realistic and considered. And we believe in quality over quantity. Don’t write pages and pages of words that don’t really mean anything – we’ve got a one-pager that covers everything right here.

2. Set S.M.A.R.T Goals

Oops, there we go again. Using another catchcry from the last decade that really shows our age. It’s tried and tested though so we’re running with it. You can’t just throw goals out to the universe and *hope* they happen. You need to pinpoint exactly what you want to achieve. Smart goals are:
SPECIFIC – Make your goal specific. General goals leave you floating in the wind with no focus.
MEASURABLE – Put some exact numbers or targets into your goal so you can measure your progress, and make sure they are things that can be measured.
ACHIEVABLE – It’s alright to shoot for the stars but make sure your goals are realistic for your business.
RELEVANT – Align your goal with specific business objectives.
TIME FRAME – Set a realistic time frame to tick off that goal. Don’t leave it open-ended; we all know how that works out. Deadlines can create a sense of urgency (especially as they’re whooshing by)!

3. Look for Opportunities to Grow

It’s easy to get caught up in the day-to-day slog of ‘business as usual’. Sometimes you need to lift your nose from the grindstone to get a fresh perspective on what’s happening in your business and your industry. You might just find areas where small actions can mean big things for your bottom line.

4. Invest in your business

We’re not talking about (another) capital injection here! We’re talking about getting all your ducks in a row so you’re positioning your business to take flight.

Establish processes and procedures that are efficient and support growth. (Seriously – do this from day one! You’ll thank us later).

Invest in quality staff and encourage innovation.

Get professional business advice. An experienced and objective voice that can get your business moving in the right direction. They’ll help you drive the business behind your business and act as a sounding board. (Shameless plug here for our business advisory team)!

Consider equipment that helps you get your product or service to your client sooner. (Client satisfaction is still cool).

Jump on the outsourcing bandwagon. Get rid of the tasks that are taking the focus away from what you’re really meant to be doing. (Like kicking those SMART goals you set earlier)!

But we said no capital injection, right? Investing in your business for growth may take a bit of coin. And you might feel that as much you’d like to, there’s just no budget. This is where cash flow planning can help. Cash flow planning gives you a picture of how your business finances look over the next 12 months. It shows you where you have scope to plan for these investments and put your business in a position for growth.

Don’t forget to watch for our webinar “The One-Page Business Plan… are you ready to kick butt next year?”.

1 Page Business Plan
Watch the recording and download the template here.

5. Future-Proof your business

If you’ve been taking notes (and taking action) on how to make your business successful, we know your business is going to be around for a very long time. Including succession planning in your business toolbox is a way to make sure your business can continue to thrive through changes in leadership or industry upheaval. Even if you’re not ready to step down, our guide to succession planning provides tangible actions you can take to future proof your business now.

Modoras is here to help make sense of succession planning and help ensure your assets are properly protected. Get in contact with a Modoras professional here.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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