Australian small business owners are the hub of our economy and the rewards of running a business can be enormous. Unfortunately, no business is immune from the challenges that can loom large.
Our job is to help you be prepared for the challenges so you can weather those future storms without too much business disruption. Here we discuss some of the key challenges:
Productivity and Cash Flow
We may have the best technologies to make us more efficient, but we need to ensure out cashflow keeps up with that productivity. So, communicating your billing cycles and debt recovery terms to your customers is imperative. Also gearing up to be eligible for loans – know what you need to do for those lumpy periods in your industry.
Attracting profitable customers
Transitioning from a start-up to a profitable business is difficult, especially for sole proprietors and very small businesses. Digital innovation can help you achieve profitability. It also assists you to then define your ideal customer which in turn means you can focus your marketing content and channels. Then market your business on social media.
Time for networking
Business owners often spend their daylight hours keeping the business running. Working on your business is equally important as working in your business. Networking means your business becomes word of mouth, so set a goal to spend a little time each month making new connections.
Absorbing the cost of regulation in your industry is a given. This brings us to business planning with an associated marketing plan and budget. Do not underestimate the value of these goalposts. Also be prepared to navigate the route to the goalposts – be flexible but do not shift the goalpost unless there is a very reasoned business argument.
Valuing staff as they maintain process
Hiring, training, payroll and managing human resources are all tasks that must be managed on an ongoing basis. The time you save in automated process means you can spend more time on your business culture where you value staff, i.e., employment contracts that are backed up by detailed positions descriptions.
Digital tools can be extremely helpful in cultivating customer loyalty. Engage customers through email newsletters, social media, and your business blog to stay top-of-mind.
While business owners face risks and other challenges, it is a time of opportunity to own and operate a business. At Digital Age Lawyers we believe that business succeeds with great advice at the right time and at the right price.
If you have a Start-up business or are in a growth phase, we offer a legal strategy session to:
- Review your business structure and documentation.
- Assess your up and down stream Contracts, particularly in our current times
- Advise on your Employment arrangements
- Outline Intellectual Property protections
- Check your Social Media compliance against standards
- Ensure you have a Succession Plan
- Assess your Estate Planning, including Corporate Power of Attorney
- Provide Asset Protection in the event of family breakdown.
Book your free legal strategy session by calling us on 8858 3211 and mention this article.