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10 March 2016

5 Simple steps to creating a successful business

Have you got a great idea but not sure how to turn it into a business? This short article unlocks five basic steps to starting and building a successful business.

  1. Get help - There’s a lot to know about setting up and running a business. As with most start up businesses, funds and awareness around business structures to maximise returns and to protect personal assets, are limited. Making a time to see a business advisor is without doubt one of the best business investments you can make before starting. Business advisors can show you how to minimize your exposure and recover your startup cost. Advisors through a business centre, also have access to other tools and information that can help your business to succeed.
  2. See it and test it - Can you visualize your new business and how your potential customers will engage and benefit from your products and services. Test the business ideas to identify the level of interest, the perceived value and how people would purchase.
  3. Plan it - Most successful businesses are planned to do exactly that, to succeed! Planning is about creating change, identifying what is known and not known. Determining what resources are required to start and maintain a business during its startup phase. The matching of strengths with opportunities and weaknesses with threats will help to identify what action is required to create and maintain a successful business.
  4. Budget and Cashflow - Most startups commence with limited funds and it takes time to build a business that generates a sustainable income stream. In addition you have a number of cost items that may need to be deferred and spread out over time. A Budget helps you to stage your business while your Cashflow projects your ability to meet your commitments.
  5. Measure, Review and Act - Whatever you do in your business, you need to be able to measure it. Eg. an accounting system. Your business will operate in an environment that is constantly changing. Reviewing and updating your business plan regularly is an important step in moving forward. This is where a business coach will challenge you and support you in achieving your business and life goals. 
For local assistance visit www.adelaidehillsbc.com.au and book a meeting with an advisor.

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