Have you got a great idea? Are you about to go into business and use your idea to conquer the world? John Corias of m.a.s. accountants has some advice about what to do before you start, because somepre-planning can save a lot of heartache down the track.
When you get in your car, do you start driving and then, once moving, worry about doing up your safety belt, check your mirrors and working out where you are going? Hopefully, like most cautious drivers you would do all of those things before setting off.
In recent times, many of our new clients coming to us for small business accounting assistance have already started a small business without working out where they are going, how they are going to get there and any safety nets that perhaps need to be put in place. As small business accountants, we truly understand their situation due to resource or expertise pressures. Our clients have great ideas and are passionate about getting their business off the ground and into practice, and forget about where they were going or how they were getting there.
Of course, once you are underway you will inevitably come across unexpected situations that you will struggle to face on your own, especially having to deal with the taxman or the mountain of paperwork that is now blocking your way forward. Just from an accounting perspective, we know the current obligations and burdens on small business in terms of ATO payments and reporting, insurance requirements and the complexity of choosing the proper legal structure make it an essential requirement of anybody starting a small business that they seek out the right advice. Getting the right advice before starting your small business can prevent any unnecessary anxiety regarding the unknown obligations of a small business owner. The costs of getting an existing business up to date almost always far exceed any costs incurred prior to your business getting up and going. Don’t be scared to speak to an expert... better early than late.
Experts in finance, law, marketing or any business services profession aren’t just there to get you out of trouble and tell you how much tax you have to pay, but rather to sit with and discuss your small business requirements, the areas where you are struggling and how they can assist in streamlining as much of the administrative processes as possible.
So the message for today is to seek out the experience of a trusted group of professionals to see your business seize opportunities and maximise its potential. You are then free to focus on your real passion and the heart of your business.