Starting out today what’s my advice

• Make sure you have a good accountant, solicitor and bank manager. A good accountants worth 15%.
• Do Budgets every year and update them with every change. Ensure your financials are done quarterly.
• Make sure your product or service is best practice in the industry.
• Have a low cost effective marketing strategy and measure it. Be clear and concise in getting a message out.
• Keep wages and egos down but look after employees were you can, care about them and train them. Employee staff on intelligence not experience. Don’t discount younger people. Measure their performance.
• Get your pricing right pick a middle of the range price but price risk higher. Don’t discount unless it’s just for a small period.
• Use technology and make sure your software is best and staff use it. Don’t get the software if staff aren’t smart.
• Get rid of staff who don’t use software properly or who consistently drop price, they don’t get it and never will.
• Grow the business by acquisition.
• Implement internal controls as best as you can. Break tasks up including money don’t allow one person to collect and pay money.
• Have price rises once a year regularly.
• Have a good 2ic and look after them.
• Have some points of difference and push them.
• Use systems not people and remove people who won’t use systems. Systems are the single best thing you can do and software allows this.
• Surround yourself with people are smart.
• Make your business big enough to have scope.
• Make sure you have some fun and move on customers who complain too much.
• Don’t waste time or allow clients to waste it.
• Staff meetings are a waste of time but don’t set goals that are too hard for staff to meet.

By Terry Murphy Simple Economics 27/8/16 forster@accountingandmore.com.au