Unfortunately, a lot of small business owners don’t keep good records. Their paperwork is often all over the place until the night before they have to submit their BAS statement or annual tax return, which leads to a mad rush to get paperwork in to the Australian Taxation Office (ATO) in time. This can lead to all sorts of problems, including things like mistakes with your paperwork and penalties from the ATO. Here are our top five reasons why you should get your bookkeeping in order today:
Although you might feel like you are spending a lot more time doing your bookkeeping if you keep on top of it every week, you will definitely save time. Filing everything in the right spot for future reference is much easier while things are fresh on your mind. If you aren’t sure about the best way to go about your bookkeeping, then consider speaking to an experienced accountant to get you started.
Do you have a great idea for a business? Many people get wonderful ideas, but they don’t think them through fully and so are more at risk of failure. If you have an idea about starting up a business, it can pay to speak to a financial planner to help you clarify matters. No business can run without some kind of financial planning to ensure its success.
A financial advisor can help you analyse your business idea in the following ways:
- They will discuss what goods or products you will sell or what services you will offer.
- They will help you decide whether your idea is feasible.
- If your idea is great, they will tell you how to protect it so it is not stolen.
- You can discuss with them whether there is a market for your product or idea
One of the main things to have when running your own business is to have professional advisors. These would include digital marketing consultants and someone to handle legal issues. Your lawyers would be on hand to handle any legal matters or even a crisis, should one develop. While most business owners have consulted solicitors when setting up a business, often they think there is no need to keep in contact because they expect it to be trouble free in the days ahead. This may not be the case.
- Lawyers will actually be needed for many of the normal things that are required in business. What about that lease you are about to sign? Do you really understand all the implications in it for your business? If the lease is drafted by the landlord’s solicitor, it will be to his favour, not yours. There could be clauses that prevent you from doing many things with your business and will cost you a lot of grief if you go against what is written there.
Every person who is in business should be aware of the fact that their appearance counts a great deal towards their success. While you don’t have to be the most beautiful woman or the handsomest man, if you present a sloppy appearance your business contacts will often disappear very quickly. While some people may rush out and get botox treatment for wrinkles, there are other things you can do to ensure your looks are working for and not against you in business.
The eyes are one of the most important parts of the face. They are what people look at when speaking to you. When a person never makes eye contact, they appear shifty and as if they cannot be trusted. That is why it’s important to ensure your eyes are always at their best. This means getting enough sleep at night so your eyes are not bloodshot and have no dark bags under them.
Many people who start up a small business see no need for a business plan, insurance, proper organisation or even a lawyer. They quickly join the ranks of those businesses who disappear, to be found only in the statistics of failed businesses. Choosing lawyers to help you set up and run your business is just as important as having a business plan and getting insurance.
For a start, business solicitors can quickly identify any legal issues that your business may have and help you to avoid them before they cause trouble, such as a heavy fines or other penalties. While you are not likely to need their services every day of the week, it is good to have the same legal aid that helped you start up to advise to inform you in the days ahead, when you need it.