Ingredients For Business Success
Preparing a plan and then monitoring it, on an ongoing basis
, is a very important ingredient for business success, which is why you would need the assistance of a good Auckland accountant. The other key ingredients for business success (which your Auckland accountant is going to be able to help you out with) include:
What Your Auckland Accountant Would Be Able to Help You Realize
Being concerned about your staff, communicating with staff, letting staff know what your business plan is
Having concern for customers, establishing databases, having an ongoing communication strategy to keep customers informed about developments within your business
Having concern for suppliers, having open and frank discussions with suppliers about your customers demographics and preferences, arranging to purchase products suitable for sale within your business and supported by extraordinary service from your suppliers
Why You Really Need An Auckland Accountant
The key is to keep on reviewing the plan. When you start in business, find a 'difference' in your offerings. Find a 'niche market'. Try and learn from other people. Employ people who are very capable and maybe smarter than you. Know what you are doing and where you are headed in the market place.
Be humble and patient and realise that a business is not a sprint - it's a marathon, and one that you can run better when you tag your Auckland accountant along.
Capital Raising
Many public companies have been raising new capital to replenish their reserves following trading difficulties during the global financial crisis, asking for assistance from a small business accountant. Many small/medium enterprises will also be looking to raise additional loan funds or capital to be able to exploit the expected market opportunities as trading conditions improve.
Financial Implications and Why You Need A Small Business Accountant
Banks are imposing financial stress testing to any new loan applications, which means SMEs need to carefully prepare loan applications. The upturn in business confidence has encouraged some Business Angels to start re-evaluating proposals for capital investments in some small/medium enterprises. If you are trying to raise a substantial loan or capital from Business Angel investors, your business application will be enhanced if the appropriate planning strategies have been implemented so as to professionalise the approach being made to potential investors or lenders.
Questions Your Small Business Accountant Would Help You Answer
The company has to be able to exhibit that it has developed a product/service that the market needs. You will need to be able to answer the following questions:
What problems are solved by the product/service or technology?
How is it different from competitors' products/services or technologies?
What is the stage of development?
What is the sustainable competitive advantage?
How will the products succeed in the market?
What testimonials can be produced from current customers?
Is the product/service or technology already available in the market place and is there further research to be undertaken?
More Questions Your Small Business Accountant Can Help You Out With
Has an independent technical assessment on the product/service or technology been conducted?
Is it a standalone product/service or technology or will it form part of a product stream?
How is the intellectual property protected?
What market research analysis has been undertaken?
What is the WOW factor?
Who are the members of the management team?
What is the management team's experience? It is a good idea to attach the management team's CVs to a funding application.
Who are the directors of the business? (especially if they are different to the management team)
Other crucial information can be gleaned directly from your small business accountant.
by: Jamie McKean
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