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Running a business? It’s okay not to be great at everything…

Starting and running your own business is exciting, challenging and, at times, incredibly busy. Best of all though, it can be one of the most rewarding things you’ll ever do. A common reason for setting up a business is because a person knows that they’re really good at something, and wants the potential flexibility and lifestyle benefits of being the boss.

One side of business ownership that can sometimes jeopardise that lifestyle and flexibility is trying to take on too much at once with the financial and administration side of your business, and spread yourself too thin. Many small to medium business owners have also run into issues before with things like bookkeeping, accounting and tax obligations because their expertise lies elsewhere. If you’re in business at the moment, or looking to get started, it’s worth a reminder that it’s okay to not be good at everything, and get professional help and advice when you need it.

Business Plan

Having an idea for a business is the first step towards setting up a strong business plan, but there’s so much more involved. Setting up the right structures for your business in a tax-effective manner, registering with the ATO and taking out the right insurance are all factors in a well-constructed business plan. Even if you’re already up and running, reviewing your structures and business plan as you grow and develop is important to make sure you’re getting the most out of your business and don’t run into any troubles down the line. A reputable accountant is the best place to go for this, as they should have the technical knowledge required to give sound advice.

Ongoing Compliance

The back-end structures and tax obligations involved in running a business are definitely not a case of “set-and-forget”. The constantly changing landscape of taxation legislation and regulations means that keeping up with your obligations as a business owner can be incredibly time-consuming. What’s more, the technical ability and accounting experience needed to be sure that you’re on the right track is something that very few business owners possess. It’s understandable that you’d rather spend your time and energy involved in the front-end, customer-facing part of your business, rather than being holed up in the back office reading up on tax law changes. This is why seeing a registered tax agent and a business accountant can take the pressure off your shoulders and ensure everything is up to standard.

Business Improvement

In this economy, nothing is static. As competition and technology improve, business owners need to be constantly innovating and finding the edge over their competitors. Keeping everything “ticking along” is rarely an option these days, however the good news is that there are resources and business professionals out there dedicated to making your business better. You may even have your own ideas on what you’d like to add to your business, a new store you’d like to open up, even a new piece of software that you’d like to implement. Sometimes the sticking point is knowing who can help you with this. A Business Improvement specialist dedicates his or her time to looking at the current state of your business, works alongside you to help you visualise where you want to be, and then determines a strategy to help fill in the gaps.

The main takeaway from business ownership is knowing that doing it all on your own isn’t always the best way to go – using the resources available to you and getting in touch with other people who are great at what they do can prove to be the thing that propels your business from surviving to thriving.

What now?

On top of all that, how good would it be if all of your business and financial needs were looked all in the same place? At McKinley Plowman, we’re proud to offer services including business accounting, tax consulting, personal tax returns, self-managed superannuation services, financial advice, finance broking, and even branding and marketing! Get in touch today to see how we could transform your existing business, or help you get your new one off the ground with ease. Visit our website at www.mckinleyplowman.com.au or phone us on 08 9301 2200 for a free initial consultation.

written by:

Nigel Plowman

Prior to forming McKinley Plowman, Nigel specialised in management consulting and international accounting, enjoying success in Australia and in the United Kingdom. His extensive experience in management consulting, international accounting and innovative tax structures has been a major driver in the success of McKinley Plowman as well as the many businesses he has steered towards new levels. Nigel is dedicated to fast-tracking his client goals with cutting edge tax and business strategies. He is a member of the CPAs and the Taxation Institute of Australia and enjoys developing tax strategies that work well here and around the world.