Success can have many different meanings for different people. In Small Business, success is often based around two things: flexibility and money.
At Walker Hill, we have noticed that there are some key areas where businesses tend to fall down, which ultimately leads to an unsuccessful business. To help prevent these pitfalls, remain compliant, flexible and promote cashflow, below are our three tips that every Small Business owner should follow to achieve their success and make it count.
Tip 1. Know Your Key Tax Dates
As a Small Business owner, you can find yourself juggling a lot of tasks as you build your business. With so many areas of your business requiring attention, key tax dates can often be one of the areas which fall off your radar. Unfortunately, falling behind in your lodgements or not withholding the correct amount of tax can put a compliance and financial strain on your business.
One way to ensure you do not miss a key tax date is to set reminders for the upcoming due dates that apply to you. Depending on the compliance obligations of your business, there are several areas that have due and payment dates which you may need to know about. Some of these are:
- Business Activity Statement (Quarterly or Monthly);
- Tax Returns;
- Taxable Payment Annual Reports; and
- Pay As You Go Withholding Payments.
What We Suggest:
The ATO has a monthly list that allows you to add specific due dates directly into your business calendar, helping you to keep track of due dates. But, if you find that your tax dates are getting missed, let us keep track of them for you.
An easy solution is to engage the team at Walker Hill to keep track of due dates on your behalf. Although the amount of compliance will stay the same, you will only need to commit to meeting with us in person, by email or over phone and we can complete and lodge the necessary reports, returns and statements on your behalf.
Tip 2. Allocate Time To Work On Your Business
This second tip can easily be forgotten as you knuckle down and focus on building your business, however, allocating time to work on your business is a must for big picture growth and success. Working IN your business are tasks that result in revenue such as sales meetings, product filling and lead generating. In comparison, according to an article written in 2016, working ON your business is “designing, planning and refining” and will not lead directly to revenue initially, but is fundamental for future business growth.
What We Suggest:
Whether it is a new marketing strategy, cashflow projecting with an advisor or deciding what your next hire will look like with a HR professional, it is suggested that a minimum of one hour a week be spent working ON your business. If you are struggling to find the time to work on your business, outsourcing some of the more time consuming tasks in your business (such as your bookkeeping) will help make time. Alternatively, you can look into training to increase efficiencies in these areas which will result in less time needing to be spent on these tasks.
Tip 3. Have An Advisor In Your Inner Circle
Small business can be a lonely adventure at times, which is why your support network is such an important element; in particular with your inner circle. Ensure that you have people around you, such as an advisor, who will help keep you accountable, focused and on the right track for a successful business. An article posted on Entrepreneur.com, mentioned that in Small Business there is often “no one to correct you, oppose your quirky decisions and suggest better changes”, which can lead to bad business decisions.
What We Suggest
If you are lacking a strong inner circle with an advisor, then it is time to network and build connections. Whether it is in a face to face event, through social media channels or from a referral, building connections is a good way to meet other small business owners and build your network.
Achieving success in Small Business can be a challenge. By ensuring that your key tax dates are not being missed, that you work both in and on your business and that you have a strong inner networking circle means your business has the best chance at staying compliant, making money and giving you flexibility.
If you know someone in Small Business who has missed their tax due dates, needs to put time aside to work on their business or needs an advisor in their inner networking circle, then reach out to the Walker Hill team to see how we can help.
