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5 simple but effective tips for new businesses

21 June 2016

In the hustle and bustle of running your business it’s sometimes easy to forget the essentials so here’s a few tips that will help keep your business on track.    

Have a plan

It’s often said that half of all small businesses will fail within their first five years. The key to maximising your chance of success when starting out is knowing your business, the market and planning ahead. So go ahead and make a business plan for this year or even looking five or even ten years ahead.

The Australian Government's small business advice website has some great templates to help get you started.

Trial and error

The old adege of ‘fail fast’ is even more relevant in today’s super fast environment. As your business isstarting or growing don’t be afraid to test new offers, products or even new ways of working. Test these things out quickly and cheaply and you’ll gain invaluable information whether they work or not.   

If you’ve got the time, the Harvard Business Review have written an in depth article on conducting business experiments using your business data.  

But keep it be real

The flip side of trial and error is knowing when something is working and having the courage to stop or change. Be realistic in all that you do; whether it’s stopping an investment or cutting your losses the long term success of your business depends on your ability to learn and make the tough decisions.   

Make a budget… and stick to it

If finances are the lifeblood of your small business then a good budget is the heartbeat keeping it all ticking. Making a budget can hold you accountable for your spending and your growth. It goes without saying that it’s extremely important, especially in the early stages to make every cent count.

If you need help setting up your budget, the Victorian government has some great tips to get started. 

Know your elevator pitch

Whether you’re presenting to clients or meeting new people at a BBQ, when someone asks, you usually have less than 30 seconds to tell them who you are and what you do. People are like goldfish, any longer and they might just lose interest. Practice and nail your pitch, keep it in your metaphorical pocket and be ready to impress.

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