Having a business plan in place is the first step to success. Here’s a list of ways to ensure that your business’ growth and success is driven by ideal business planning, and not chance.
Make a plan
Small businesses account for 97 per cent of all businesses within Australia, yet ABS research states that many have a revolving door that gets more use than Kirribilli house. More than 60 per cent of small businesses in Australia are forced to close down within the first three years of operating. The Australian Securities and Investments Commission (ASIC) report into corporate insolvencies between 2011-2012 discovered that 44 per cent of businesses suffered poor strategic management and planning.
A business plan is the critical foundation of any business, if you intend to build your way to success. To begin with, your business model and strategy will assure you that your endeavour is feasible and will outline your company’s trajectory while ensuring that attention is given to the broader operational and financial objectives. However, as your business progresses, your business plan should be dynamic and flexible so that you can adjust your strategy as objectives change.
Find your niche
While there is a plethora of small businesses all vying for the same customers, there will always be segmented voids of supply, within certain aspects of a product. This is an important opportunity for any small business to capitalise on, however obscure or obvious they may be. This begins with the efficient engagement and interaction with your customers to first listen and identify what these needs may be.
Your product, messaging and customer experience should reflect what your customers want, not what you think they want.
Staying on top of trends
Although it can be a time-consuming activity, regularly reviewing your equipment and practices, and updating when necessary, is important if you wish to stay competitive.
One way to stay ahead of these trends, without impacting your cashflow or ending up with obsolete equipment six months down the road, is to use equipment rental or equipment loan schemes. These asset finance products are an effective way for you to maintain your competitive edge.
Fund your growth
Equipment loans and equipment rentals are two asset finance products which should be incorporated into your business plan to unlock business growth. These options empower your business with the ability to be at the forefront of your industry while reducing the risk of owning obsolete technology and freeing up your cash flow in the short term to be spent on day to day business.
Bigstone Finance can offer fast, flexible loans from $10,000 to $2,000,000 for assets and equipment for your business.