More tips for budding entrepreneurs
In our last blog, we looked at some tips for budding entrepreneurs. Here are some more!
Tip 1: Don’t try and grow too fast
You need to build a solid foundation for your business. That means getting some solid cash flow before you even think about borrowing to expand. Your revenue should comfortably cover your expenses for you to grow sustainably.
Focus on your core business offering and market/s before you look to expand into other areas. If you don’t, you run the risk of expanding too quickly and running into cash flow problems.
Tip 2: Don’t forget to set SMART goals and to measure your performance
SMART goals are goals that are specific, measurable, achievable, relevant and that have a timeframe. Goals that have these five characteristics allow you to plan and measure your performance effectively. An example of a SMART goal might be to achieve sales of $100,000 in your first year, provided that is achievable.
Tip 3: Don’t try and do everything yourself – hire specialist experts
It can be tempting to want to do everything yourself in your business, especially in the early days. But smart entrepreneurs know their limitations and they seek expert advice to help them in those areas. They view expert advice as an investment to make their business stronger and to free up their time, not as an unnecessary cost.
How we can help
At Scorpion Bookkeeping, we’re experts with numbers. We can help you to manage your business finances by implementing Xero bookkeeping software. We are a Xero-certified partner.
We can also help you with bookkeeping support services. Our clients include a diverse range of businesses in South Australia, Victoria and New South Wales. Contact us today for a free, no-obligation consultation to find out how we can help your business!