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:: Making small business work for you :: Tax procedures for your business :: legal aspects of your small business :: Writing your plan for small business success :: Achieving financial success in your business :: Opportunities from home

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  ' FREQUENTLY ASKED QUESTIONS '  

Frequently Asked Questions

  How do I manage my time effectively in a small business? ::  

Prioritise, by ranking the order of tasks to be done.

Do what is important or urgent first, and try to link tasks that are related.

Allow enough time to do any task.

( WRITING YOUR PLAN FOR SMALL BUSINESS SUCCESS )
  How do i successfully market my business? ::  
Give people what they want.

Satisfied customers return and tell others.

( MARKETING AND PROMOTING YOUR BUSINESS )
  Why is a business plan essential? ::   
A business plan improves your chances of business success.

The real benefit of business planning is in preparing the plan yourself.

A written business plan enables you to:-
    :: Determine the feasibilty of your proposed business;
    :: Set business targets to work towards;
    :: Provide standards to evaluate business results against;
    :: Influence lenders to advance funds.
( WRITING YOUR PLAN FOR SMALL BUSINESS SUCCESS )
  Why do small businesses fail? ::    
Many small businesses fail because of internal mis-management not because of uncontrollable external factors. The main reason for business failure is mis-management of cash flows.

You can reduce the risk of business failure by learning and applying the right business management techniques.

( MANAGE FINANCES & DEVELOP FINANCIAL PLANS IN YOUR BUSINESS )
Are businesses heavily regulated? ::  
Businesses operate in an increasingly regulated environment - a trend likely to continue.

There are more approvals required to operate as well as increasing consumer (and employee) protection laws.

There are also a wider range of taxes applying as governments find new ways to widen the revenue net.

Heavier regulation means higher compliance costs for businesses.

( LEGAL ASPECTS OF YOUR SMALL BUSINESS )
Is there an effective way to start in small business? ::  
An effective way to start in small business is to work in the industry first. Begin your own business part-time while still working. Start small so you can learn all aspects of the operation and minimise cost.

For the first few years, be prepared to work hard to build your business. Later, you learn to work smarter by doing more in less time.

( WRITING YOUR PLAN FOR SMALL BUSINESS SUCCESS )
What type of small business do I go into? ::  
Follow your passion.

Choose a business you will enjoy. People tend to excel doing things they enjoy.

Successful people often say, they followed their passion.

( WRITING YOUR PLAN FOR SMALL BUSINESS SUCCESS )
Is there an ideal business? ::  
The ideal small business is a cash one, with no debtors, no inventory, no employees and run from home.

Can you think of an interesting home-based business that fits this description?

( MANAGE FINANCES & DEVELOP FINANCIAL PLANS IN YOUR BUSINESS )
Why is owning a business preferable to working as an employee? ::  
Owning a small business is preferable to working for someone else because:-
    :: you control your hours of work and what you do;
    :: you keep the rewards of your success not someone else;
    :: you can sell a successful business for a significant sum;
    :: there are taxation advantages for self-employed people .
( WRITING YOUR PLAN FOR SMALL BUSINESS SUCCESS )
Where is a good retail location? ::  
A good retail location has high exposure and visibility as well as easy access for shoppers.

( MARKETING AND PROMOTING YOUR BUSINESS )
Can a small business effectively compete against a larger one?::  
Yes, by focusing on the quality of what the business has to offer. A small business should offer better quality products/services for sale and superior customer service.

( MARKETING AND PROMOTING YOUR BUSINESS )
How is business success measured?::  
Business success for any period is measured by three key financial results shown in financial reports prepared for the period.
    i.e.
    :: Net Profit (in Income Statement)
    :: Net Cash Flow (in Cash Flow Statement)
    :: Net Assets (in Balance Sheet)


( MANAGE FINANCES & DEVELOP FINANCIAL PLANS IN YOUR BUSINESS )

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