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The purpose of this report is to identify the critical issues such as getting advice about how to start a business, developing a business plan, manage finance and cash flow, legal issues involved and gaining a competitive advantage. All of these critical issues could help a starting business achieve success.

Operating a small business is not just about working for yourself, it is also about having the necessary management skills, industry expertise, technical skills, finance and of course a long-term vision to grow and succeed. You should also consult an experienced business adviser, accountant or bank manager.

Before starting a business advice about how to start a business should be sought. Getting advice how to start a business will help owners understand the responsibilities and management skills involved in running a business. Understanding the responsibilities of running a business will let the business owner know what its like to manage a business and the things that will involve in doing so. As many people go into business without knowing how to manage a business and the responsibilities involved and fail in business with the first few years. The business enterprise centres and state governments provide assistance to small businesses. This will be the difference between success and failure of a business.

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To succeed in business you need to allocate time and energy to managing the business, over and above creating and delivering the product or service.

Business management includes

• Managing yourself and your time

• Managing your staff

• Managing suppliers of goods and services

• Managing your business partners

• Managing your money

Having a business plan before you start out in business will help you manage the business successfully. This is an important step in helping a starting business achieve success. A business plan will provide business owners a clear pathway to successfully run a business. It will help the business owners have an idea what their business is going to be like and how it will be managed. A good business plan will increase your chances of business success. It will help you identify your customers, market area, pricing strategies, financial and operational goals. By completing a business plan you will better understand your competitive advantages, new opportunities, current weaknesses and longer-term objectives for the business. Having a business plan is also an important requirement for gaining finance from financial institutions.

Improve your chances dramatically by preparing and planning ahead.

• Visit First Base at a Business Advisory Service Centre.

• Get professional advice.

• Read a few books. A wide range of inexpensive titles is available.

• Attend an Introduction to Small Business workshop at a Business Advisory Service Centre.

• Talk to someone already in a similar business.

• Contact an appropriate trade association.

Planning is essential, so make the effort to

• prepare your goals and detail the steps you are going to take to reach them;

• create a written document of all the research and analysis of your idea;

• segment your plan into a strategy document covering the business activities, markets, competitor analysis and longer term industry trends;

• then complete your planning with an implementation plan which covers operations, marketing, sales, finance, personnel and training;

• the end result of your planning should be expressed in financial terms in a profit plan (or budget) and cash flow projections;

• your business plan can then become a powerful management tool not only for your dealings with bankers and financiers, but also as a regular guide on the progress of your business.

Furthermore an important decision to make when starting a business is choosing the business structure that best suits your needs. Some of the factors to consider are personal financial liability, tax implications, access to business profits, establishment costs and risk exposure. Consulting your accountant and/or solicitor will assist you in making a better decision.

There are a number of business structures available, of varying complexity, each with advantages and disadvantages. The most common business structures are sole trader, partnerships and proprietary limited company.

Avoid the seven most common traps for people just starting businesses. Take care to

• locate your business in the right place;

• know your customers and their needs;

• always be in control of your finances;

• choose the most appropriate business structure;

• read any business or lease agreement very carefully before signing (and get professional advice if in any doubt);

• buy an existing viable business, not another's failed dream;

• recognise that sales revenue must cover all the costs of running the business and is not clear profit.

Financing your business and managing the cash flow which include stock, debt collection and personal drawings will help your business succeed.

Most small businesses start without sufficient capital and many businesses fail in their early years because they are under-capitalised. Make sure that there is enough money to go into business. So manage your finances carefully by

• knowing how much money is needed and when;

• knowing where to secure funding and how;

• controlling your business finances and reviewing the position regularly.

Your business plan and cash flow projection will provide you with your first estimate of funding requirements. Regular accounting reports will update these so you can respond to adverse movements in working capital such as stocks, debtors, work in progress and overdrafts.

Cash shortages can prevent you from meeting your financial obligations and make it difficult to expand your business. In some cases it will mean you will need to close your business.

It is important to know your cash flow position. To manage your cash flow, take note of the following tips.

Account for Every Dollar and Cent

• Install an accounting system that produces relevant financial reports and meets tax requirements.

• Keep your financial records and bookkeeping up to date.

• Use the information in your accounting system to draw up a budget and cash flow forecast.

• Manage your cash inflow and outflow - be prepared for anticipated tax instalments and other payments.

• Do your banking regularly, both for security reasons as well as keeping track of your cash flow.

• Reconcile your bank statements regularly, double-checking receipts and payments with your own records.

• Ensure that you receive, record and retain all tax invoices for GST taxable purchases to support your claim for input tax credits.

• Consider visiting your accountant every three months to review your business performance.

Money Matters

• Bill your customers early and often.

• Keep a detailed account of all your debtors and act promptly on overdue accounts.

• Promptly follow up any dishonoured cheques.

• Consider offering discounts for cash sales or early payments of credit purchases.

• Consider alternatives to improve your sales terms, eg lay-by terms, payment terms, credit terms.

• Keep a detailed list of amounts that you owe. Your debts may build up without your knowing.

• Use payable credit terms to your benefit, increasing the effectiveness of your cash flow.

• If suppliers want to be paid early, ask about discounts for early payments.

Final Money Tips

• Manage your investment debt. Dont over-borrow.

• Keep some cash for rainy days.

• Dont over-commit your personal expenses.

There are many legal issues involved when starting a business. Applying for an ABN and applying for the GST and PAYG is a commonwealth government obligation. State obligations include registration of your business name, workers compensation insurance and fair trading and occupational health and safety. Apply with these legal requirements will allow you to run a legal and fair business.

Gain a competitive advantage is an important factor if you want to achieve success when starting a business. You should know who your competitors are, what the level of competition is, and how your competitors compete on price, extra services, convenience and quality? Also knowing what is so unique about your product/service will help you gain a competitive advantage. Having a thorough knowledge of this will allow you to gain a greater share of the market and increase your sales

Knowing your market will be of advantage.

• Is there a market for your product/service?

• Have you defined your market by size, geographic location, life cycle of the product or demographics?

• What will affect your market? Social trends, the economy, consumer confidence or industrial relations.

• What statistics and trends can you collect to help with market research?

• What are the characteristics of your customers - what, why, where and how often do they buy?

• What form of marketing activities will best suit your business?

david hills business studies pg 145-147

tony braxton business failure pg 150-15

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