Community News

Small Businesses Matter

This week, it’s a huge shout out to our small business owners in the Valley. Whether you own a retail outlet, café, or farmer; are a manufacturer or provide professional services, you are all amazing! Small businesses are the lifeblood of the Australian economy and you should all be congratulated on all you do for everyone in the Clarence Valley and beyond.

Any small business owner will tell you it’s a lot of hard work but rewarding and regardless of business type there are certain things successful businesses have in common.

Have a plan

Having a business plan is essential for any successful business. If you don’t know where you are going, how are you going to get there? Business plans are not a set and forget thing, they are fluid and ever changing and need to be reviewed regularly.

Set goals

Once you have your plan, measure your success by setting clear goals along the way. No truly successful business was built without some risk taking.

Celebrate your achievements

When you reach those goals, celebrate with those that have supported you in those achievements. Conversely, acknowledge your set-backs, learn from them, but don’t dwell on them. They do not define your business, your successes do.

Be organised

Keep your financial records and workplace organised. These things will help you maintain focus and complete your business tasks. Keep on top of things which need to be done.

Keep detailed financial records

Every business owner needs to make sure their financial records are kept up to date. Not only do you need to keep records to ensure you comply with the requirements of external agencies like the ATO, these records help you make informed business decisions.

Recognise your strengths

Know the areas within your business where you can maximise use your own skills and knowledge. If there are other areas in your business which are pain points for you, maybe that’s an area you need to get professional assistance.

Small business owners work long hours to make sure their business is successful, and for many, the thought of spending even more time doing something they don’t enjoy doing, like the bookkeeping, makes it even more stressful.

As mentioned above, it’s important to keep those financial records up to date. So if this is a pain point for you, get some help sooner rather than later. A qualified bookkeeper can do much more than just keep your online accounting software up to date. They can provide you with the financial reports you need to make those business decisions. They can also help with business planning, assisting with setting up budgets and tracking progress.

One final tip to all small business owners is to remember to breathe. Your business may be an important part of your life, but it’s not the only part. Remember to recharge regularly and spend quality time with your family and friends. And for the rest of us, remember to support our communities and shop locally.

Written for the Clarence Valley Independent by Cathryn Hopson of Hands On Bookkeepers – Providing clarity around your finances giving you peace of mind so that you can focus on growing your business.