Why now is the best time to start a small business
Bricks or clicks? 3 considerations for making the leap
There’s no question about the critical role small business plays in our economy. Visit the Australian Bureau of Statistics website and you’ll see that 98% of Australian business is made up of small and medium-sized businesses (SMBs).
We range from offering in-home help to artsy-crafty makers to professional contractors.
Looking back to when the pandemic abruptly changed our way of life, small businesses were agile, flexible and determined when facing unprecedented disruptions. Some leveraged technology to carve out entirely new business lines and customer engagement models to adapt to extraordinary circumstances. Others reimagined their delivery models to transition to a different set of offerings.
Whilst we’re still defining “the new normal” one constant is the power of small business. We are the engine of the economy — small business owners continue to inspire by innovating as we adapt to whatever is thrown at us.
Despite the unconventional circumstances, there’s never been a better time to start a small business, to have customers down the street or across Australia. If you’re ready to take the plunge, consider these tips:
1. Think locally, reach globally
As well as creating a new website or optimising an existing one, exploit social to create a local presence that can reach customers anywhere. Social channels like Twitter, LinkedIn, Vimeo, WeChat, Facebook, YouTube and Instagram offer opportunities to digitally market your business across a variety of media and give audiences ways to get to know you in the format that resonates most for them.
Beyond messaging, several technologies are available to help you attract, retain and manage customers. Look at customer relationship management (CRM) tools that help you nurture customers easily, whether you’re targeting coffee drinkers in a single postcode or specific prospects for a niche instrument used only in scientific labs. There’s no shortage of cloud-based solutions for helping you engage with customers from Albury as effectively as those in Innamincka.
2. Track and manage business performance from the outset
For operations, there have never been so many cost-effective tools that offer enterprise-level features to small businesses.
Far beyond spreadsheets and calculators, today’s small business tools provide automated solutions for the entire gambit of operational activities; from bookkeeping and accounting to HR management and eCommerce platforms.
As a business ourselves, we see the benefits first-hand of having a cloud-based infrastructure in place. Salisburys was able to provide service continuity throughout COVID-19 by working remotely with zero to limited interruptions to business operations or services provided to clients purely as a result of our cloud-based infrastructure.
Being connected in the cloud allows us to obtain meaningful insights into what business owners need from us. By learning what our clients value we become a more agile business that is able to respond to our market.
There are plenty of low-cost, effective tools available to help your business get up and running that you’ll discover after a little due diligence. Feel free to ask us about our tech stack as part of your research.
3. Playing the long game: defining your success
It’s true that entrepreneurs work long hours — they and their families make hard decisions in the service of a bigger goal.
Reminding yourself of why you launched in the first place is essential for perspective, and keeping an eye on those you serve can be another critical to staying grounded.
For Salisburys, being business advisors is about providing strategic operational advice, not just financial reporting. Where we add value is by working with business owners to help clarify your definition of success. From there we help you develop a plan in response, covering strategic, financial and operational issues.
For centuries, entrepreneurial spirit has driven business to transform and flourish. Despite the known (and unknown) challenges, there’s never been a better time to hang up your sign. You decide how that will look – on bricks, with clicks or both.
SIMPLICITY. TRANSPARENCY. CERTAINTY.
While the jury is still out on what “the new normal” will look like for businesses of all sizes, one thing that is certain is the power of small businesses.
At Salisburys Accountants, we offer solutions that make sense of each business journey, from start-up to retirement. See how we can help you Protect, Plan, Grow, Track and Exit at https://www.salisburys.net.au/pathways/. Call our team in Albury on 02 6041 3014.