5 key things to get right when starting a business

Starting your own business is a BIG leap of faith. Will you find any customers? Will you make enough income? These are questions that any founder will ask themselves.

But with the right planning, preparation and support, you can set the best possible foundations for your new enterprise, and take some of the guesswork out of becoming a business owner.

Building the right foundations

So, if you’ve got a great business idea and you’re eager to get your company off the ground, what are the key foundational elements you need in place?

To get your new company trading smoothly:

  • Define your vision and goals – so you know WHY you’re in business, what success will look like and who your target customers will be. If you’re clear about the ‘why’ from the outset, every decision will be easier. Think about who your product or service is aimed at, what their needs are and how your solution solves this.

  • Have a robust business plan – providing you with a clear route map for achieving your goals, with budgets, targets and pre-agreed timelines to meet. This doesn’t need to be a huge undertaking but it will need some thought. A good business plan will evaluate the idea and feasibility, as well as identifying opportunities and obstacles.

  • Get the finance you need – so you have the capital required to start trading, with enough in the bank to cover operational overheads and start generating income. A solid business plan will help you gain buy-in by proving the idea for investors.

  • Measure your performance – once you’re up and running, record and track all financial and non-financial data, so you can measure how well you’re performing and identify, early on, the areas that need attention.

Talk to us about setting up your new business

If you’ve got a world-beating business idea and the ambition to become a business owner, come and talk to us. We’ll help you flesh out your vision, write a workable plan and get your finances in shape for the next stage of the startup journey.

Get in touch.


Seven Rules to tighten up accountability

Most business owners understand that the only way to ensure something gets done is to document what is expected, assign it to the right person, and set a due date. But what do you do if the task isn’t done? What are the consequences of this inaction?

Think back to your school days when you had homework... maybe you were super organised and got stuck in as soon as the work was assigned, or perhaps you completed it on the school bus the morning it was due. Either way, why did you get it done? Chances are there were clear consequences set by your teacher if you didn’t complete it - a few whacks with a stick or a lunchtime detention – that’s what we call accountability and consequence.

Unfortunately, many business owners forget these lessons from school. Sure, we set the tasks and actions, assign them to people and, if we’re really good, set a due date. From there, we so often forget to hold the person to account. Very rarely is there a consequence for the person responsible for the task. The consequence for the business owner, however, is ultimately a poorer performing business.

Here’s seven rules to tighten up your accountability:

  1. Ensure at the outset that everyone is clear about why the task is important.

  2. Assign the task to the right person and be available to give support.

  3. Be specific and crystal clear with all communication. Remember, they don’t know what they don’t know.

  4. Ask them to repeat back the instructions, to ensure the message was interpreted correctly.

  5. Set a realistic timeframe and provide delivery instructions and expectations.

  6. Agree on consequences for inaction.

  7. Have quick catch ups to check progress is on track.

Now, ask yourself… what actions can I take to improve accountability and outcomes for my team? What changes or improvements do I need to make to my planning processes and reporting systems? And most importantly, who is the best person to hold me to account as a business owner? Accountability goes both ways, especially if you want to be an authentic and effective leader.

‘Accountability is the glue that ties commitment to the result.’ – Bob Proctor

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