Australian Government statistics show that businesses fail in Australia somewhere between 50-75% in the first 3-5 years. Usually, due to little or no income as well as insufficient working capital. Most new entrepreneurs fail to obtain professional advice or prepare a realistic business plan.
Having an effective business plan increases the odds of not just survival, but success to 60-80%.
Just as important as your business plan, is sourcing independent professional advice from your accountant, financial adviser and lawyer.
Most people prefer one adviser who they consider their most trusted adviser. Your accountant or financial adviser (sometimes the same person) is probably the best positioned to fill this role.
Preparing a business plan and appointing a most trusted adviser are the business tactics of winners!
Taking time out to plan and receive targeted advice may mean the difference between your business not only surviving but thriving.
For more information please contact us.