3 TIPS FOR SMALL BUSINESSES FROM OPULENT ACCOUNTANTS

All of us are a potential small business owner. But, the fact is, a very few of us would take the initiative to start up a small business. A harsh reality is, from those who somehow start a small business, a very few can sustain that start-up for first five years.

Research shows that only 50 percent of small business start-ups all over the world can last the first five years. In Melbourne, that figure is a lot lesser though. It is therefore paramount to get tips on how to avoid common mistakes that the majority of small business owners make so that, you can ensure your business grows in the right direction.

Some of these tips are from professional business Advisors and others are from owners of successful businesses while the rest are from owners of failed businesses. Let us look at some of these helpful tips

BE CALM AND STRATEGIC

Reports have shown that starters get overwhelmed by the idea of owning their own businesses and being their own boss. This apparent freedom of decision making tends to have a negative effect on some entrepreneurs causing them to make emotional and not necessarily rational business decisions. You need to be calm and tact as a startup.

INADEQUATE DEMAND GAUGE

Never forget that because you like your product well enough to start a business with it, does not mean that there aren’t people who would be against that product or service while some would be neutral to its existence and usefulness. Don’t just assume or estimate your demand size based on your personal experience or opinions. Always test for your demand with a wide range of people who would be brutally honest with you. They could be friends, family members or may be strangers as well. The fact is, the critical feedback you might get from them would help you heaps.

Ensure that, your product or service, however much you may think it is important, is in tandem with modern trends. For example, you may have grown up Watching DVD and VHS recorded movies. In fact, you enjoyed it so much that you are thinking of starting up a rental store for the younger generation to enjoy like you did. This business would not be in line with the modern trend where, most of the younger generation is downloading movies off the internet. Hence, it is less likely to survive.

DISTINGUISH YOUR BUSINESS AND STAND OUT

Having a special talent such as being able to sing, play a musical instrument or cook a special delicacy is a nice thing to start a business around. But before you do so, ask yourself if there isn’t anyone with the same gifts or talent as you have and In fact, is already running a business as you might be thinking of while targeting the same audients as you would.

Moreover, be cautious if a business like as mentioned before exists AND is a successful one too. But hey, what may distinguish you is the manner of delivering the service or product with a few compromises that your competition isn’t willing to make. This would make your brand stand out and your business’s reputation boosted, thereby, increasing your market share.

PROPER DELEGATION OF DUTY

If you think that you may be able to run the show by yourself then, I would strongly advise you to reconsider. It is really difficult to run the business single handed. Running a business successfully means, you have to be a multi skilled person; moreover, a speed runner as well . Quiet often, it becomes really tedious for the small business owners to gain an effective control over the business once it starts growing.

Hence, you need a very good team with each person delegated to carry out the duties he/she is best suited for. Remember to scrutinize and get reports from all team members including and most especially those you know little about in terms of performance and work ethics.

Most times small businesses need help with their taxes. Knowing just the right amount to pay, no more no less, is usually very complicated and, is certainly one of the most important duties to be delegated.

With finances, you can’t go wrong and as such, this task has to be delegated in most trusted hands. Thanks to the opulent accountants, a Business tax agent in Melbourne just for your business.

We at Opulent Accountants are a team of very intelligent, experienced and hardworking business experts who can help you out with quality accounting and tax services. Give us a go, and you’ll be delighted.

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Moumita Ghosh
Moumita Ghosh
2020-11-18
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We've been meeting Dayan for years now and he is great with his advice and is very knowledgeable and pragmatic. We recently used his services to get the home loan for our house and he and his team went above and beyond to get us the best possible deal. Ishara in his team was super communicative and responsive in following through and made the process very easy for us. Highly recommend them!
Cara Neela
Cara Neela
2020-10-24
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Dayan and Hasi are wonderful, wouldn’t hesitate to recommend them! They went through all with a fine tooth comb to ensure all was correct. Thanks to you both and the Opulent team!
Jason Barry
Jason Barry
2020-09-29
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I was looking for a different accountant and was recommended to Opulent Accountants. I have been blown away with there service. I wish I moved accountant sooner. Platinum Plumbing Enterprises P/L
Afshin Koohestani
Afshin Koohestani
2020-09-10
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Uditha Illeperuma
Uditha Illeperuma
2020-09-08
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Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
Dinesh Fernando
Dinesh Fernando
2020-09-03
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Very happy with the service provided in getting my tax returns done. Mr. Dayan is very helpful and professional and has extensive knowledge in his field of expertise. Highly recommend if you are looking for a hassle free and prompt service.
Ronald Turner
Ronald Turner
2020-07-16
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Opulent were absolutely fantastic to deal with, they are competitively priced and incredibly proactive and friendly. For me I have been much better off using their fantastic services as opposed to doing tax returns myself. Sum was amazing, incredibly knowledgable and super friendlyI'll certainly be back with Opulent next year
Milinda Wickramasinghe
Milinda Wickramasinghe
2020-07-05
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Opulent team has been fantastic and it has been truly a pleasure dealing with the team for more than 10 years. Dayan and Ishara have gone above and beyond to assist and communicated with me even when I was overseas. Excellent service has being provided in a professional and timely manner. I would highly recommend the team.
Chami Ranaweera
Chami Ranaweera
2020-04-28
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I have been working with Dayan last 9 years. All of my loans, refinance and tax are done through Opulent.Dayan and his team including Ishara are very helpful and easy to deal.
Edmund Lobo
Edmund Lobo
2019-12-02
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We were new entrants to the cattle farming scene. All the rules and regulations surrounding primary production can be very confusing. The team at Opulent Accountants walked us through all the steps, set up the necessary ABNs and Company / Trust accounts, filed the related pending BAS and Tax returns, and is currently keeping us up-to-date with all ATO related transactions. We recommend them highly to all.