Start New/Buy Existing Business Start Up
When your looking to Start Up a new business make sure you know all the facts, advantages and disadvantages so you can truly make an informed decision on whether or not to purchase or start up. Similar to buying your home, you do due diligence and conduct a building and pest inspecting, council checks etc and you must ensure you do the same for your business venture.
Whether starting a new or buying an existing Business the following should be considered to ensure you are make an educated decision on your going into the business, including:
- Pro's and Con's of the industry
- Registration and licence requirements
- Name registrations (including ASIC and Domain's)
- Industry specific registrations/licences
- Tax Structures and Asset Protection
- Workplace Health and Safety (WHS)
- Tax Office Obligations - TFN, ABN, GST, PAYG, FBT
- Intellectual Property / Trade Marks
- Insurances - Prof Indemnity, Contents/Building, Public Liab, Workcover, Life, Income protection, Key Man
- 3rd Parties - shareholder agreements, buy/sell agreements, personal guarantees
- Finance & cash flow requirements
- Staff and employment requirements and obligations (HR)
- Fixed and Variable expenses, break even analysis
On of the first steps on improving your profit comes down to having the right foundations, accurate numbers and key measurements in a timely manner so you know what is currently happening now.
From there you are able to regularly review and monitor and make changes quickly to improve your profit and get more return from your business in your pocket.
3 Key areas for profit improvement include:
- Increase your prices,
- Decrease your general overheads, and
- Improve your efficiencies.
Improving efficiencies is one of the most overlook opportunities in business, but with regular meetings, monitoring and implementation of your strategies you can quickly see improvements to your profits.
Will your business plans put you on the road to achieving better business growth? Many businesses fail because of poor planning. There are an abundance of opportunities to grow any business you just need to act on the right ones which attract your target audience/clientele.
It is imperative you manage, monitor and measure your growth successes to adapt and pivot to an ever changing market to ensure maximum return on your strategies.
The 3 Key ways to increase Growth in your business include:
- Increase the no. of customers you service,
- Increase the average fee they spend with you, and
- Increase the no. of times they return.
At Keypoint Business Consultants our focus is to work with you to provide strategic planning and actions that can be consistently measured and improved. To us, nothing is more important than your future. We are passionate about improving and growing your business and your lifestyle too.
So where do you want your business to be in 3-5 years? Are you on target to achieving these goals with a formulated ongoing review?
Strong and sustainable cash flow is the life-blood of all businesses. It is also an essential tool for monitoring and planning your own personal spending and the key to achieving your lifestyle goals.
It has often been said a business can still go broke making a profit with bad cash flow management. Find out where you are and what you can do to further improve your current circumstances and further enhance your personal and business goals.
We work with you to identify the best opportunities to minimise your tax obligations with solid advice that works for your personal and business requirements. These strategies and advice coincide with your growth, profit, finance and cash flow requirements and as such, are specific to your personal needs in reaching your long term objectives and goals.
Let us provide you with a tailored plan that relies on professional tax planning advice.
You will receive personalised advice on the structure that best suits your needs as there are advantages and disadvantages of different structures and when to use the right structure.
As a business owner you need to understand the potential risks associated with your assets. One of our key objectives at KEYPOINT is to continually review your position to ensure your assets are protected and stay in your hands in the future.
So who is the Risk taker and Asset holder in your group structure? Are your assets exposed?
To be wealthy simply means you can afford your lifestyle. How much that is varies from person to person. If you sometimes worry if your investments will support you when your income from work stops, take the first step and meet with our professional wealth adviser, Reine Clemow at Keypoint Wealth. Contact us today so we can help you build more wealth for a brighter future.
A good succession plan will help your business transition smoothly to the new owner. It clearly outlines your timeframe, expected sales value and who is your targeted purchaser.
It is highly recommended to plan your exit early, the sooner the better. That way you have time on your side to maximise the value of your business for sale.
Once your timeline is set you can then clearly set measurable targets to reach your businesses full market potential for sale.
It is important to know who your targeted purchaser is, being your family, an investor, a new working owner or your business team. There are many different strategies and planning solutions depending on your ideal purchaser. In addition the funding of the sale varies from purchaser to purchaser so knowing your likely funding options for sale is also critical as this may be your main source for retirement or funding for your new business venture. So get planning today!
Contact us NOW and find out how you can reach your goals sooner.