This week on Scotch O Clock we discussed How Entrepreneurs Choose the Right Business.
We understand how important it is for Entrepreneurs to start the right business as unfortunately we already know many start up businesses fail within the first couple of years if certain factors aren’t taken into careful consideration.
As we deal with alot successful entrepreneurs we know business owners struggle to decide How to start the right business for them.
This week we decided to address this topic in Scotch O Clock! We wanted to give you a breakdown on how to choose the right business for you and what you must take into consideration when choosing a business.
We we’re joined on Scotch O Clock by the Successful Entrepreneur; Tom Martin who is the owner of a diversity of businesses such as Parkerville Tavern and The Blue Marron Farm. We knew Tom would be a great guest to have on the show to discuss this topic in detail and for him to give his expertise opinion on How To Choose The Right Business.
Featured Whiskey: Tomatin 2004.
Topic Covered: How Entrepreneurs Choose the Right Business.
Tune in for Scotch O Clock Episode 48 by Clicking on the video below:
*Please note we had a few sound technical difficulties in this episode*
Scotch Intro: Tom Martin 2004: 0:22
Topic of Scotch O Clock: How Entrepreneurs Choose the Right Business for them: 1:00
Tom Martin discussing How Entrepreneurs Choose The Right Business for them: 1:50
Management in Business: 3:39
Tax Structure in Business & Why Planning is crucial in business: 3:54
Whiskey Tasting: 9:45
Scotch O Clock Summary: 10:00
We Hope you enjoy this Episode guys and remember to please comment and share this video to help Entrepreneurs wanting clarity on choosing the right business for them.
Since working with Successful Entrepreneurs in our 1-5 Programme we have listed below the 6 KEY areas for you to focus on to get clear on how you can Grow your Business; effectively and efficiently.
1.Planning is KEY.
The best time to take action for you and your business is now to start the new year on track with what you want to achieve.
All aspects of business need to be planned, some in greater detail than others, however there is a much a greater need for you entrepreneurs that are aiming for the stars!
If you Fail to Plan, Plan to Fail.
For us to best serve our clients we want to be on board with you and what you’re going to achieve because the following items need to be specifically set up and tailored to suit your business:
- Tax and Corporate Structure
- Financial reporting
- Processes and Procedures
2. Get Your Data Processing Right.
Ah, we get it the most ‘un-liked’ part of accounting! Whilst at the same time, one of the most important.
Getting information into the system sets up the foundation for financial reporting and is CRITICAL.
Get the systems and accounting functions in perfect order.
- Efficient Accounting procedures
- Xero & cloud accounting
- Accurate Live data
3. Get Tax Savvy and ATO Compliant.
Don’t ‘shutter’ at the word Tax. The only time tax is scary is when you’re unprepared. True Entrepreneurship is about building your business vision and comprehensively planning managing taxation is vital in order to do so.
This is where we come in, to keep you ahead of the game and the ATO!
- Review Tax Positions Quarterly
- Build Your Perfect Tax Structure
- Help keep the ATO Smiling
4. Harness the Power of Numbers
As Entrepreneurs we’re known for making ‘snap decisions’ and constantly shifting the goal posts and the truth is that not all will pay. However, knowing the true specifics of your financial position gives that extra level of confidence when making the decision.
Know your numbers:
How much money and time do you need to reach your milestones and eventual vision? Indeed, it’s time t get your KPIs right! Generally speaking, entrepreneurs should be monitoring the following on some level:
- KPIs relative to the industry
- KPIs relative to Your Growth Milestones
- KPIs relative to short, Mid and Long -term cash functions
- KPIs relative to Efficiency Across the Entire Business
5. Get on Top of Efficiency
Efficiency makes a monumental difference in business because essentially:
Efficiency = Profit = Cash
When it comes to entrepreneurship, one of the most talked about requirements is saleability and for it to be maximised it takes comprehensive systems designed to maximise efficiency.
Our workflow and automation division can remove the human element and create a massive profit through technology usage. However, EVERY entrepreneur should be reviewing:
- People Efficiency
- Financial Efficiency
- Operational Efficiency
- Technological Efficiency
- Educational Efficiency
- Sales and Marketing Efficiency
- Mental Efficiency
6. Review, Reflect, Realign, Re-Plan and Re-execute.
Steps 1- 5 are going to need to be repeated constantly because everything is going to change especially in a rapidly growing business and ever more so, one being run by a true entrepreneur who is constantly comping up with new crazy innovative ideas.
There is no predetermined amount of time to complete steps 1-5 in fact is should be organically happening all the time as all entrepreneurs should hold continuous improvement as one of their core values.
Constantly evolve the business and business practices.
To Find out How we help entrepreneurs more in our 1-5 Programme click on the Green More information button below.