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The Nine Essentials of a Good Business

Published: 6th June 2019

Published in: TrialBalance

Businesses that develop over time run the risk of not having all the things in place that make for a good business. This is especially so if it’s a family business. In the beginning it was you – self employed for the first time. Before you knew it there were others working alongside you. They may have been family members or friends, employees, subcontractors etc. This does not belittle where you’ve got to so far. Many businesses fail within the first 3 years of operation so you’ve done a good job to get to here.

It is easy though, to overlook important steps if you’ve “grown into” your business over time. You’ve been busy building your business and working in your business. It’s not uncommon that basic business principles are sometimes never addressed.

Nine Essentials of a Good Business:

1.   A Strategic Business Plan
A strong foundation for your business will include a Strategic Business Plan. This delivers the core of everything you need for a sound business strategy. It also provides a sound business model. Without this you are more likely to make tactical decisions. What a good business needs is strategic decisions.

2.   Leadership
A good business will have a leader. Someone who takes “ownership” of the business as a whole. A leader will “walk the talk”, recognise great effort and create a “team” out of a bunch of employees. Make sure your business is not leaderless.

3.   Goals & Objectives
Establish clear goals and objectives for your business. Make sure your whole team knows about them and can align with them. Your team’s buy-in will be crucial if your business is to be successful.

4.   Systems & Procedures
Develop systems and procedures to both safeguard and improve your business. This will ensure there is a process to follow for everything. Well-documented systems are a valuable asset in any business. They will provide an added bonus when the time comes to sell.

5.  Cashflow Systems
Create a cashflow system that can forecast weeks in advance. This will go a long way to eliminating any nasty surprises.

6.   Up-to-date Debtors
Make sure your customers pay on time or bear the consequences. It can be easy to let emotions come into play when someone gives you their sad story. It’s important you have a clear policy or procedure to follow. Being a business owner sometimes means making hard decisions.

7.   And Creditors
Pay your own bills on time. It’s hard to get tough with your debtors if you’re slack in this department as well.

8.   Proactive Professional Advisors
Get advisors around you that add to what your business is up to. They need to appreciate you and your business. They also need to communicate in language that you understand.

9.   Drive & Ambition
A successful business will seek to be top of its game. It will always look for the edge, always look for new ways to improve what it does. Act with the utmost concentration, on purpose and not by happenstance.

A sound business will provide you with the lifestyle needs you want. It will also provide you with an asset that you can one day on-sell. In this way you’ll reap the ultimate reward for all your hard work. There are only two good reasons to be in business – FUN and MONEY – and if there’s no money there’s no fun. A successful business has both.

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nsaTax Limited

As a specialist provider, we have a specific range of services on offer to New Zealand and international businesses.

Tax laws and regulations, including their interpretations, are always changing and evolving so a large part of thier job is maintaining and developing our knowledge so we can continue to offer insightful advice and the most robust solutions to their clients

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Phone: 09 309 6505

Focus Chartered Accountants

At Focus we believe that the Chartered Accountant of today is judged by the way in which they work with their clients to provide creative and creditable solutions to their business needs.  To do this successfully they must be a proactive member of their clients' business teams, and be prepared to dissolve the boundaries and limitations of traditional accounting work and thinking.

Region: Bay of Plenty

Phone: 0800 362 872

Martin Wakefield

At Martin Wakefield we pride ourselves in being friendly, accessible accounting specialists who make it our business to make your business more successful.

By helping our clients to succeed, we are able to continue to grow our client base and expertise in the many areas in which we excel.

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Phone: 03 687 7122

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NZ CA Limited

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Phone: 06 835 5299

Naylor Lawrence

At NLA we believe that a good accountant will ensure your compliance and tax is completed to standard and on time. However, a great accountant will take the time to understand your vision for growing your business and help you plan the journey to achieve it. With some checks along the way!

Our team has the expertise to assist your business, whether it’s big or small, just starting out, or needing some fine tuning. We don’t just offer services – we offer personalised solutions for each of our clients.

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Wallace Diack Chartered Accountants Ltd

With over 50 years combined experience in New Zealand, Wallace Diack is committed to providing a comprehensive range of practical accounting services for today's economic environment that help you realise your goals.

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They have a large team of accountants and business specialists based in offices in Kaikohe, Kaitaia and Kerikeri. Their expert hubs consist of the following;

  • Technology, systems and processes
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G S McLauchlan & Co

GSM is a Dunedin based Business Advisory and Chartered Accountancy practice founded in 1957. 

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McIntyre Dick Limited

McIntyre Dick is a vibrant, driven, and people focused firm of Business Advisors and Chartered Accountants leading the industry in Southland, New Zealand. They’re dedicated to delivering exceptional service and strive to put time, mind and money back in their clients’ hands.

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gfa Chartered Accountants Ltd was formed on 1 April 2018 by Merv Gyde and Lance Fielder, two experienced Chartered Accountants based in Te Awamutu.

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Southey Sayer

Offering a full range of accounting and business development services, tailored to meet the needs of each individual client. The wide range of expertise and experience within the firm is shared amongst the partners and their teams for their clients benefit. Services and products offered are fully flexible there will be no expectation to conform to a certain product or pricing structure.

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Gambitsis Crombie Limited

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Marshall & Heaphy Limited

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