Three tips on how to run a successful business

We work with many different businesses which gives us an insight into the different ways of doing things and why certain things are critical to a business’s success. There are many things that the most successful clients tend to have in common. Below are three tips you can utilize to increase your chances of business success.

They use the right accounting systems

The introduction of Xero, which is a cloud based integrated accounting software system has been revolutionary to the way people operate their businesses on a daily basis. Xero enables you to have real time information so as a user you can make better and more informed decisions. This makes keeping of track of profitability, cashflows, outstanding invoices & payments a breeze. No more waiting until year-end to see how financially successful you have been.

Xero also has many add on features like credit-card payment facilities, payroll, inventory and job tracking services.

See our other articles:

Key Benefits of Accounting Software

Is Xero Right for My Business?

They have a one-page Business Plan

This is a vital road map that lays out where your business is going and how it will reach its goals. Forget the old school forty-page document. We are talking about a short, sharp plan on an A3 piece of paper – a ‘headline’ plan as opposed to something that goes into minute detail. The plan is shared with the team, so everyone is clear as to where the business is headed. Everyone can then be focused on heading in the same direction, working towards the common goals. Some independent accountability can also be introduced. As business owners we have independent accountability ourselves and recommend clients do the same. This is because it increases the chances of the goals being met.

They Delegate

Working ‘on’ as opposed to working ‘in’ the business. You can’t be everywhere at once or be an expert in every field. Good business owners know that and have the courage to let go of certain areas by delegating to others. This could be mean within the team or externally. This leaves them more time to concentrate on the business and activities they personally enjoy.

What’s next?

If you would like:

1. Some more visibility with your business finances – as platinum partners, we can set you up and train you on Xero.
2. Some clarity in direction – we can help you create your business plan.
3. Some accountability – we can meet with you quarterly to ensure you stay on track to meeting your goals.

About Business Like NZ Ltd, Auckland Chartered Accountants

Business Like NZ has been providing professional yet affordable tax and accounting advice to the Auckland region (and beyond) for years! If you would like to discuss your business with us, please contact us.

If you would like to know more about our business, check out our digital brochure: Business Like NZ – Brochure

Article by Brendan Price, CA