Going into business is an exciting time for owners. I am lucky enough to have experienced this euphoria and have worked with other business owners who have transitioned their unique offerings and experience, into their own enterprise too.

There are some common areas that are often overlooked in the early excitement, but should be carefully considered to give your business the best chance of success in a competitive market place.

1. Business Plan – This doesn’t have to be an encyclopedia, but it needs to cover the basics. Budget, know how you will derive income and estimate your expenses. Know your competitors and what makes you different. Know your customers and how you will grow and maintain your customer base.
   
2. Chart of Accounts – A lot of business owners pay this off in the beginning. I commonly hear “It’s all income and/or expenses, can’t it just go into the same account?” The lazy answer is “yes” but when you require the breakdown, of product/task A vs product/task B to analyse what is actually more profitable you can’t do this, if it’s all lumped into the same consolidated account. Spending time to set out your chart of accounts for; income, cost of sales and variable expenses will pay dividends for future analysis, budgeting and reporting.
   
3. Software and automation – Take the time to research software that will work for your business. There are various off the self mobile apps, accounting software packages and POS (Point of Sale) providers and merchants that compete for your business. Carefully consider what functions you, and importantly, your customers require and how software, or apps, will tie into your operations. There can be significant efficiencies by being open to integrating technology and automation into your business.

The above considerations are some of the most common areas of improvement I see, when I speak with my clients and have implemented as best practice.

There are heaps of other factors new and established business owners are constantly assessing, but this is all part of the exciting journey of being a business owner.