What do you look for when starting a new business?

Once upon a time there was a guy who wanted to start his own business.

Optimistic as he was, he didn’t really understand the full extent of what he was getting himself into. Naive in his way, he registered a company and started to do business.

Money flowed in and out.

By the end of the year, he had accumulated quite a lot of admin work that he was not even aware of. Tax Returns, Year End Audits etc.

Doing the majority of work by himself he realized that this was way out of his league. He tried to “Youtube” and “Google” how to do all the business admin correctly with zero experience. Do you think he ended up handling the admin 100% correctly?

You are correct, he did not. The results were not good. There was a loss of capital for unforeseen reasons, money going in a direction it shouldn’t go, an employee holding business funds and not recording this. The list goes on.

Eventually, after pulling his hair out, he starts looking for a specialist to manage the business.

The only thing is he doesn’t know where to start. Who can you trust? How could you trust a complete stranger with your business and your money? How do you know that the person is reliable, trustworthy and can actually do the work?

Where do you really start. You actually start at the end. Decide what your ideal scene is and really look and work on this. Then look at your current scene and see what distance there is between the current scene and the ideal scene.

There are tools you can use to assess your business risks, look at gap analysis, SWOT analysis (Strengths, Weaknesses, Opportunities and Threats), flowcharts and risk assessments. Then implement controls and systems to reduce or ideally prevent the risk from ever occurring.

If you are starting a business or new venture then contact us as we can help and can provide you with a free initial assessment of key areas to look for and handle.

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