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3 Ways Australian Start-ups Can Thrive in 2022

Start-ups are a driving force of the Australian economy, with over 300,000 start-ups entering the market each year. Australian start-ups are primed to thrive in 2022, but it is critical they pay careful attention to ensuring they take the necessary steps towards their success.

Especially towards the start of the year, many people feel like they want to have a change in their life direction. Starting a business can be a massive undertaking, and will be time consuming and hard for those who really want to see it through successfully, but it also has potential to be extremely rewarding.

From our point of view, what we tend to see is people who go and do a whole lot of “doing” and get stuck into the day-to-day grind of running a business, but can sometimes struggle to step back and focus on the bigger picture. The bigger picture is especially critical during the start-up phase.

1) Reporting system

When thinking about your gross profit you need to be thinking about both your gross profit as a percentage and your gross profit as an amount. In business it is critical you have clear insight into the basic numbers of your business. From the most basic questions of “Am I making a profit?” or “What are my major expenses?” you need to have an accurate reporting system in place.

That can be as simply as setting up a Xero dashboard with automated reporting. That is something we help businesses with as part of our CFO Growth Package.

However you do it, it is critical during the start-up phase of the business that the reporting system is made into a reliable system.

2) Map out ideal team

You really want to have people you trust and who have your back during the start-up phase of your business.

This is the period in which the culture of the business begins to be created so it is extra vital you have the right people in the business during the start-up phase.

Businesses with better cultures do better and make more profit so create a clear idea of how you want your business culture to be and who the kinds of people you should hire are to create that culture.

3) Sales and marketing strategy

Who is your ideal customer? What is the best way of speaking to your ideal customer? What is the break-down of where your revenue will come from? What is your plan for generating revenue? How much can you grow each year sustainably?

Businesses need revenue to thrive so it is critical you have a proper sales and marketing plan.

Sales and marketing may be more of a challenge than other areas of a business to properly systematise, but as a start-up it is critical that you at least build out what your sales and marketing strategy and plan look like.

If you would like help with any of the above, please get in touch with us.

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