PLUS 20 BONUS TIPS 101 ways to BOOST your business Practical tips to help your business survive and prosper ANDREW GRIFFITHS 101 WAYS TO BOOST YOUR BUSINESS ALSO BY ANDREW GRIFFITHS 101 Ways to Market Your Business 101 Ways to Satisfy Your Customers 101 Ways to Advertise Your Business Secrets to Building a Winning Business COMING SOON 101 Ways to Balance Your Business and Your Life 101 Ways to Build a Network Marketing Business 101 WAYS TO BOOST YOUR BUSINESS ANDREW GRIFFITHS First published in 2002 under the title 101 Survival Tips For Your Business This revised edition published in 2006 Copyright © Andrew Griffiths 2006 All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without prior permission in writing from the publisher. The Australian Copyright Act 1968 (the Act) allows a maximum of one chapter or 10 per cent of this book, whichever is the greater, to be photocopied by any educational institution for its educational purposes provided that the educational institution (or body that administers it) has given a remuneration notice to Copyright Agency Limited (CAL) under the Act. Allen & Unwin 83 Alexander Street Crows Nest NSW 2065 Australia Phone: (61 2) 8425 0100 Fax: (61 2) 9906 2218 Email:
[email protected] Web: www.allenandunwin.com National Library of Australia Cataloguing-in-Publication entry: Griffiths, Andrew, 1966– . 101 ways to boost your business. ISBN 978 1 74175 006 5. ISBN 1 74175 006 7. 1. Success in business – Handbooks, manuals. 2. Industrial management – Handbooks, manuals, etc. I. Title. 658.155 Set in 12/14 pt Adobe Garamond by Midland Typesetters, Australia Printed in Australia by McPherson’s Printing Group 10 9 8 7 6 5 4 3 2 1 Contents Acknowledgments Introduction xi xiii Section 1: The future of small business 1 Section 2: Getting advice booster tips #1 What type of help is available? #2 Know when to look for help #3 Embrace technology and save money #4 You might be eligible for a grant 6 7 9 10 12 Section 3: Financial booster tips #5 Don’t be undercapitalised—have enough money from the start #6 Budgets and planning—welcome to reality (plan for the worst, not the best) #7 Financing—it pays to shop around #8 Keep your personal and business records separate #9 Find and use a good accountant #10 What’s the difference between an accountant and a financial planner? #11 What to do if you get into financial trouble #12 The real cost of expanding—can you afford it? #13 Beware of giving credit #14 Chasing bad debts—is it worth it? 14 v 16 19 22 24 26 28 30 32 34 36 101 WAYS TO BOOST YOUR BUSINESS #15 #16 #17 #18 #19 Keep good records from the start Keeping costs down without losing customers How to know what to charge Don’t invest your superannuation in a business venture Beware the third-year boom and fourth-year bust 38 39 40 42 44 Section 4: Business relationship booster tips #20 Partnership pitfalls—how to avoid them #21 Build a relationship with your suppliers #22 Build a relationship with your landlord #23 Build a relationship with your professional advisers #24 Build a relationship with people in your industry #25 Find a balance between work and home #26 Use mediation to solve conflict #27 Accept that others may not share your enthusiasm 46 47 49 51 Section 5: Staff booster tips #28 Put the job description in writing #29 Always check refere