Setting up a business is never an easy thing and in this highly competitive world, success is never a given. Ask any successful entrepreneur about the early days and you will hear stories about huge obstacles they had to overcome and working around the clock was the norm. If you have a great business idea and are looking to make it a reality, here are some of the essential components that make a successful startup business.

1. Adequate funding

No matter how great a business idea is, without funding, it will never become anything other than a dream. You need to crunch the numbers to find out the minimum amount of money to launch the venture, while you should add another 30% to cover unexpected costs. By using Bridges & Associates small business accountant, you can save money and that can be put to good use.

2. Solid marketing plan

Every new business venture needs a solid marketing plan that realistically shows how you will reach your target groups. How can you expect to reach the right people if you don’t have a clearly defined plan? We recommend approaching a leading digital marketing agency who have the know-how to put together a digital marketing plan that actually delivers results.

3. Firm direction

The management is a critical aspect of every organisation; simply put, if no one is driving the car, you have no control over where it is going. Management needs to have a firm plan on where the business is heading, otherwise, there is little or no impetus, which usually means an inability to penetrate the market. Do your managers have a firm plan? Can they overcome adversity? Are they flexible in their approach? The answers to these and other questions will shed some light on the capabilities of a management team.

4. Customer focused approach

Look deeply at any successful business and you’ll see an organisation that is customer-focused, indeed, improving the customer experience is a collective goal and every department has this in mind. The 21st-century consumer expects a lot and if your organisation has customer service issues, customer retention will suffer as a result. Resilience is a valuable asset that every entrepreneur wants in their arsenal.

5. Teamwork

The ability of every stakeholder to work together is an essential ingredient of a winning business; as the company grows, it becomes more challenging to work for common objectives; communication is often inadequate. Team-building projects are ideal, as people connect on a different level and interpersonal relations actually strengthen the team.

Setting up a business in Australia brings with it a lot of challenges and we think all of the above are essential if you are to enjoy long-term success. Your business plan should be your guideline and with all stakeholders on the same page, success will surely be the result.