Running a small business can feel like you’re constantly spinning plates. There’s always something new to learn, a challenge to tackle, or an opportunity to grab. Whether you’re taking your first steps with a fresh idea, figuring out how to grow your team, or navigating the financial side of things, you’ve come to the right place.

This page is your one-stop shop for practical advice, expert tips, and no-nonsense guidance to help your small business thrive. We’ve broken it down into bite-sized categories so you can find what you need when you need it.

Let’s get started!

Business planning

They say failing to plan is planning to fail – and they might be onto something! Just as you wouldn’t head off on a road trip without planning a route, a good business plan is like a roadmap for your business journey. It shows you where you’re going, how you’ll get there, and what to do if you hit a bump in the road.

Why you need a plan

Whether pitching to investors or just keeping yourself on track, a business plan gives you clarity and focus. It’s your chance to set clear goals, identify challenges, and map out a strategy to tackle them.

Plus, there are several other good reasons you might need a plan:

• Funding: Many lenders and investors will require a plan before they back you.
• Strategic direction: A business plan will outline how you plan to market, grow and finance your business.

Remember, you can keep it simple. It doesn’t need to be an epic like Lord of the Rings. A one-pager with your vision, mission, goals, and key steps is a great starting point. And your plan isn’t set in stone. It’s okay to tweak it as you learn more about your market or refine your ideas.

How to create your plan

• Start small: You don’t need to write a novel. A concise, one-page business plan can be just as effective.
• Use a template: Download our Business Plan Template to get started.
• Focus on key sections: There are a few things you need to include in your business plan, such as an executive summary, business description, market research, and financial goals.

Tips for success

• Keep it realistic: Use accurate data and achievable goals.
• Be flexible: Your business plan should evolve as your business grows.
• Seek feedback: Share your draft with a mentor or trusted advisor for input.

Use online tools like Canva or Google Docs to make your plan visually appealing and easy to update.

If writing isn’t your thing, start with a mind map or voice notes to capture your ideas. You can organise them into a plan later.

Ready to start planning?

Helpful resources:

• Australian Government Business Plan Guide
• Business Plan Template
• Market Research Tools for Small Business

Getting started

You’ve come up with a great business idea. Well, that’s wonderful. However, before you become the next Atlassian or Canva, you need to do a lot of prep work to make sure you get your business off to a flying start.

So, let’s roll up our sleeves and begin.

How to test your business idea – and why you should

Before you go out spending all your hard-earned money to bootstrap your business, you need to know if your idea is worth it. Luckily, you don’t need a hefty budget to test the waters to see if your concept floats.

Here are some low-cost ways to gauge interest:

• Surveys and polls: Need to validate an idea? Get busy on socials or send out quick surveys to friends and potential customers to gather feedback.
• Pop-up events: Dip your toes in the water with a temporary stall at local markets or shopping centres. It’s a great way to see if people like your product or service!
• MVP (Minimum Viable Product): Instead of going all out, create a basic version of your product and test the waters.
• Social media buzz: Do you want instant feedback? Post your idea on socials and ask for opinions.

The goal is to gather data, but not to spend a fortune. Keep it simple and get creative!

Registering your business

All right, you’ve tested your idea, and it’s off to a flying start! Now, let’s talk paperwork (don’t worry, it’s not as dull as it sounds).

Here’s the ABCs of getting your business registered in Australia:

1. Choose a business name: Make it catchy! But make sure it’s not already taken. Use ASIC’s business name checker to confirm availability before you go ahead. If you want exclusive rights to your business name, you should consider registering a trademark. You can use the Trademark Checker tool to see if there is a conflict.
2. Get an ABN: Head over to the Australian Business Register. Getting an ABN is super easy and will help you with tax and legal stuff down the line.
3. Decide on your business structure: More on this in a bit, but it’s an important step that will affect your tax, liability, and registration requirements.
4. Register for Goods and Services Tax (GST): If you expect your sales to hit $75,000 or more, you’ll need to register for GST. The ATO website steps you through the process, or you can have your accountant or BAS agent apply for you.
5. Check your licensing requirements: You may need specific licenses or permits depending on your business.

And there you go! You’re on your way to official status.

Choosing your business structure: Sole trader, partnership, or company?

So, you’ve registered your business name and applied for an ABN. But have you decided on your business structure? The type of business structure you choose will impact how you run your business, your tax obligations, and your personal liability.

Sole trader: This is the easiest and most cost-effective option, particularly for side hustlers. But beware, it also makes you liable for any debts.

Partnership: Got a buddy joining you on this journey? A partnership can be a great way to share the load. Just remember: both partners are jointly responsible for debts.

Company: Thinking big? A company structure offers limited liability, meaning your personal assets are more protected. But it does come with more regulations and quite a bit of paperwork, and expenses.

Take your time deciding on the structure that fits you best. This is a crucial step in your business journey, so it could be a good time to chat with your accountant or trusted advisor.

Essential tech and tools

Paperwork, tick. Business structure, tick. Now it’s time to think about equipment. What are the necessary tech solutions you need to keep your business ahead of the pack?

Here’s a few thought starters:

• Website builder: Every business needs a website, but the days of having to pay for a developer to custom-build you something are long gone. Whether it’s WordPress, Squarespace, or Wix, drag-and-drop templates can deliver a great looking site in no time.
• Accounting software: Automating your accounting is a no-brainer. When it comes to managing finances, accounting tools like MYOB, QuickBooks or Xero can save time (and headaches), so why not make them one of your first tech investments?
• Social media management: Programs like Buffer or Hootsuite help you schedule posts and manage multiple platforms. Perfect for staying social without the chaos!
• Communication tools: Apps like Slack or Zoom can keep you connected with clients and team members, even if you’re working remotely.
• Project management software: Project management software is great to help you keep on track of big projects and daily tasks. Try Trello, Basecamp or Asana.

Starting a business might feel daunting, but it’s also super exciting! Remember, you’ve got all the resources and know-how to make it happen. Don’t stress too much – take it step by step, experiment, and enjoy the ride.

Planning for growth

We’ve all heard of growing pains, and just like humans, businesses experience them too. Taking your business to the next level comes with challenges. To successfully scale your small business, you need a strategic plan and a real understanding of your customers and market.

So, whether you’re looking to attract new customers, expand your offerings, or strengthen your brand, we’ll explain the essentials to help you grow.

How to scale without losing what makes your business special

As you grow, maintaining what makes your business special is crucial. It’s important not to lose sight of your mission and values.

At the heart of what makes your business special is its culture. Business culture impacts everything from standard operations to how your staff interact with customers.

Every business is unique, so developing a culture that expresses your core values is essential. Make sure you communicate these values to your employees. Every aspect of the business should reflect your values, from hiring practices to customer service standards.

Empowering your team

As a small business owner, you’re used to making all the decisions, but you will have to relinquish some of that control for your business to grow. Empowering your employees to make decisions leads to better results and a stronger connection to your brand.

If it’s in their wheelhouse, encourage autonomy by trusting your staff to make decisions. Of course, it shouldn’t all be on their shoulders. It’s about checks and balances. Remember, they can always roll it up the food chain if they feel it is outside their remit. Plus, implementing regular training and development opportunities will keep their skills sharp and align them with your business goals.

When your staff feel valued and trusted, they are more likely to embody your brand’s values in their work. This is great for you, great for them, and great for your business and customers.

Open communication channels

Communication can get complicated as your business gets bigger, so you should establish ground rules from the get-go. Be as transparent as possible. Schedule regular check-ins, team meetings, and town halls so your employees can voice their concerns (and ideas). The more you include your staff in the decision-making, the more they will feelpart of the direction and growth of your business.

Create a space where your employees feel free to express their feelings and use any feedback you get to make improvements. This will help ensure that as your business grows, you won’t alienate your team or compromise the values that attracted them to your business in the first place.

Revisit your mission

As your business evolves, don’t forget to keep checking back on your business mission statement and core values. It’s easy to drift away from what was important in the excitement of new growth. Revisiting your mission statement with your team will ensure everyone feels included in the process and connected with the business purpose.

Creating efficient systems

Remember all those balls you juggled when you first started your business? It was challenging to keep them all in the air, right? Implementing systems made sure you didn’t drop the ball. However, as your business grows, you need to make sure these systems are fit for purpose.

Efficient systems are essential for managing increased demand, especially if you want to maintain high standards and keep your customers satisfied.

Give these strategies a try:

1. Automate routine tasks: What repetitive tasks drive you and your staff crazy? Chances are, there is now a way to automate them. You can automate everything from inventory management to customer relationships to email marketing and reporting. Identifying repetitive tasks within your workflow can free up valuable time for you and your team to do more creative work that helps your business grow. A customer relationship management (CRM) system can streamline customer interactions and track sales progress, allowing your sales staff to focus on building relationships rather than managing data.

1. Standardise processes: Imagine a crucial team member is sick and unable to work for some time. If they are the only person with the knowledge required to complete a task, your business could be in BIG trouble. Creating standard operating procedures (SOPs) will save you from this mishap. Not only will it ensure consistency across your operations, but SOPs serve as the blueprint for performing tasks.
2. Invest in tech: Leveraging technology can massively improve your operational efficiency. Consider investing in project management tools, collaboration software, and other communication tools to keep everyone connected. Communication tools are particularly important in remote or hybrid work environments, ensuring that everyone stays on top of communication and projects are completed on time without compromising quality.
3. Focus on training and development: Training your employees to understand and use your systems is crucial. Any time you onboard a new staff member, ensure they are equipped with what they need to complete their work successfully. Don’t forget to check on their training goals. Ongoing professional development encourages a culture of continuous improvement. Investing time in training makes your business more efficient and boosts employee morale.
4. Test and learn: Monitor, monitor, monitor! What worked on a smaller scale may be less effective when you expand. Be ready to modify or upgrade your systems to meet changing demands and complexities. When selecting tools or platforms for your business, choose solutions that can grow with you rather than those with fixed capacities; that way, you won’t outgrow your systems as your business expands.

How to build a loyal customer base

They say selling to an existing customer is easier than converting a new one. So, is it any wonder that loyal customers are the holy grail of business?

Customer loyalty is also a cornerstone of sustainable business growth, so nurturing your existing customers is essential. So, how do you do this?

Relationships, a great product, and outstanding service are the secret sauce to a satisfied customer. If you tick these boxes, your loyalty levels will grow.

1. Building relationships: Everyone loves to feel special, and personalising your customer experience is a great way to build a relationship. You can improve customer retention and loyalty by delivering tailored content, messaging, and product recommendations at every stage of the customer journey. According to McKinsey’s research, 70 per cent of customers expect a personalised experience, and if you aren’t providing it, they will look for it from your competitor.
2. Reward loyalty: A loyal customer is a valuable asset. Reward them through programs, exclusive offers, or early access to new products. Offer them free trials of new products, give away free products with multiple purchases, or set up a loyalty program that offers discounts to members.
3. Listen to their feedback: Customers appreciate knowing their opinions matter. Creating a community around your brand generates loyalty. Encourage customers to connect so you can turn them into advocates who willingly spread the word about your business.

Creating new products or services

Another way to scale your business is to diversify your product or service. Think about the gaps in the market and how your business can expand its offerings to provide new value. However, don’t rush in without doing your homework! Research and planning equal a great chance of success.

• Conduct market research:
  • Survey your customers to understand their needs, pain points, and desires.
  • Analyse competitor offerings to identify opportunities to stand out.
  • Use tools like Google Trends or industry reports to spot emerging trends.
• Start small and test:
  • Launch a pilot version of your new product or service to a small audience or focus group.
  • Gather feedback to refine your offering before a full-scale launch.
  • Use A/B testing to evaluate different versions and optimise for success.
• Leverage customer feedback:
  • Pay attention to recurring customer requests – they might highlight untapped opportunities.
  • Actively seek feedback post-launch to identify areas for improvement.
• Align with your brand:
  • Ensure your new offerings complement your existing products or services.
  • Stay true to your business values and mission to maintain brand integrity.
• Promote your new offering:
  • Use your newsletter, social media, and your website to announce your new product or service.
  • Offer discounts or exclusive access to encourage early adopters and incentivise sales.
  • Highlight the benefits and how it solves a problem for your customers.
• Track and measure performance:
  • Monitor key metrics like sales, customer satisfaction, and repeat purchases.
  • Use analytics tools like Google or Semrush to track engagement and identify trends.

Expanding your product or service range can be a game-changer for your business. However, you don’t need to do everything at once. Take small steps, stay true to your brand and values, and listen to your customers and you’ll be able to scale with confidence.

Resources:

• 4-Step Guide To Market Research 
• Using customer feedback to grow your business
• Promoting Your Products Online Checklist

How marketing can help you grow

Today’s customers live in an always-on world where their every desire can be met at the click of a mouse. So, finding a way to stand out in this noisy space is essential.

The simplest way to do this is with marketing. Marketing can help you draw more attention to your business and your brand. Best of all, it doesn’t have to cost the earth. There are plenty of low-cost or no-cost options that you can use to help promote your business.

Low-cost marketing strategies

• Leverage social media creatively:
  • Use platforms like TikTok, Instagram, Facebook, and LinkedIn to showcase your business. Post engaging content such as behind-the-scenes looks, customer stories, or expert tips.
  • Experiment with reels, stories, and live videos to create more interactive experiences.
  • Don’t forget to engage! Respond to comments and messages promptly to build trust and connection.
• How to use content marketing:
  • Start a blog on your website to share helpful tips, industry insights, or success stories.
  • People love video content so use it as much as you can. Create tutorials, product demos, or even a quick introduction about your business.
  • Optimise your content for SEO to improve your visibility in search engine results.
• Collaborate with other businesses:
  • Partner with local businesses for cross-promotions. For example, a café could join forces with a florist for a special event.
  • Host joint events or workshops to attract a broader audience.
  • Tap into influencer marketing by working with micro-influencers in your niche.

• Run targeted promotions:
  • Offer special deals, discounts, or bundles to attract new customers.
  • Create a loyalty program to keep your existing customers coming back.
  • Use referral incentives to encourage satisfied customers to spread the word.

Know your audience

The most effective marketing starts with a deep understanding of your customers.

• Define your target audience: What are their pain points? What do they value most?
• Tailor your messaging: Make it personal, relatable, and specific to your audience’s needs.
• Highlight your unique value: Showcase what makes your business stand out – whether it’s exceptional service, sustainability, or a unique product offering.

Track your efforts

Great marketing is about continuous improvement. Keep an eye on what’s working and what’s not by:

• Monitoring your social media analytics to see which posts resonate the most.
• Using free tools like Google Analytics (GA4) or Meta Business Suite to track your site traffic and conversions.
• Collecting customer feedback to understand how they found you and what they love about your business.

Resources:

• How to use social media for small business
• How To Create A Referral Program That Works 

How to master HR

Most small businesses don’t have the luxury of an HR (human resources) department. But that doesn’t mean you can’t create a fantastic workplace and build your dream team. Your team plays a massive role in your business’s success, so it’s worth putting time and effort into finding, managing, and retaining the right people.

Even if you’re not an HR expert, whether you’re hiring your first employee or you have a team of 20, try this practical advice to help you find, manage, and motivate your employees.

Hiring the right fit

Your team can make or break your business, so finding the right fit from the start is crucial.

Define the role: Before you post a job ad, get crystal clear on what the position involves. What tasks will the employee handle day-to-day? What skills and experience do they need to succeed? A detailed job description will attract the right candidates and set clear expectations.

Write a winning job ad: Your job ad is your first chance to sell your business to potential employees. Highlight your company’s culture, the perks of working for you, and what makes the role exciting.

Know where to look: Depending on the role, platforms like SEEK or LinkedIn can be great for finding candidates. For local businesses, consider community boards or even social media.

Don’t forget to tap into your network. Many small business owners find their best hires through word-of-mouth recommendations from friends, family, and even customers.

Resources:

• Fair Work Hiring Guide
• How to Write a Great Job Ad

Managing your team

Once you’ve hired the right people, the real work begins – keeping them motivated, engaged, and aligned with your goals.

• Set clear expectations: Make sure your team knows exactly what’s expected of them. Regular check-ins can help you track progress and address any roadblocks.
• Feedback to feed forward: Feedback should be a two-way street. Encourage open communication and make it a habit to celebrate wins and address challenges constructively.
• Embrace technology: Tools like Slack, Asana, or Trello can streamline communication, assign tasks, and help everyone stay on the same page.

Running a remote team? Schedule regular video calls to build connections and maintain a strong team culture.

Understanding workplace rules

Navigating the legal side of HR can feel daunting, but it’s essential to stay compliant with Australian employment laws.

• Pay and entitlements: Use the Fair Work Pay Calculator to ensure you’re paying staff the correct wage and providing entitlements like leave and superannuation.
• Workplace health and safety: Providing a safe place to work is not only great for morale, it’s also a legal requirement. So, make sure you are on top of any workplace safety laws and that your staff are adequately trained to avoid workplace risks.
• Contracts and agreements: Always provide a written employment agreement outlining the terms of the role, including pay, hours, and conditions.

Unsure about your obligations? The Fair Work Ombudsman is a fantastic resource for small business owners.

Motivating and retaining your team

Happy employees equals happy business. Happy staff are more productive, engaged, and likely to stick around. Here’s how to keep your team inspired:

• Show appreciation: Recognition doesn’t have to cost a lot. A handwritten thank-you note or a public shoutout in a team meeting can mean the world to your staff.
• Offer growth opportunities: Provide training, workshops, or online courses to help your team build new skills. Not only will they feel valued, but your business will benefit, too.
• Foster a positive culture: Create a workplace where people feel respected, supported, and part of something bigger. Support your staff with flexible working arrangements, and make sure they understand how to get help if they need it.

Common HR challenges for small business owners

HR can be tricky, especially for small businesses. Here are some common pain points and how to tackle them:

• Struggling to find staff? Consider hiring interns, offering flexible hours, or using specialist recruitment agencies for niche roles.
• High turnover rates? Conduct exit interviews to understand why staff are leaving and use their feedback to improve.
• Juggling HR with other tasks? Outsource HR functions like payroll or onboarding to free up your time.

Resources:

• Fair Work Ombudsman – Employer Obligations
• HR Toolkit for Small Businesses
• Leadership Tips for Small Businesses
• SEEK’s Employer Resources

Your business can achieve amazing things with the right team by your side. By focusing on good hiring practices, clear communication, and a supportive culture, you’ll create a workplace where your business and staff will thrive.

Getting the legals right

Sorting out the legal side of your business might not be the most exciting job on your to-do list, but trust us – it’s one of the most important. Getting the right legal foundations in place now can save you time, stress, and money down the track.

Here’s how to keep things in check without getting buried in legal jargon:

1. Choose the right business structure 🏗️

Your business structure will impact everything from tax obligations to liability and how you grow. It’s worth getting advice upfront to make sure you choose what’s right for you.

• Sole trader: Simple and low-cost, but you’re personally responsible for debts.
• Partnership: Ideal for two or more people starting a business together. Make sure you have a clear partnership agreement in place.
• Company: Offers limited liability (your personal assets are protected), but there’s more admin and reporting to do.
• Trust: A more complex structure, often used for tax purposes or asset protection.

Need help deciding what’s right for you? Check out the government’s guide: Business structures explained.

Their interactive checklist will help you weigh the pros and cons of each structure and tick off key considerations like liability, tax, and costs.

2. Nail your contracts and agreements 📝

Whether you’re working with suppliers, hiring employees, or bringing in clients, clear contracts are a must. They protect your business and ensure everyone knows what to expect.

Do you have these agreements in place?

• Customer agreements: These should outline your services, deliverables, timelines, and payment terms to avoid confusion or disputes.
• Supplier contracts: A vital part of business-to-business (B2B). These offer protection from things like delivery delays, price changes, or quality issues.
• Employment contracts: Clarify roles, responsibilities, pay, and expectations when you hire staff.
• Partnership agreements: Essential if you’re in business with someone else – get everything in writing.

Resource:

• Contract Essentials Checklist 

Double-check that your contracts include all the must-have clauses to keep your business safe and your relationships smooth.

Templates are a great way to get started, but it’s always a good idea to get legal advice to ensure your contracts are watertight.

3. Stay on top of business regulations ⚖️

There are different laws and regulations for different industries, so make sure you know what’s required to keep things above board.

• Licences and permits: Do you need specific licences to operate your business? Check with your local council or government websites.
• Consumer laws: If your business sells products or services, you must comply with consumer guarantees.
• Privacy laws: If you collect personal information (like email addresses), you need to follow privacy rules. Make sure you have a privacy policy in place.
• Workplace regulations: Know your obligations for safe work practices, fair pay, and anti-discrimination.

Resource:

• The Australian Business Licence and Information Service (ABLIS) can help you figure out what licences or permits you need.

4. Protect your intellectual property (IP) 💡

Your ideas, brand name, logo, and content are valuable. Don’t let someone else claim them. Protecting your IP ensures your hard work stays yours.

• Trade marks: Protect your business name, logo, and unique branding.
• Copyright: Covers original content like images, music, and written work.
• Patents: If you’ve created a new product or invention, patents stop others from copying it.

Did you know? You can search for existing trademarks and apply for your own through IP Australia.

Resource:

• Intellectual Property Protection Guide

5. Insurance: Your financial safety net 🛡️

Life can be unpredictable, and business is no exception. Insurance gives you peace of mind if things don’t go to plan.

Consider the following types of cover:

• Public liability insurance: Protects you if someone is injured or their property is damaged because of your business.
• Professional indemnity insurance: Especially important for professional services or trade services. This covers you if a client claims you’ve made a mistake or provided bad advice.
• Product liability insurance: Essential if you’re selling products – it covers any damage caused by a faulty product.
• Workers’ compensation insurance: This is a non-negotiable and required by law if you employ staff.

Shop around for the best rates or use a broker to find the right cover for your needs.

Resource:

• Insurance Coverage Checklist
  Use this checklist to figure out what types of insurance you need based on your business risks and activities.

6. Keep your legal documents organised 📁

Finally, make life easier for yourself by keeping all your legal documents and paperwork organised. Set up a simple filing system (digitally or in hard copy) and keep track of:

• Business registration details
• Contracts and agreements
• Licences and permits
• Insurance policies
• Intellectual property documents

Need legal help? Don’t go it alone!

Legal stuff can get tricky, and it’s worth bringing in a professional when you need support. Consider:

• Small business lawyers: They can help with contracts, disputes, and legal advice.
• Online legal services: Great for affordable templates, advice, or quick legal questions.
• Business advisors: Can guide you on structures, licences, and general compliance.

Don’t wait until something goes wrong to think about legal matters. Taking steps now will mean you can sleep easy knowing your business is protected, safe and compliant.

Managing your finances

Managing your finances might not be the most glamorous part of running a business, but it’s the heartbeat of your operation. Get it right, and you’ll have the confidence and cash flow to grow. Ignore it, and you could find yourself stuck or, worse, in trouble.

The good news? With a few tools and resources, you can keep your business finances in tip-top shape without losing sleep.

1. Keep your cash flow in check

When you run a small business cash flow is king. It’s not just about what’s coming in – it’s about making sure you’ve got enough to cover what’s going out, too.

How to stay on top of cash flow:

• Track your income and expenses regularly: You don’t know what you don’t know. Today’s accounting solutions can provide real-time insights into your financial situation so make sure to invest in one, or at the very least, have a spreadsheet to track and monitor your financial position.
• Invoice promptly and follow up: The faster you invoice, the quicker you get paid. Set payment terms upfront and follow up on overdue payments.
• Plan for the ups and downs: Seasonal businesses or slower months can throw your cash flow off. Forecast ahead so you’re prepared.

Resource:

• Cash Flow Forecast Template

2. Budget for success

A budget is your financial roadmap. It tells you where your money should go and helps you set priorities to make smart decisions about your spending.

Budgeting tips for small businesses:

• Separate business and personal finances: Open a dedicated business account to separate your finances.
• Plan for fixed and variable expenses: Know your must-haves (like rent, salaries, and subscriptions) and plan for fluctuating costs like supplies.
• Review your budget regularly: Business is a moveable feast, and circumstances change. Update your budget monthly to make sure you’re on track.

Resource:

• Business Budget Template

3. Use automatic invoicing

Nothing derails cash flow like late payers, so it pays (literally) to make invoicing as smooth as possible.

Invoicing tips to get paid on time:

• Use clear payment terms: Set expectations upfront, such as ‘payment due in 7 days’.
• Make it easy for customers to pay: Offer multiple payment options like credit cards, direct deposit, or digital wallets.
• Automate invoicing and reminders: Tools like Xero, MYOB, or QuickBooks can help you send invoices automatically and remind clients of overdue payments.

4. Stay tax-ready all year

Tax time doesn’t have to be a last-minute panic. It’s much easier to stay on top of your tax obligations if you update your records regularly. Accounting solutions like MYOB, Xero and Quickbooks make it even simpler to reconcile your payments.

Key tax-time tips:

• Keep your records organised: Store receipts, invoices, and bank statements digitally so you can find them easily.
• Know what deductions you can claim: Expenses like office supplies, business travel, and even home office costs could be tax-deductible.
• Plan for tax payments: Set aside money regularly for GST, income tax, or PAYG instalments to avoid bill shock.

Resources:

• Tax Time Prep Checklist
  A step-by-step guide to help you organise documents, claim deductions, and be ready for tax season without the stress.
• The ATO Small Business Toolkit has free resources to help you manage your tax and super obligations.

5. Plan for growth and investments

So, you’re raking in the cash and your business is looking profitable. Don’t forget to put some of that hard-earned money aside to help your business grow. Investing back into your business can help take you to the next level.

Steps to plan for growth:

• Set financial goals: Whether it’s doubling revenue, opening a new location, or launching a product, set clear targets for your business.
• Save for significant investments: Put aside money for future business development opportunities.
• Explore financing options: If you need extra funds, look into small business loans, lines of credit, or government grants.

Resource:

• Business Growth Budget Planner

6. Financial tools and tech

Unless you’re an Excel whiz, don’t rely on spreadsheets alone. Accounting solutions can simplify everything from bookkeeping to forecasting.

Some options to try:

• Accounting software: Xero, MYOB, or QuickBooks for managing income, expenses, and payroll.
• Payment platforms: Square, Stripe, and PayPal for quick and secure payments.
• Budgeting and forecasting tools: Apps like Float or Fathom can help you predict cash flow and future trends.

Many of these tools integrate seamlessly with your bank and invoicing systems, saving you hours of admin time each week.

7. Understand your financial health

Regularly checking your financial health gives you peace of mind and helps you spot any issues before they become giant problems.

Key financial reports to track:

• Profit and loss statement: Shows your income, expenses, and whether you’re making a profit.
• Balance sheet: Gives a snapshot of what you own (assets) and what you owe (liabilities).
• Cash flow statement: This helps you track cash coming in and out of your business.

Resource:

• Financial Health Checklist
  A quick tool to help you review your key financial reports and assess how your business is performing.

Need a helping hand?

If managing finances feels overwhelming, you don’t have to go it alone. Seek professional help. A good accountant or bookkeeper can:

• Help you set up systems to manage your cash flow and taxes.
• Offer advice on deductions, budgeting, and growth planning.
• Save you time, stress, and potentially money!

Staying on top of your finances isn’t about being a math whiz. It’s about having the right tools, habits, and support to make smart decisions for your business.