Are you fully prepared for every stage of developing your business?

If you're operating a small business in Australia today, you're probably excited about the future prospects before you. Indeed, running a new company represents a tremendous opportunity – if you market your product well and sell it to the masses effectively, you have a chance to strike it rich.

Developing your business to the point where you can be truly successful is hard work, though. It's easy to get wrapped up in your visions of the future, but what's more difficult is focusing on every single step you need to carry out in the present.

Growing your business is a detailed, multi-step process. If you skip a step, it could mean real trouble as you move forward.

Breaking down the developmental stages

Everyone wants to get rich quick in business, but the reality is you have to take a lot of baby steps on the way to success. According to Harvard Business Review, there are several stages of business development to consider:

• First is simply starting out. Do you have a business plan? Do you have capital to get you started? Do you have enough talent to support your lofty expectations?
• Second, it's time to survive the early stages. If you have a preliminary plan for generating revenue and ensuring that you break even from quarter to quarter, that's hugely important.
• Third is adjusting to success and making sure you stay stable and profitable as you start to expand and attack new markets.
• Finally comes the step of maturing and responding to your growing success. If you're able to add new employees and launch new products without sacrificing short-term profitability, your business just might last.

Paying attention to all of these steps is important. Data from the Australian Bureau of Statistics indicates that among small businesses nationwide, more than 60 per cent fail and are forced to close their doors within the first three years. If you don't want to be part of this unfortunate group, it's important to proceed with caution.

Does your business have a sound long-term plan?

Strategic planning for what lies ahead

To devise a growth plan that fits the specific needs of your business, what you need most is a group of chartered accountants that you can rely on. That's what we offer at Wilson Porter – chartered accounting services that will help drive your development moving forward.

Achieving success with a small business requires strategic planning for the future. Work with us, and we'll help you draw up a road map that works for you.