Business Basics Blog Series | The Importance of Having all Your Ducks in a Row When Going into Business

Hello!

 

We are really excited to introduce a new blog series: Business Basics. 

 


We'll be working with the experts who host our workshops to share some top pieces of advice when starting your own business. Whether you've had a seedling thought or you're in the early stages of setting something up, the aim is educate and inspire you.


Hero has long been an ambassador of creative entrepreneurialism and Hero's founder, Laura will tell you that you don't need to be an expert in your field to get started. 

 

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This week we're really excited to introduce Ben, founder of CONE Accounting who we are thrilled to be working with this season. 



 

 

CONE are far from your traditional accountants - Ben and his team have built something something really special - they've given accountancy a new lease of life - hurrah!

 

Today Ben in sharing. . . 

 

 

When you start a new business, there is a lot to think about. 

 

What will be our brand colours be?
How can we get our company mission across?
Who is our target customer?

 

And while these are all significant things to think about, one of the most important tasks often gets avoided.

 

The accounting of the business.


We get it. Accounting is not the fun bit.

 


But if you want to grow and make your business venture a success, it is paramount that you understand the basics.

 

In this post, I wanted to cover the 3 main reasons why it is important to have all your accounting ducks in a row when going into business.

 



If you know who owes you money and who you owe money to, this allows you to make much more informed decisions.

 

Cash flow can, after all, make or break your business. No matter how good your idea is.

 

Understanding what or who needs paying at what time is a skill.

 



When you know exactly how much money is in your business at any given time, and you know what your growth plans are it makes it easier to see the logical steps needed to grow your business.

 

Perhaps it becomes apparent that a specific area of your business is doing really well. Or maybe one area needs a little more love. When you have the understanding, this becomes much easier to do.

 

 

When you can clearly see, at a glance, how you are growing in comparison to another month you can see what is working. You can get a better understanding of how seasons affect you, how new processes affect you, how new staff members are making a good or bad impact. 

 

 


But we do not want to leave you with no action points so here is an idea of what you can do now:


 

  • Look into cloud accounting software that serves you best. We love Xero.
  • Look into ways you can streamline your processes. We love Receipt Bank. 
  • Sign up for our BUSINESS BASICS: ACCOUNTING FOR SMALL BUSINESS workshop at Hero.
  • Find an accountant that gets you. Who truly understands your business model and goals. 

 

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Hilary