Women's Biz Magazine Sept 2022

SURVIVING THE FIRST 12 MONTHS IN BUSINESS BY

ANNIE GIBBINS

the first 12-months on the preladder, ladder, which I might one day However, there are some fundamentals that you need to know from the get-go.

Accept there is going to be some stress: Anything in life worth raising the bar for, is going to feel a little stressful

Afterall, your dreams are on the line. You are doing something new, something exciting but perhaps you’ve never do it before Perhaps, no-one has done it before

You are going to change your mind, tweak an idea, and question your resilience All these feelings are normal, and perhaps give yourself a break or two. You are doing so well!

You will want to bail, so hold your nerve: There are going to be bad days, good days and days where you will question your worth as an entrepreneur.

We've heard it before, and we'll going to hear it again, the first year as an entrepreneur can be the hardest

No doubt, you've the read the stats and facts than can bring on a cold sweat pretty damn fast, and every part of us wants to shut down the dream before it's even started

Let me tell you, if you are feeling the stress, pinch, fear, overwhelm and have paced around your kitchen at 1am, dare I say, you are right on track Over the years, we have heard the alarming percentages that 90% of new businesses are shutting-up-shop, before they've even made a sale.

Erm, first fact fail. Actually, 75% of new businesses survive the first year, 69% survive the first two years, and 50% make it to five years

Sounds better already, right?

I could write an entire book on

Benchmarking new beginnings can be tricky. Just slow down, breath and believe that it all will be worth it.

Cut yourself some slack: You’re going to make mistakes It’s the most guaranteed part of starting a new venture

Let me tell you, the biggest, bravest and leading entrepreneurs consider the longterm viability of a business However, trust your instinct, and hold your nerve You’ve got this!

Quitting a plan, isn't quitting the dream: Being flexible and versatile with an idea is key to adapting any new business dream Learning what works, and what doesn’t is a crucial step in building a business

You're going to make it!: Easy said than done, but it’s true Everyone on earth, started out as a beginner No-one was born rich, famous, or successful After all, the definition of success can mean different things to different people.

The point being, there is no reason that you won’t succeed Don’t stand between you and your goals, because there is always a way to make it happen.

Good business practices adds value to a business

Sharing insider hacks is a responsibility of any business leader Business secrets should be shared, because solo success is not the goal. Supporting our global communities enriches lives, creates opportunities for those who need a step-up in life, and most of all, because business karma is essential

Good business practises exist to bolster viability, sustainability most of all, profitability.

It involves identifying tasks tha must be done to keep a busin in good shape, and ensuring those tasks are carried out consistently and regularly.

This checklist helps Australian small businesses identify som the tasks critical to good busin practice

If you regularly undertake thes tasks, you will be in a better position to manage and grow your business whatever conditions you face

Further, regularly undertaking these activities will reduce the pressure you may face at the of financial year.

A business that follows good practice benefits in many way including:

the business is more likely to be profitable, have better cash flow and operate with less financial risk

the business may be easier to sell in the future and possibly at a better price.

the business may find it easier to access external finance, including bank finance if required

the business may be better placed to respond to future challenges and opportunities.

A checklist like this cannot be definitive

It is intended to start small businesses thinking about the specific actions needed to put their business on the right track and keeping it there

Below are some suggested ways to build this checklist into your

incorporate the activities from the checklist you believe are relevant to your business into the agenda of your regular staff meetings allocate relevant activities from the checklist to specific staff

require regular reports on the implementation of each activity

incorporate due dates for relevant activities and tasks into your calendar incorporate activities from the checklist into the job descriptions and key performance indicators of relevant staff.

Keep going, keep dreaming, keep thriving. There is only one of you

keep thriving There is only one of you